Morocco now brochure

2. So, where does Morocco stand today?
What is our national economy’s global
ranking? Is Morocco competitive?
Can it be classified among emerging
nations?
Needless to say, there is no single
model of an emerging nation. Each
country has its own development
process, which is based on its human,
economic and natural resources, as
well as on its cultural heritage. It is
also contingent on the obstacles and
difficulties each nation has to face.
However, there are standards and
requirements to meet in order to join
this category of nations, particularly in
terms of democratic and institutional
development, social and economic
progress, and regional and international
openness.
Hi s Ma j e s t y
Ki n g Mo h a mm e d VI
Excerpt from speech by His Majesty King
Mohammed VI On the occasion of the
61st Anniversary of the King and People’s
Revolution Day

3. WHY
MOROCCO
LOW-RISK
6-9
STRATEGICALLY
LOCATED
10-17
O P E N
18-25
COMPETITIVE
26-37
GATEWAY
TO AFRICA
38-41
STABLE
RATED INVESTMENT GRADE BBB-
2nd in Africa
SAFE & SECURE
RANKED IN LOWEST SECURITY
RISK CATEGORY
Top 5 in Africa
ACCESSIBLE
14KM TO EUROPE,
7 HOURS FLIGHT TO THE US
CONNECTED
TOP 30 SEA CONNECTIVITY
WORLDWIDE
2nd in Africa
EQUIPPED WITH MODERN
INFRASTRUCTURE
1ST
HIGH-SPEED TRAIN IN AFRICA
1st Quality Infrastructure in Africa
OPEN TO TRADE
TRADE AGREEMENTS WITH
SEVERAL COUNTRIES INCL. USA,
EU AND AFRICA
OPEN TO INVESTORS
MOST ATTRACTIVE INVESTMENT
DESTINATION IN AFRICA
Top
3
in Africa
OPEN TO VISITORS
MARRAKESH, RANKED
PREFERRED DESTINATION
WORLDWIDE
1st visited country in Africa
ATTRACTIVE
+75 RANKS IN DOING BUSINESS
SINCE 2010
3rd in Africa
INDUSTRIALIZING
BEST PERFORMER AUTOMOTIVE
INDUSTRY IN AFRICA & ME
1st in Africa
GREEN
NOOR, LARGEST SOLAR FARM
IN THE WORLD
4th
renewable energy capacity
FINANCIAL HUB
46TH
FINANCIAL CENTER
WORLDWIDE
1st in Africa
INVESTMENT PLATFORM
60% OF MOROCCAN FDI
TO AFRICA
1st African investor in Africa
W H Y M O R R O C O W H Y M O R O C C O

4. Over the last decade, Morocco has shown resilience to the economic crisis.
Preserving macroeconomic stability is indeed a major concern for the
Moroccan government and several actions have been undertaken to put the
country on the path towards strong and sustainable growth. According to
major institutions such as the International Monetary Fund (IMF), Morocco
is expected to maintain a steady growth in the coming years. Moreover,
rating agencies such as Standard Poor ’s are also confident in the country’s
stability: with a BBB-rating, Morocco is one of only 2 African countries with
an investment grade rating.
Furthermore, Morocco is rated as a low security risk country like advanced
economies, by ControlRisks.
MOROCCO,
A LOW-RISK COUNTRY
Morocco benefits from a stable
economic and political environment.
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6
L O W R I S K C O U N T R Y L O W R I S K C O U N T R Y

5. MOROCCO: STRONG ECONOMIC
AND POLITICAL STABILITY
MOROCCO: SAFETY SECURITY
AT THE ROOTS OF A COUNTRY
Morocco is considered as a stable country both politically and economically.
International institutions are confident in the economic and monetary policies
in place to maintain strong macroeconomic fundamentals in the coming years. With
a BBB- rating by Standard and Poor ’s, Morocco is one of only 2 African countries with
an investment grade rating.
STRONG MACRO-ECONOMIC FUNDAMENTALS
1,91
4,77
10.84
1,13 3,43
9,44
0,80 0,52
11,50
INFLATION RATE,
IMF
REAL GROSS
DOMESTIC
PRODUCT, IMF
UNEMPLOYMENT
RATE, IMF
2000/2009 2000/2009 2000/2009
2010/2019 2010/2019 2010/2019
2020/2021 2020/2021 2020/2021
USA
UK
MOROCCO FRANCE
PORTUGAL SPAIN
ROMANIA
MOROCCO LOW RISK SECURITY
COUNTRY AMONG MANY OTHERS
1 OF THE 2 COUNTRIES IN AFRICA
WITH INVESTMENT GRADE RATING
MOROCCO PRESERVES INVESTMENT GRADE WITH A STABLE OUTLOOK (APRIL 2020)
CANADA UNITED ARAB EMIRATES
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L O W R I S K C O U N T R Y
L O W R I S K C O U N T R Y

6. Thanks to its geostrategic location, sitting only 14km from the European
coast, Morocco is at the crossroads of the main international exchange routes,
linking the United States, Europe, Africa and the Middle East.
By optimizing the logistical channel of international business, Morocco
has truly become the region’s exporting hub. Morocco launched large-scale
projects aimed at elevating its connectivity with the rest of the world. Thanks
to Tanger-Med Port, Morocco is now connected to 186 ports around the world
and has reached the 22nd
position in sea connectivity in 2019. This fast-
improving connectivity is also a Moroccan assets in air connections.
With 19 international airports, including Casablanca as the airport hub in
the region, Morocco is indeed an ultimate platform for goods and travelers
between continents.
Moreover, Morocco now benefits from a significant and constantly expanding
road, rail, port and airport network. This world-class infrastructure does not
only optimally and effectively interconnect the country’s various regions but
also connects the country with the rest of the world.
AFRICA
EUROPE
MIDDLE EAST
UNITED STATES
MOROCCO,
A STRATEGICALLY
LOCATED HUB
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1 0
S T R A T E G I C A L L Y L O C A T E D S T R A T E G I C A L L Y L O C A T E D

7. MOROCCO:
STRATEGIC GEOLOCATION
Morocco is strategically located, at only 14km from Europe, allowing delivery in
1 to 2 days. As the closest African country to the US and Europe, Morocco is at the
crossroads of the main international exchange routes.
MOROCCO IS CONNECTED
2007
1 CHINA
2 HONG KONG
… …
13 JAPAN
14 TAIWAN
15 ITALY
16 UAE
17 EGYPT
19 SRI LANKA
… …
22 CANADA
26 GREECE
27 PANAMA
… …
79 CONGO
80 MOROCCO
81 IRELAND
… …
137 GEORGIA
UNCTAD
Connectivity
index 2007-2019
SEA CONNECTIVITY
IN AFRICA
WORLDWIDE PLACES
IN 12 YEARS
2ND
22TH
+51
75% of European import
transit through the Straits of Gibraltar
2019
1 CHINA
2 SINGAPORE
… …
13 ITALY
14 FRANCE
15
UNITED ARAB
EMIRATES
16 MOROCCO
17 EGYPT
19 SAUDI ARABIA
… …
22 MOROCCO
26 OMAN
27 POLAND
… …
80
UNITED
REPUBLIC
OF TANZANIA
… …
122 NICARAGUA
+51
RANKS
Tarifa
14km
Mediterranean Sea
14km from Europe,
allowing delivery
in 1-2 days
•
Closest African country to
the US and Europe
Tanger
MOROCCO
TANGIER
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I N T R O D U C T I O N
1 2
S T R A T E G I C A L L Y L O C A T E D S T R A T E G I C A L L Y L O C A T E D

8. Sea route duration 10 days
Sea route duration from 10 to 20 days
7h
3h
flight time
Main connected airports
Main connected ports
Tanger Med
A PLATFORM FOR TRAVELERS
BETWEEN AFRICA, MIDDLE-EAST,
EUROPE AMERICA
WITH MORE THAN 1,200 FLIGHTS EACH
WEEK, MOROCCO IS THE LARGEST
AIRPORT HUB IN THE REGION
THANKS TO TANGER MED,
MOROCCO IS CONNECTED TO
186 PORTS IN 77 COUNTRIES
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S T R A T E G I C A L L Y L O C A T E D S T R A T E G I C A L L Y L O C A T E D

9. MOROCCO:
WORLD CLASS INFRASTRUCTURE
AN EXTENDED NETWORK
OF WORLD-CLASS
INFRASTRUCTURE SERVING
THE WHOLE COUNTRY
19 INTERNATIONAL
AIRPORTS
14 PORTS DEDICATED
TO TRADE
1ST
HIGH-SPEED TRAIN IN AFRICA
REACHING 350KM/H
(OPERATIONAL SINCE 2018)
HIGHWAY NETWORK OF 1800 KM
CONNECTING ALL CITIES ABOVE 500K
INHABITANTS
CASABLANCA
ESSAOUIRA
LAAYOUN
DAKHLA
AGADIR
OUARZAZATE
OUJDA
FES
MARRAKESH
TANGIER
Main Airports
Highways
Railway
Main Trade Ports
1ST
GLOBAL
INFRASTRUCTURE
QUALITY IN AFRICA
1ST
EFFICIENCY OF
SEAPORT SERVICES
IN AFRICA
2ND
EFFICIENCY OF
TRAIN SERVICES
IN AFRICA
2ND
EFFICIENCY OF
AIR TRANSPORT
SERVICES
IN AFRICA
GLOBAL COMPETITIVENESS INDEX 2019
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S T R A T E G I C A L L Y L O C A T E D S T R A T E G I C A L L Y L O C A T E D

10. MOROCCO,
A COUNTRY OPEN TO TRADE,
INVESTORS AND VISITORS
Through its comprehensive strategy to achieve openness and liberalization,
Morocco has undertaken over the last decades to set up a legal framework that
fosters the development of trading relations with potential partners. Morocco
is part of several trade agreements with various countries which grant access
to more than one Billion consumers.
Thanks to its modern legal and regulatory framework, Morocco is a particularly
attractive destination for investors and has been rated as the most attractive
country in Africa for several consecutive years Indeed, Morocco protects
investors through the establishment of many agreements against double
taxation and/or agreements dedicated to the protection of foreign investors.
Moreover, Morocco offers to investors an attractive set of incentives.
TRADE
1 9
1 8
O P E N
INVESTORS
VISITORS
O P E N

11. MORE THAN ONE BILLION
CONSUMERS THROUGH TRADE
AGREEMENTS
TRADE AGREEMENTS WITH
SEVERAL COUNTRIES
THE ONLY AFRICAN COUNTRY
HAVING AN FTA WITH THE US
MEMBERSHIP REQUEST
TO THE ECONOMIC
COMMUNITY OF WEST
AFRICAN STATES
(ECOWAS)
ASSOCIATION AGREEMENT WITH THE EUROPEAN UNION (2000*)
AGREEMENT WITH THE EU - LIBERALIZATION MEASURES FOR AGRI-
CULTURAL PRODUCTS, PROCESSED AGRICULTURAL PRODUCTS, FISH
AND FISHERY PRODUCTS (2012 *)
EFTA - STATES OF THE EUROPEAN FREE TRADE ASSOCIATION (2000 *)
AFRICA CONTINENTAL
FREE TRADE AGREEMENT
(AFCFTA) SIGNED BY 54
COUNTRIES IN JULY 2019
MOROCCO-UK POST-BREXIT
ASSOCIATION AGREEMENT
AGREEMENT UNDER
NEGOTIATIONS WITH
CANADA
AGREEMENT WITH USA
(2006*)
AGREEMENT
WITH TURKEY
(2006*)
AGADIR AGREEMENT
WITH EGYPT, JORDAN, AND
TUNISIA (2007*)
UNITED ARAB EMIRATES
AGREEMENT (2003*)
ARAB LEAGUE AGREEMENT
(1998*)
Source: Institutional websites
*In Force date
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O P E N O P E N

12. MOROCCO IS OPEN
TO INVESTORS
1,9 BILLION USD FDI IN 2019*
CONVERTIBILITY
REGIME FOR FOREIGN
INVESTMENT OPERATIONS
(FREE TRANSFER
INCOME, LIQUIDATION
PROCEEDS OR
DISPOSAL)
NO RESTRICTION
ON INVESTMENT
IN LOCAL
COMPANIES FOR
NON-RESIDENTS
SEVERAL BILATERAL
INVESTMENT
TREATIES (BITS)
AND BILATERAL
DOUBLE TAXATION
TREATIES (DTTS)
PROTECTION FOR INVESTORS
AN ATTRACTIVE SET OF GOVERNMENT INCENTIVES
GOVERNMENT SUBSIDIES
• Investment: tailor-made
participation to investment
costs
•
Recruitment Training:
direct financial incentives to
cover costs
INDUSTRIAL
ACCELERATION
ZONES
5 year tax exemption
...then specific rate of
15% (Corporate Tax) or
20% (Income Tax) in a
uniform manner to the
overall profit without
distinction between
the local turnover and
the export turnover,
and this, beyond the
aforementioned five-
year exemption period
GOVERNMENT
SUPPORT
• Meetings and direct
line with Ministry of
Industry, Trade and
Green and Digital
Economy
• Support from
AMDIE (Moroccan
Investment and Export
Development Agency):
end-to-end assistance
for investors and
exporters
TOP 3
MOST ATTRACTIVE AFRICAN COUNTRY
FOR FOREIGN INVESTORS IN 2018
To facilitate the investment process and attract large flows of private capital, Morocco
has implemented a modern legal and regulatory framework offering a high level of
protection to investors.
*Office des changes
2 2 2 3
O P E N
O P E N

13. MOROCCO IS OPEN
TO VISITORS
As the 1st
visited
country in Africa,
Morocco is a major
tourism destination
highly appreciated by
international visitors.
Often present in
different international
rankings, Marrakech
is on Forbes List of
20 Best Places to Visit
in 2020.
FOR TOURISTS, GLOBAL EVENTS AND CULTURE
MOROCCO TOPS VACATION
DESTINATION FOR POST
COVID-19 PANDEMIC PERIOD
#1 VISITED COUNTRY IN
AFRICA
12.3 million tourists (2018)
Marrakech Tops World’s Best
Places to Visit in 2020
HOST COUNTRY
OF GLOBAL EVENTS
A successful COP 22
in Marrakesh
20.000 participants
from 190 countries
VISIBLE AT A GLOBAL
LEVEL THROUGH ITS
ENTERTAINMENT INDUSTRY
Dozens of blockbusters shot
in Morocco.
Morocco is also highly
appreciated for its
entertainment and music
industry in various cities:
Ouarzazate (film industry),
Rabat (Mawazine international
music festival), Fès (Soufi music
festival)
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O P E N
2 4
O P E N

14. MOROCCO,
A COMPETITIVE DESTINATION
Morocco’s significant progress over the past decade has been acknowledged
by various international institutions and in particular by the World Bank’s
Ease of Doing Business rating: Morocco has gained 75 ranks since 2010,
reaching the 53rd
place for 2020, the 3th
country in Africa.
Among other dimensions, Morocco’s qualified and competitive labor force
and its attractive export costs helped the country to become a competitive
exporting platform. In Morocco, human resources are indeed one of the
key success factors of businesses thanks to their education level, cultural
openness, language and new technology skills, commitment, entrepreneurship
spirit and adaptation to change. Thanks to continuous efforts and public-
private partnerships, human resources are trained to answer the specific needs
of the different industries and sectors.
Furthermore, Morocco has been following a positive trajectory following
the development of its industry. With booming strategic sectors such as the
automotive and the aerospace industries, Morocco is getting closer and closer
to its 2020 targets. These efforts are supported by an ambitious national
strategy, the Industrial Acceleration Plan, a new approach based on the
creation of efficient ecosystems aiming at the integration of the value chain
and the consolidation of the local relations between large companies and
SMEs. This strategy includes the creation of the “FDI”, a public industrial
investment fund endowed with 2 billion dollars.
Furthermore, Morocco is a country oriented towards the future. Ranked among
the top 3 most innovative economies in Africa. Morocco is the African leader
in the fight against climate change. The country not only hosted the COP 22
conference in 2016, it also has an ambitious solar and wind energy strategy,
making it the most attractive country in Africa for renewable energies.
53RD
PLACE FOR 2020
SOURCE: DOING BUSINESS
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C O M P E T I T I V E C O M P E T I T I V E

15. MOROCCO: A HIGHLY
ATTRACTIVE PLATFORM
As a result of its ambitious strategy to modernize its economy
and become a highly competitive platform, Morocco reached the
53rd
place for the 2020 World Bank’s Ease of Doing Business rating,
after gaining 75 ranks since 2010.
AFRICA RANK 2020 GLOBAL RANK 2020 VS. 2010
MAURICE 1 13 +4
RWANDA 2 38 +29
MOROCCO 3 53 +75
KENYA 4 56 +39
TUNISIA 5 78 -9
SOUTH AFRICA 6 84 +50
WORLD BANK EASE OF
DOING BUSINESS 2010-2020
A BEST-COST OFFER THROUGH
COMPETITIVE PRODUCTION
EXPORT COSTS
Border compliance captures the time and cost associated with compliance with the economy’s customs regulations and with
regulations relating to other inspections that are mandatory in order for the shipment to cross the economy’s border, as well as the
time and cost for handling that takes place at its port or border. The time and cost for this segment include time and cost for customs
clearance and inspection procedures conducted by other government agencies.
COMPETITIVE COST TO EXPORT
Cost to export ($)
COMPETITIVE LABOR FORCE
Average wage ($/month)
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C O M P E T I T I V E C O M P E T I T I V E

16. A GROWING NUMBER
OF WELL-TRAINED YOUNG
HUMAN RESOURCES
SPECIALIST ENGINEERS TECHNICIANS
• Locally trained
•
Ad hoc training centers jointly developed with industry stakeholders to address industry specific
needs.
• Public-Private Partnership
• Tangier, Kenitra Casablanca
GENERALIST ENGINEERS TRAINED IN MOROCCO
• 15,000 engineers to be trained per year in Moroccan engineering schools
• A growing number of partnerships with leading international universities
TOP ENGINEERS TRAINED ABROAD
• Hundreds of Moroccan students graduating each year from top international engineering schools
Human resources constitute a key asset for Morocco’s competitiveness. With more than
60% of the 35 million inhabitants under 34, the country benefits from a young and well-
trained population thanks to a comprehensive education offer. More, specific efforts have
been made to adapt vocational training to market needs.
MOROCCO
IS INDUSTRIALIZING
Morocco is excelling through the development of its industry. With more and more major
international companies choosing Morocco, strategic sectors have been booming. It is
particularly the case of the automotive industry, forecasted to be the fastest growing
automotive industry worldwide by the BMI’s Research Group. All the key sectors of the
industry are supported by an ambitious Industrial Acceleration Plan to help diversify and
expand the industrial fabric around clusters, in an ecosystem approach.
AUTOMOTIVE
• +250 companies
•
USD 7,7 bn revenues in
2019
• 500,000 vehicles a year
• 65% local integration rate
by 2019
• 180,000 jobs
AERONAUTICS
• +142 companies
• USD 1,7 bn revenues
•
20% average yearly growth
for the past 5 years
• 38% local integration rate
• 17,500 jobs ( 40% women )
CHEMISTRY /
PARACHEMISTRY
• 2,400 companies
• USD 2.3 bn in turnover
• USD 360 m added value
• 15,500 jobs
(1) BMI Research Group’s Autos Production Risk/Reward Index
Examples:
«We are working hand in hand with the
Government to achieve this common
goal that is to turn Morocco into a major
regional automotive platform»
Fabrice Cambolive
Director of Operations,
Africa, Middle East and India Renault
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C O M P E T I T I V E C O M P E T I T I V E

17. AN AMBITIOUS INDUSTRIAL
ACCELERATION PLAN
Ecosystem-wide ripple effect
To accelerate local integration and industrialization
Half of them through
foreign investments
Raise the share
of industry in the
GDP To 23%
Promote exports
and off-set and substitute
local sourcing to imports
500,000
JOBS CREATED IN THE
INDUSTRY
+9 PTS
OF GDP
0
TRADE BALANCE
3 OBJECTIVES TO BOOST MOROCCO’S
INDUSTRIALIZATION...
...THROUGH COMPETITIVE
CLUSTERS DEVELOPMENT
• Dedicated industrial parks
• Industrial fund: 2 billion dollars
• Specific strategies for each segment to complete sectorial industrial maps
• Coordinated training programs
• Targeted programs of cooperation
• Long-term supply contracts and technological transfers
HIGH-END INTEGRATED
INDUSTRIAL PLATFORMS
Modern industrial zones have been especially designed to host businesses. Several zones
are dedicated to specific industries, facilitating local integration. Moreover, free zone
status offers additional advantages.
MIDPARC
NOUACEUR TECHNOPOLE
ATLANTIC FREE ZONE
OUJDA TECHNOPOLE OUJDA SHORE
FES SHORE
AGADIR HALIOPOLE CLUSTER
CASA NEAR SHORE
TANGIER FREE ZONE
TETOUAN SHORE
TANGIER AUTOMOTIVE CITY
FES-MEKNES AGROPOLE
TECHNOPOLIS
BERKANE AGROPOLE
CASABLANCA
AGADIR
SALE
OUJDA
FES
KENITRA
TANGIER TETOUAN
BERKANE
offshoring industrial zone Agro
Free zone
Aerospace industrial zone Generalist industrial zone
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C O M P E T I T I V E C O M P E T I T I V E

18. MOROCCO IS GREEN
THE AFRICAN LEADER IN THE FIGHT AGAINST
CLIMATE CHANGE
NOOR OUARZAZATE SOLAR
COMPLEX, THE LARGEST SOLAR
FARM IN THE WORLD
PART OF THE
MOROCCAN SOLAR
ENERGY PROGRAM
•
1st
of 5 solar complexes
with a combined capacity
of 2GW by 2020
BUILT, FINANCED AND
OPERATED BY
A DEDICATED
ECOSYSTEM OF
PUBLIC AND PRIVATE
ACTORS
TOP3 PERFORMERS
CLIMATE CHANGE
PERFORMANCE
INDEX 2020*
4TH
IN AFRICA
RENEWABLE ENERGY
CAPACITY 2020
AMBITIOUS
SOLAR ENERGY
PROGRAM
WITH MORE THAN
USD 2.5 BILLION
INVESTED
*Germanwatch, NewClimate Institute
Climate Action Network
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C O M P E T I T I V E
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C O M P E T I T I V E

19. MOROCCO,
A GATEWAY TO AFRICA
Morocco is a financial hub opening opportunities in Africa, with Casablanca
reaching the 46th
place worldwide as a financial center and the 1st
in Africa,
making it the go-to investment platform in the region.
Investing in Morocco is indeed the first step in investing in Africa. Thanks
to a Moroccan banking system offering a large footing in Africa, expanding
activities in Africa from Morocco has never been easier.
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G A T E W A Y T O A F R I C A G A T E W A Y T O A F R I C A

20. MOROCCO
IS A FINANCIAL HUB
GLOBAL FINANCIAL CENTERS
index 2020
Source: Global Financial Centres Index (GFCI), Long Finance, 2020
MOROCCO IS AN AFRICAN
INVESTMENT PLATFORM
AN OPEN DOOR TO THE AFRICAN MARKET/
A GATEWAY TO THE AFRICAN MARKET
MOROCCAN FDI
ORIENTED TO AFRICA
WHERE TO INVEST
IN AFRICA 2020
RAND MERCHANT BANK
60% 2ND
STRONG PRESENCE
IN AFRICAN COUNTRIES,
SUPPORTING
INTERNATIONAL
COMPANIES
RANK 2020
NEW YORK 1
LONDON 2
… …
GENEVA 14
BOSTON 15
PARIS 18
MADRID 28
CASABLANCA 46
MUNICH 48
ROME 53
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3 8
G A T E W A Y T O A F R I C A
G A T E W A Y T O A F R I C A
A MOROCCAN BANKING SYSTEM OFFERING A LARGE
FOOTPRINT IN AFRICA
1ST
FINANCIAL CENTER IN AFRICA
46TH
IN THE WORLD

23. ATTINE AVENUE, MAHAJ RIAD CENTER,
BUILDING N°5 N°8, HAY RIAD-RABAT MOROCCO,
TEL: +212 5 37 22 64 00
FAX: +212 5 37 67 34 17/42
WEB SITE: WWW.MOROCCONOW.COM