Sound foundations

For some decades, Morocco has opted for macro-economic stability:

• A steady growth that exceeds an annual average rate of 3 %.
• An inflation under control generally below an average of 2 %
• A curbed budget deficit with a 3 % average
• Foreign assets estimated at Dh 122 bn, making a total of 13 importation months.

Thanks to this policy, the country enjoys an undisputed credit among international institutions, lessors and investors.

The scoring given by rating agencies proved favourable and led to the successful raising of a bonded loan.

Clear economic orientations

Driven by a firm will to promote national and foreign investment, Morocco has opted for an open economy to Europe, the Mediterranean, the United States and the rest of the world.

A favourable institutional and legislative environment

• High quality infrastructures in conformity with international standards, offering access to our partners
• Actors made available to facilitate investment acts:
  • An interdepartmental investment commission which furthered more than Dh 61bn, creating thus more than 62.000 job opportunities.
  • Setting 16 Regional Investment Centers as sole interlocutors at the local level for the creation of new enterprises and for helping investors.
• An aggressive state disengagement and liberalization policy 1eading to:
  • A successful liberalization of the telecommunication sector : opening the Maroc Telecom capital, transfer of license for a second mobile phone fine, and setting of a regulating authority (ANRT),
  • The reforming of the transport sector: liberalisation of air and maritime transport ad updating of road transport
  • The privatization of public enterprises: Maroc Telecom, Régie des Tabacs...
  • The transfer of public service management to the private sector: water, electricity sanitation (Jorf Lasfar, Lydec, Redal, Amedis), waste collecting, public transport...
  • The reform of the public sector by means of contractualizing the links between the State and public institutions through the signature of program contracts, restructuring, and revision of financial control
• The setting up of institutional measures for economic promotion, namely Office National pour les Investissements et les Exportation which shall become the sole interlocutor for the promotion of items "produced in Morocco"
• An economic and trading policy made open thanks to the signature of a good number of trade agreements:
  • Agreements with the European Union and Turkey
  • Agreements with three Arab states (Jordan, Egypt and Tunisia) Agreement with the USA.
• The good results of this policy can already be discerned:
  Morocco's becoming a foreign investment attraction with more than 17.5 bn Dirhams of investments in 2003.
  Success of big operations:
  • 2" mobile phone line ($ 1.1 bn)
  • The privatization of the formerly state controlled tobacco company (Régie desTabacs) for the sum of $ 1, 4 bn
  • Transfer of a supplementary 16 % capital share of Maroc Telecom to Vivendi Group for the sum mof $ 1 _ 5 bn
  • Well renowned international groups in various sectors have put their trust in the Kingdom Morocco: Building and Public Sector companies, food industry and tourism companies such as Vivendi, Auchan, Accor, Endesa, Jbel Ali, Telefonica, Altadis, Vinci, Bouygues, St Micro Electronics, Maerks, Condor and Neckerman, Thomas & Piron, Kezner International, Fadessa, Dell, Delphi, Jabal Ali, Maerks
• Morocco has opted for a policy of leveling its economy and social good governance. New social and legislative measures
  • New labor code with legislations in conformity with international standards
  • Text laws related to enterprise and business environment, namely those concerning industry protection, Customs code in direct taxations and insurance groups
  • A social pact with mechanisms for preventing conflicts.
• The financial and counseling accompaniment tools:
  • Hassan II Fund for social and economic development
  • Fiscal measures and numerous facilities granted to investors
  • Direct support to enterprises
  • National fund for enterprise leveling

Objective: a fabric of diversified, competitive and high-performance enterprises.

• The administration upgrading: the simplification of administrative procedures, the adaptation off legislation in public markets to.

And breeding ground for great projects

• A road network : a highly ambitious motorway building program of 100 new kilometers per year
• The building of the 500 km Mediterranean lateral road linking Tangiers to Saaidia .
• The fixed link-project through the Gibraltar strait
• Harbor building projects: extension of existing ports and building a harbor complex of an international dimension on the Mediterranean coast of Tangiers
• Building free trade zones and big science parks leaning against airport zones and maritime port zones
• Densification of the rail road network
• Extension of airport network
• Consolidation of sports infrastructure: new football stadiums
• A large Azur plan for the development of tourism and the building of six new seaside resorts.