10 good reasons to invest in Morocco - Ispi
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10 good reasons
to invest in Morocco
1
1 - STABLE POLITICAL ENVIRONMENT
A continuing drive for openness and In July 2011, a referendum established a
democratisation new constitution, guaranteeing
National Sovereignty
The plurality of the Moroccan identity
By referendum or through constitutional institutions
The legality of the state and its institutions
Freedom of opinion, expression, association and
membership to any political party or union labor
organization The enlargement of the scope of individual as well
collective freedoms
Guaranteed by the Constitution
The reinforcement of Human rights scheme
A bicameral parliamentary system
The reinforcement of the status of the Prime
Both chambers vote on all laws Minister as the head of the government, directly
responsible of the public administration
Constitutionnal Council
Reviews the conformity of all laws with the Constitution The improvement of moral standards in public life
The judicial branch remains independent from the
legislative and executive branches
33 political parties and over 85 000 associations and
NGO’s
Morocco, most pacifist
Morocco, safest country in North
country in North Africa in 2013
Africa (2nd in Africa)
According to Global Peace Index 2013, published
Selon AON – Avril 2014 by The Economist
2
2 - STRONG MACROECONOMIC DRIVERS
Average 2013 African Country of
the future 2013-2014
AVERAGE GROWTH 4,8% 4,8%
#2
in Africa
2001-2013
#1 en 2011 - 2012
S&P affirms Morocco's rating
INFLATION 1,8% 1,9% and changes perspective
from negative to stable
2001-2013 May 2014
Fitch Ratings maintains
FDI EVOLUTION* 38% 25% Investment Grade
April 2014
2011-2013
Christine Lagarde - FMI
UNEMPLOYMENT RATE 9,5% January 2014
“… economic reforms undergonig in
Morocco are a model for the region
…"
* Net inflows of FDI
Sources: Haut Commissariat au Plan, Office des Changes; Bank Al Maghrib; World Bank 3
FDI evolution in Morocco
Average : MAD 30 billion /year
39,2
38
32 32 32
28
27
26
24
23 23
21
Average : MAD 17 billion /year
9
6
5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 S1
4
3- AMBITIOUS SECTORIAL STRATEGIES
INDUSTRY: Performant Ecosystem Strategy 2020 AGRICULTURE: GREEN MOROCCO PLAN 2020
Launched in 2014 • Industrial GDP to reach 23% of global Launched in 2008
GDP • To modernise the agricultural sector
• Creation of 500 000 jobs • US$10 billion in additional GDP from
agriculture
• Creation of Industrial Development Fund:
$2.5 Bn
• US$15 billion in public and private investments
• Allocation of 1 000 hectars of land for
rent
TOURISM: 2020 VISION LOGISTICS PLAN 2016
Launched in 2010 • 20 million tourists in 2020 Launched in 2010 • To improve the country’s logistical
competitiveness
• 200 000 new beds
• To reduce logistical costs from 20% to 15% of
• Tourism GDP: from US$6 billion in 2010 to GDP
US$17 billion in 2020
• An integrated national network of 70 multi-
flow logistical zones
ENERGY: MOROCCAN SOLAR PLAN 2020 FISHING: HALIEUTIS 2020
Launched in 2009 (Solar) and in 2010 (Wind) Launched in 2009
• Renewable energy >40% of national • US$1.5 billion in additional GDP
production by 2020 • The creation of 75 000 jobs by 2020
• Capacity: 2 000 MW of solar power + 2 000
MW of wind power
5
3- Acceleration industrial plan
5 challenges to catch up emerging countries
2- industry share in GDP
23% for emerging countries, 14%
1- Industrial Jobs Structure for Morocco
strong growth (x 2 à x 5
In 10 years)
Employment South Turkey
Korea Investment
Malaysia Brasil
4- FDI
FDI’s increase
(x 10 to x 30 In 10 years)
Productivity
Efficiency
3- capacity to export
Growth of exports
(x 5 In 10 years)
5- productivity
Sustained productivity growth (x
3,5)
6
4 - Worldclass infrastructures
Airports Tramways
• 15 international airports • Rabat et Casablanca
• Casablanca is #1 Europe-Africa hub • € 1 billion Ports:
• Morocco has two coastlines (Mediterranean
and Atlantic)
• More than 95% of trade in Morocco go
through the seaway.
• Morocco has 38 ports of which 13 are
devoted to foreign trade.
Tanger Med port:
• Ideal port platform to serve Europe and
West African countries
Highways Railway Network
• First high-speed train in Africa
• Network connecting the 10 biggest cities (Tangier-Casablanca) in 2015 –€1.8
7
billion
*Twenty-foot equivalent unit
Sources: RAM, ONCF, Ministère de l’Equipement et des Transports ; TMSA; Infomédiaire
7
4 WORLDCLASS INFRASTRUCTURES
-- Integrated Industrial Parks
TANGER FREE ZONE
ATLANTIC TANGER AUTOMOTIVE CITY TETOUAN
FREE ZONE SHORE
TANGER
TECHNOPOLIS TETOUAN BERKANE
KENITRA OUJDA
RABAT FES OUJDA SHORE
CASANEARSHORE MEKNES
CASABLANCA CLEANTECH
NOUASSEUR
AEROSPACE CITY MARRAKECH
FES SHORE
AGADIR
LAAYOUNE
MARRAKECH
SHORE P2I
OFFSHORING
P2I AERONAUTIQUE
DAKHLA
P2I AUTOMOBILE
P2I AGROPOLE
P2I GENERALISTE
8
5 - A UNIQUE GEOGRAPHICAL POSITION
EUROPE
14 km
TANGER
MED PORT
9
5- TANGER MED PORT :
Connection to 120 ports in 56 countries, with 40 services
Ranking of Moroccan
shipping routes
18 18 19
23
33
77 80
83 84
2004 2005 2006 2007 2008 2009 2010 2011 2012
Current capacity of 3.5 million containers (8 millions in 2015)
2 container terminals
2.1 million TEUs * at the end of October 2013
Ambition: To be included in the World Top 15
* Twenty foot 10
equivalent unit
Source: UNCTAD; Chambre de Commerce Suisse au Maroc 105 -
A UNIQUE GEOGRAPHICAL POSITION
At the crossroad of continents
7h 5h
3h 3.5h
10d
NEW YORK 2d 3d
PARIS 3h FRANKFURT
3h
1h
2d
1d
ROME
MADRID
22h
4h 30d
5d 4h BEIJING
ACCRA 4d
3h CAIRO
4d
DAKAR
10h
25d
SAO PAULO
Flight duration
Sea/land route
Sources: Royal Air Maroc; COMANAV
115 MOROCCO: AN UNPARALLELED CONNECTION
- BETWEEN EUROPE, THE MIDDLE EAST, AND AFRICA
Direct connections to 24
Number of international Direct connections to 32 cities in Africa and the
passengers: European cities Middle East
Steadily growing
In millions
15,1 15,1
13,5
11,5 12
10,1
8,5
2006 2007 2008 2009 2010 2011 2012
Mohammed V Airport in Casablanca: best airport in North
Africa in 2012
According to the International Association of Airports
12ACCESS TO CUSTOM FEE EXEMPTIONS
6- to a market of 1 billion consumers
Agreement under Association Agreement with European
negotiations Union (1996)
with Canada Advanced Status with EU (2008)
Agreement with
Turkey (2003)
Agreement with
United States of
America (2005)
Agadir Agreement (2004)
United Arab Emirates
Agreement under negotiations with Agreement (2003)
the Economic Community of West
African States (ECOWAS & CEMAC)
13
137 - A HIGHLY QUALIFIED WORKFORCE
A young and educated population
• 64% of Moroccans are aged under 34 years
• 6 million young people (between 18 and 35 years old)
• An active population of 12 million
• 510.000 university students
• Training of 15 000 engineering graduates per year for 2015 and 25 000
for 2020
• Over 100 public universities and schools
• Over 200 private universities
A youth open to the world
• 16 million internet users
• 4,4 million Facebook users (+38k Twitters, 1st in arab countries)
• ~10 millions of french speakers
• ~6 millions of spanish speakers
• Steady growth of English (Morocco ranked 45th worldwide and 2nd in North
Africa, in terms of mastering English*)
• Strong cultural and linguistic affinity with Europe
* World index of english level, by the organism « Education First »
Sources: Arab Social Media Report, Dubai School of Government; Haut Commissariat au Plan, Ministère de l’Enseignement Supérieur, Agence Nationale de Réglementation des Télécommunications 148- COMPETITIVE COSTS
COMPETITIVE WAGES (AVERAGE) EXPORTATION COSTS* TOTAL TAX RATES**
€ per month € per container
2817
975 994
2035 64,0% 65,0%
62,0%
59,0%
49,6%
577
912 460
803 443
375 394
225 292
Morocco China Tunisia Spain France Morocco Spain Tunisia China France
** Amount of taxes and mandatory
*Associated costs with all procedures contributions by the company during the
required to export goods second year of activity, expressed in %
of commercial profits
Source: World Bank 2012; Caisse Nationale de Sécurité Sociale; Doing Business 159 - A SOLID AND COMPETENT BANKING SYSTEM
Key Elements
The highest penetration of banking services in Africa after South Africa.
- Bank assets reached 73% of GDP, as opposed to 69% in Egypt and 33% in Algeria.
3 national banks in African Top-15 in 2013
- Attijariwafa Bank: #7
- Groupe Banque Populaire: #8
- BMCE Bank: #11
A strong presence in African countries to support Moroccan businesses.
Attijariwafa Bank Groupe Banque Populaire BMCE Bank (& Bank of Africa)
Produit net bancaire:
813 millions € Produit net bancaire: Produit net bancaire:
Résultat net d’exploitation: 1,03 milliard € 803 millions €
445 millions € Résultat net d’exploitation: Résultat net d’exploitation:
82,6 millions € 179 millions €
2013: Banque nord
africaine de l’année
Source: Jeune Afrqiue, Bank al Maghrib, banks websites & annual reports 2012 1610 A BUSINESS ENVIRONMENT FAVOURABLE TO
- INVESTMENT
• 51 Double Tax Avoidance Agreements
• 62 Investment Protection Agreements
Investor
• Member of OECD Investment Committee
Protection • Member of International Centre for Settlement of Investment Disputes (ICSID)
• Member of MIGA (Multilateral Investment Guarantee Agency)
• The creation of the Business Environment National Committee (CNEA) to facilitate
procedures and access to information, and to carry out legal reforms
• The modernisation of business law
Legal Reforms • The strengthening of intellectual property protection
• A new law on arbitration and mediation
• New banking regulations
• Administrative simplification
An Incentive Tax • Reduction of tax burden
System • The creation of funds specifically for investment promotion
• Morocco adhered to the OECD Declaration on Propriety, Integrity and Transparency in
International the Conduct of International Business and Finance and to the OECD Declaration on
Instruments Green Growth
Morocco gained 8 positions in global ranking of “Doing Business 2014”
Morocco is "the most improved" country in business regulations in 2011
17 (+21 positions)
17FDI incentives
General Tax Code Free zone regime
Eligibility Conditions Eligibility Conditions
• Investment ≥ 18 million € • 70% of sales to be achieved
abroad
VAT exemption for the
importation of equipment goods, Unlimited exemption from
materials, and tools for the 36 customs duties
months following the start of the Simplified customs procedures
activity. Corporate tax = 0% for 5 years
This exemption is also granted and 8.75% for 20 years
to parts, spare parts and Income tax = 0% for 5 years, then
accessories imported at the same 80% tax reduction for 20 years
time as the above equipment Business tax exemption for 15
years
Value Tax Added : unlimited
Exemption from import of exemption for goods delivered
equipment goods, materials, and and services
tools for the 36 months after the Registration fees: exemption acts
signing of the Investment of incorporation and capital
Agreement increase
18FDI incentives
Investment Promotion
Hassan II Fund for economic
Funds
and social development
(IPFs)
Eligibility Conditions: Eligibility Conditions:
• Investment ≥ 18 million € • Total investment ≥ 900 K €
And • Jobs created ≥ 250 • Investment in goods and equipment ≥
/or • Transfert of technoloy 450 K €
• Implementation in a priority area • Sectors: Automobile, aeronautics,
• Protection of environment nanotechnology, microelectronics,
and biotechnology.
Land Assistance: A contribution up to 20%
of acquisition costs Contributions are limited to a maximum
of 15% of the total investment and 2.7
External Infrastructures: assistance of up to million € as the following:
5% of total amount of investment • Land Assistance: 30% of costs of
programme land acquisition and development.
• Equipment: 15% of costs of new
Training: A contribution of up to 20% of equipment (excluding taxes and
training costs. import duties).
19Who we are
« Global Investment Promotion Practises
2012 » - the World Bank
Structure to host, inform “…Morocco among the countries showing
and support investors best practices with regards to investment
promotion are a model for the region …"
Digital marketing
2012 : communication
#5 campaign of AMDI
worldwide
Files Services for
confidentiality AMDI free
Public entity with legal
personality and financial
autonomy
20
20Where to find us
AMDI Headquarters Rabat
Adresse: 32, rue Honaine, angle avenue Michlifen, Agdal- Rabat – Maroc
Tél: +212 5 37 22 64 00
E-mail: info@invest.gov.ma
AMDI France AMDI Spain
14, Avenue d'Eylau - 75116 Paris Paseo de la Castellana, 141, Planta 20
Tél: +33 1 73 02 15 09 Edificio Cuzco IV – 28046 – Madrid
E-mail: amdi.paris@invest.gov.ma Tél: + 34 917 893 441
E-mail: amdi.madrid@invest.gov.ma
AMDI Italy AMDI Germany
Via Boezio, 6 – 00193 - Rome Bockenheimer Lands street 17/19-
Tél: +39 0632 803 204 60325 Frankfurt
E-mail: amdi.rome@invest.gov.ma Tél: +49 69 710 455 222
E-mail: amdi.madrid@invest.gov.ma
AMDI United States
Rockefeller Group Business Centers 1221 Avenue
of The Americas, Suite 4200 – New York
Tél: +1 212 899 5577
E-mail: amdi.newyork@invest.gov.ma
21What we do
Helps you settle Helps you carry With you
out your project
and thrive along the way
Assists you in
Facilitates the accelerating Ensure the
integration of your procedures and satisfaction of
business into the local guides you in the investors thanks to its
economy. contacts with after care service
government
services.
22
22Thank you for your attention
www.invest.gov.ma
23
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