Embassy of the Kingdom of Morocco in South Africa

 

Economy

Agriculture

Mining

Fishing

Industry

Energy

Handicrafts

Infrastructure & Transport

Trade

The Kingdom of Morocco has chosen, since its independence, political pluralism and economic liberalism, recognizing the right of property and free enterprise among the fundamental rights guaranteed by the Constitution.

 

The Moroccan economy is characterized by a great openness to the outside. Since the early 80s, Morocco has adopted a policy of economic and financial openness aiming at the liberalization of foreign trade, greater integration of the Moroccan economy into the global one, and contribution to the consolidation of a multilateral trading system.

 

In this regard, significant advances in the modernization of economic and financial structures and upgrades to the legal and institutional frameworks have been accomplished. The aim is to permanently accelerate economic growth in Morocco and improve living conditions of its citizens.

 

In this respect, Morocco undertook the simplification of foreign trade procedures, a reduction in tariff protection, the elimination of non-tariff measures, the improvement of the business and investment environment, the expansion and diversification of economic and trade relations and finally, regular contributions to consolidate the multilateral trading system.

 

This opening is further illustrated by the signing of various free-trade agreements with its main economic partners, including the European Union, the United States, and Arab and African countries. In addition, a set of legal texts were promulgated or modified to support these reforms. These include, for example, the Investment Charter, the Commercial Code, the law establishing the commercial courts, the Customs Code, the Law on free pricing and competition, the regulation of the State’s markets, and the Law on the protection of industrial and commercial property.

 

Moreover, the establishment of new sectoral policies based on comparative advantages of the Moroccan economy (Industrial Emergence Plan 2015, Vision 2020 for Tourism, Vision 2015 for the Craft Industry, Rawaj Plan for Trade, the Green Morocco Plan for Agriculture, Halieutis Plan for Fishing etc) should promote, in the coming years, a sustained and sustainable growth.

 

The creation of the Moroccan Investment Development Agency and implementation of a one-stop-shop at the regional level, the Regional Investment Centers, are timed to support these sectoral plans, and to attract and assist investors.

Finally, the process of economic openness and integration into the global economy is consolidated through the conclusion of free-trade treaties with the United States, the European Union, EFTA, Turkey, member States of the Arab League as part of the Greater Arab Free Trade Area, and the Mediterranean Arab countries as part of Agadir Agreement.

 

A trade agreement with The West African Economic and Monetary Union (UEMOA) should shortly come into force.

 

Moreover, the EU has granted Morocco an "advanced status" which gives it the possibility to further integrate into the European Single Market and to participate to some inter-European cooperation programs reserved for members only, thanks to the privileged relations between Morocco and the EU, and given the progress realized in the political, economic and social fields, as well as the many reforms undertaken by the Kingdom.

 

Today, the major reforms and projects initiated by the country have delivered good results, especially with the continuing rise in GDP. The growth rate of the Moroccan economy, therefore, reached an average of 5.1% during the period 2001-2008, following the increased growth of the primary sector (4.3%), the stable growth of the non-agricultural sector (4.9%) and the average growth of 5.2% as average in the service sector, mainly because of the increased contribution from telecommunications (13%), and services aimed at companies (6.8%), and linked to the openness policy and the development of the offshoring.

 

At a sectoral level, agriculture represents between 12% and 17% of GDP (depending on the year), and employs 45% of the total workforce. The secondary sector, accounts for 30% of GDP, and focuses on mining and phosphate processing, textiles and food processing. The tertiary sector accounts for 38% of GDP, 8% of which dedicated to tourism.

 

Inflation remains low (less than 2% between 2002 and 2009), and for the first time in two decades, the unemployment rate fell in 2009 below 10%. On the other hand, the poverty rate has experienced a substantial drop, from 15.3% to 9% between 2001 and 2007. In parallel, there has been an increase in per capita income, which rose from 14,345 MAD in 2001 to 21,748 MAD in 2008, representing an annual average increase of 6.1%.

 

The Embassy of the Kingdom of Morocco

799 Cnr Schoeman / Farenden Street, Arcadia, Pretoria, 0007, South Africa

Contact the Embassy

PO Box 12382, 0083, Arcadia, Pretoria, South Africa

+27 (12) 343 0230

+27 (12) 343 0613

 

Copyright © 2016 Embassy of the Kingdom of Morocco in South Africa