FDI in figures

In 2008, Morocco attracted USD 1.5 billion FDI against 2.7 billion, in 2007. However, this decrease is less pronounced than in comparable countries, due to the apparent resilience of the Moroccan economy against the crisis. It is all the more remarkable as there were only few privatizations.
In effect, in the past Morroco essentially leaned heavily on the national privatization plan, the conversion of the foreign debt to investments and concession of public services operations. In the last few years, the Moroccan authorities have managed to attracted a relatively substantial flow of foreign assets. Other sectors have taken over,  including the banking, tourism and energy sectors. Also visible are some industrial investments. However, the FDI level remains small and could participate more in pushing ahead the country's economy.

Why you should choose to invest in Morocco

Strong points

Morocco's strengths are:
- A legal framework and assistance measures very favorable to the investors;
- Still relatively low salaries;
- A Strategic position, not far from Europe;
- A Young and relatively well trained population;
- Strong growth.

Weak points

Morocco's weaknesses are:
- A still relatively limited Domestic market;
- A country still very dependent on agriculture and vulnerable to the prices of hydrocarbons.

Government measures to motivate or restrict FDI

The government adpoted the "Investment Charter" in 1995. This charter mainly provides company exemptions for VAT and corporate tax for 5 years.
In the industrial sector, the Emergence Plan creates infrastructures which offer turnkey premises.

Bilateral investment conventions signed by Morocco

Morocco has concluded agreements with 51 countries including France, Spain, Egypt, Italy, Lebanon, Libya, Portugal, Tunisia and Turkey for guarantee of overseas investments against every risk of nationalization and compulsory purchase. Several of these agreements can be downloaded on the web site of the UNCTAD: click here. Those define the framework of protection of overseas investments for each signatory country.
Besides, theAssociation Agreement between the EU and Morocco, effective in March 2000, envisages also, with article 50: "establishment of a legal framework supporting investment, if necessary, by the conclusion of agreements of protection of investments and agreements intended to avoid double taxation between Morocco and the Member States".

Procedures relative to foreign investment

Freedom of establishment

Guaranteed except for the agricultural sector

Acquisition of holdings

Majority acquisition of interest in an existing or forming Moroccan company, is authorised by way capital subscription or acquisition of already issued securities.

Obligation to declare

Investment system in Morocco is very open as investors do not have to obtain prior approval: they simply have to send the Foreign Exchange Office a report in the six months following the completion of the operation. 

Competent organization for the declaration

Foreign exchange office

Requests for specific authorizations

The financial sector has specific regulations, that of hydrocarbons as well as for free zones.

Finding assistance for further information

Investment aid agency

Department of Investments
French Agency of Development
ANIMA Investment Network
Medibtikar

Other useful resources

Department of Investments