Market information – Kingdom of Morocco
Economic data 2013
|GDP:||US$ 104.1 billion|
|GDP per capita:||US$ 3,199|
|Visible imports:||US$ 45.09 billion (source: WTO)|
|Visible exports:||US$ 21.82 billion (source: WTO)|
|Strenghts:||• economically the most liberal country in the Maghreb|
• treaty of association with the European Union - status of preferred country
• free trade agreement with the USA
• low labour costs
• mould gating to EU-markets
• political stability, solid economic and finance policy
• strong GDP growth
• young and relatively well qualified population
|Opportunities:||• new deep-sea harbor of Tanger attracts investors|
• production of wind- and solar energy
• new large-scale projects due to the upgrading of the infrastructure
• car assembly plant of Renault to be erected
• young and western oriented population with strong interest in
modern and sophisticated products and technology
(Source: Germany Trade & Invest)
Business chances arise from the various and great efforts of the Moroccan government to improve the infrastructure and to establish new industries. Currently, the Moroccan government invests in road construction, in the construction and extension of ports and in railroad traffic. Among these major projects are
- the Maghreb high-speed railway (500 km) between Casablanca and Oujda (worth about US$ 11 bn)
- the harbor Tanger Med I featuring a container terminal for oil and bulk cargo as well as for the shipment of cars (worth ca. US$ 1.39 bn) and
- the deep-seaport Nador-West for the shipment of oil.
Renault’s large-scale project – the construction of an assembly plant for the production of cars, worth about US$ 4.176 billion – is in progress as well. A multitude of subsequent investments will be following up this project.
Furthermore, the Moroccan management plans to emphasize the following: disposal economy and environmental protection (waste management, water supply), chemistry (phosphate processing), motor vehicle industry, renewable energies.
EU supports reforms in Morocco
The European Union is very much interested in a cooperation with the Maghreb states, thus financially supporting them: Between 2007 and 2010 Morocco received a total of over US$ 910 million for socio-political and economic measures from the so called “neighborhood budget”.
In 2000 a treaty of association between the EU and Morocco was put into effect to strengthen the European-Mediterranean partnership. The 2004 action plan stresses the development of both the transportation and the energy sector and envisages an improvement in the conditions for foreign direct investments and sustainable growth. In 2008 the EU awarded Morocco with the advanced status (Statut Avancé) thanks to its opening towards foreign countries.
The World Bank has established an ambitious loan program of annually US$ 600 million for the years 2010 to 2013. The purpose of this financial program is manifold: improving social services, stimulating competitiveness and employment, and the promotion of environmental sustainability.
With regards to the Statut Avancé, the EU and Morocco have agreed on gradually taking over the Acquis Communautaire which contains all rights and duties of EU countries and aims at the creation of an integrated market. This is as close as Morocco can possibly get towards a full EU membership. Another appealing fact with regards to export production is that Morocco maintains free trade agreements with a multitude of countries.