Morocco, more business
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1 Morocco, more business 1
2 Morocco in Brief Capital Government Area Climate Time Zone Languages 2 Rabat Constitutional Monarchy, democratic, social parliament km² Mediterranean GMT (GMT+1 en été) Arab (official), French, Spanish, English GDP 802,517 MM DH (2011) 72 MM GDP/inhabitant 24,320 DH/inhabitant (2011) Average Growth GDP Sectors (2010) 5% (over the last 5 years) Primary Sector 15,4% Secondary Sector 29,7% Tertiary Sector 55,0% Inflation Rate 0,9% (2011) Source : Haut Commissariat au Plan et Office des Changes
3 Summary I Morocco: Attractive Environment Political Stability Conducive to Investment Solid macroeconomic fundamentals World Class Infrastructures II An Attractive Value Proposition III Morocco Priority to Investors 3
4 Morocco: Stable Political Environment A constant dynamic of openness and democratization A monarchy was established in 788 (12 centuries of existence) A bicameral parliamentary system All laws are subject to a vote of two rooms A Constitutional Council shall ensure the conformity of laws with the Constitution A judiciary independent of legislative and executive A multiparty system More than associations and NGO's In July 2011, a new constitution was adopted by referendum and Spending: Plurality of the Moroccan identity Rule of law and institutions Individual and collective freedom Human rights Moralization of public life 4
5 Stable Political Environment: Morocco an exception in the region International analysts are excluding Moroccan... And... praise its democratic dynamic Despite regional troubles, Morocco continues its progress Various factors point to encouraging prospects for the Moroccan economy in 2011, namely an excellent harvest and a continuous diversification of the Moroccan economy International think tank Oxford Business Group (OBG) 29/07/2011 Morocco's stability and the constructive spirit of the Moroccan society as well as its commitment to tolerance and openness praised Morocco's institutional reforms and the adoption by the Moroccan people of the new democratic constitution. Bernardino Leon, EU representative in the Southern Mediterranean region 26/07/2011 '' The performance of the Moroccan economy remains one of the highest in the Middle East and North Africa (MENA)''. Nema Shafik, Deputy Managing Director International Monetary Fund (IMF) 14/05/2012 The new constitution represents a "major and positive step" on the path of democracy consolidation in Morocco Carlos Carnero González, Spanish Ambassador to European integration 22/07/2011 Morocco is a model to follow in the region. Together with Tunisia, we will find the needed cohesion and dynamism to strengthen the role of the region in the Mediterranean. Moncef Marzouki, President of Tunisia 08/02/2012 Morocco tends to align more with Europe than with its Southern and Western neighbors CNN 21/02/2011 His Majesty the King and the people of Morocco showed great political maturity. Compared to what it is happening elsewhere in the region and around the world, Morocco is quite admired in the United State. We look to Morocco quite oftenasanexampleofhowyoucreateaclimateinwhich businesses are welcomed, investors are attracted, people have jobs because of that Hillary Clinton, Secretary of State 26/02/2012 "Morocco is among the countries that are having the most significant advances in investment, particularly in terms of quality of information provided to investors by the AMDI and high level overview" World Bank 22/05/2012 5
6 Advanced Status with the European Union In October 2008, Morocco and the European Union (EU) signed and ratified an advanced status which guarantees a stronger relationship between the kingdom and the 27 member countries of the Union. On the political front Organization of a regular summit EU Morocco Informal meetings to address issues of security, immigration, crisis management, and other matters of interest to both political parties. Morocco's participation in all programs and community bodies in the EU. On the economic front: Reconciliation of Morocco's legislative framework with the communal acquisition Conclusion of a Free Trade Agreement depth Promotion of European investments in Morocco Strengthening policy research and innovation in industry Support of Moroccan SMEs Integration of the Moroccan market and the European energy market The advanced status is a testimony of trust in the effort of Morocco in terms of political reforms, consolidation of the rule of law, better justice, economic reform, social cohesion and fight against poverty. 6
7 Solid Macroeconomic Fundamentals Robust GDP Growth Controlled Inflation Falling Unemployment Rate Increase in Foreign Direct Investment (FDI) Control of Public Debt GDP Growth (%) Inflation (%) Mean Unemployment Rate (%) FDI ( in MM DH) Mean Urbain Public Debt (% of PIB) National 29, Successfully meeting the major challenges, Maintains 2011 Rating Affirms Morocco's Investment rating 2011 N 1 In Africa African Country of the future Sources: Haut Commissariat au Plan & Ministère de l Economie et des Finances
8 Major Infrastructure Upgrades Airports 15 International Airports Casablanca #1 Europe Africa hub Tramways Rabat and Casablanca 1 milliard Tanger Med: World class infrastructure in a strategic location: Current capacity of 3 million containers Capacity of 8.5 million containers in 2017 Objective: To appear in the World Top 15 Offers integrated industrial areas, business and logistics backed port Port platform ideal to serve Europe and the countries of West Africa Auto Routes (nombre de Km) : 150 to km ( x 7) : to km ( x 2) 8 Rail System Premier TGV in Africa (Tanger Casablanca) in ,8 million
9 22 Integrated Industrial Platforms (P2I) ATLANTIC FREE ZONE TANGER FREE ZONE TANGER AUTOMOTIVE CITY TETOUAN SHORE NOUASSEUR AEROSPACE CITY TECHNOPOLIS CASANEARSHORE TANGER TETOUAN KENITRA RABAT FES MEKNES CASABLANCA MARRAKECH BERKANE OUJDA OUJDA SHORE CLEANTECH FES SHORE AGADIR AGROPOLIS Land Emergence 9 DAKHLA P2I OFFSHORING P2I GENERALIST LAAYOUNE P2I AERONAUTICS P2I AUTOMOBILE MARRAKECH SHORE P2I RENEWABLE ENERGY P2I AGROPOLIE: AGRICULTURE FOOD PROCESSING Primary mission: to ensure the porting of assets (land search and location, administrative and legal aspects, delivery "turnkey" and site management). Investments between 100 to 300 million MAD covering between 5,000 m² and 20,000 m² Funding for 60% and 40% P2I areas outside P2I.
10 Large Investment Projects in M investment for the development of an aerospace manufacturing plant Early implementation in 2012 and manufacturing in 2013 Thales has chosen Morocco for the implementation of its new headquarters in Africa (formerly in France) Morocco = 15% of sales in Africa 50/50 JV: new plant for production of cables and enclosures for high speed trains and trams 30 M 400 employees First Four Seasons in North Africa 160 M investment with 15 hectares Inaugurated in November Investment 90 million Acquiring 63.9% stake PROMOPHARM 10
11 Large Investment Projects for 2012 Operation of its new logistics platform of 13,000 m² located in the industrial park Sapino. Investment of 3.5 million Inauguration of a new factory 3000 m² in Berrechid Investment of 3.2 million + additional investment of 11m for This new unit of Leoni should employ people. Number one in the Indian generic drug manufacturing with a plant in Casablanca. Investment of approximately 2 million. Investment of 20 M Automotive based in Tangiers City, near Tangier 40 million investment at its plant in Nouaceur for a new production line of its newest brand MIAMI, juice "pulpy" Total investment of 80 million for all its activities in Morocco in
12 The fight against corruption in Morocco Morocco signed the UN Convention Against Corruption on 9 December 2003 and ratified it on 9 May Morocco signed the OECD Convention on Action against Corruption of Foreign Public Officials in International Business Transactions in 1997 and ratified it in The Forum of Central Corruption Prevention (ICPC) was created in March Constitutionalizing of the Competition Council (CCC) and the ICPC since June Establishing harmonious and coherent system to fight against corruption since June The new constitution guarantees free elections, a strict neutrality, equal access to resources and guaranteed protection of witnesses of corruption, etc.. The new government is firmly committed to the fight against corruption immediately launching 59 measures relating to good governance and strengthening of the ICPC. 12
13 Morocco in the World Member of the United Nations (UN) since November 1956 Non permanent member of the Security Council (UNSC) until Member of the World Trade Organization (WTO) since January Member of International Investment at the Organization for Economic Cooperation and Development (OECD). The Kingdom of Morocco is a very active member of the Mediterranean Dialogue Treaty Organization North Non NATO major ally since January Major partner of the European Union (EU) Signature of the EU Morocco Advanced Status in 2008 Morocco is allowed to participate in all current and future programs of the EU since February Morocco is also a member of the Arab League (AL), the Arab Maghreb Union (AMU), the Francophonie, the Organization of Islamic Conference (OIC), the Group of 77, the Union for Mediterranean (UFM) and the Community of Sahel Saharan States (CESS). 13
14 Morocco offers a Solid Banking System with local stakeholders developing on the international level through a presence in Africa Key Factors The highest level of penetration of banking services in Africa, after South Africa The bank assets to GDP reached 73% against 69% in Egypt, 33% in Algeria Three national champions among the top 10 in Africa Attijariwafa: # 6 Banque Populaire Group: # 8 BMCE Bank: # 9 Strong presence in African countries to support the Moroccan companies Attijariwafa bank BMCE Bank (and the Bank of Africa) 1.5 MM $ C.A 35 MM $ assets 0.8 MM $ C.A 19 MM $ assets 2010: African Bank of the Year 14 Source: BCEAO, FMI World Economic Outlook, Avril 2010, PNUD HDR database (2010), Bank al Maghrib, banks websites & annual reports, BCG analysis
15 I II Morocco: a country attractive to investors An Attractive Value Proposition Ideal Geostrategic position A competitive destination A unique network of Free Trade Agreements Human Resources Young and Qualified III Morocco Priority Investor 15
16 Morocco: Geostrategic Positioning Europe 14 km Tangier Tanger Med Med Port Morocco 16
17 Morocco A Crossroads between Continents 7h 10d NEW YORK 2h 2d PARIS 3h 3d FRANkFORT 1h 1d MADRID 3h 4d DAKAR 4h 5d ACCRA 2h 2d ROME 4h 4d CAIRO 22h 3d PEKING Flight Time 18h 25d SAO PAULO Road and Sea 17
18 The Port of Tangier Med: Connections to 130 ports in 65 countries Total traffic of 27 million tons in 2011, up 17% compared to 2010 Index of liner shipping in Morocco
19 Morocco : A unique connectivity between Europe, the Middle East and Africa The number of int l passengers: a continuous progression Direct connections with 32 European cities Direct Connections with 24 Cities in the Middle East and Africa 19 Sources: Office National des Aéroports & Royal Air Maroc
20 Competitive Costs Cost to Export* Competitive Salaries (On average) Corporate Tax Rate US$ Per Container US$ per month 62.80% 63.80% % % 43% 44.50% Morocco Maroc Egypt Egypte Turkey Turquie Tunisia Tunisie China Chine 20 Source: Banque Mondiale 2012
21 Access exemption from Customs Duties Current agreement with Canada Agreement with the European Union(1996) Agreement with the USA (2005) Situated 14 km from Europe Agreement with Turkey (2003) Agadir Agreement (2004) Accord United Arab ) Emirates (2003) Agreement of the Arab League (1998) Current agreement with the Economic and Monetary Union (WAEMU & CEMAC) Since 2008, Morocco has Advanced Status with EU 21
22 Quality of Human Resources Youth of the World A young and educated population 64% of Moroccans aged under 34 6 million young people (between 18 and 35) A working population of 12 million students graduate 10,000 engineering graduates a year More than 100 universities and public schools More than 200 private colleges 13 million Internet users 4.1 million Facebook users (39th world), of which 80% are under 30 years Continued growth of the learning of English, Spanish and German Strong cultural and linguistic affinities with Europe 22
23 I II III Morocco: a country attractive to investors A value proposition attractive and reliable Morocco: Investor Priority 23
24 The AMDI Serving Investors Helps you set up and prosper Helps your project succeed Accompanies You Helps you find a location that meets the specific requirements of your project Provides detailed information on regulations that apply to your investment. Welcomes you and gives you the necessary advice for your investment Puts you in touch with the free zones/industrial to get the best possible opportuntiies.. Helps you identify the financial benefits available for your project at regional and national levels. The AMDI, through its aftercare servce ensures satisfaction following investments Facilitates the integration of your business in the local economy Brings you the help you need to speed up procedures and assist you in dealing with government services. 24
25 Thank You for Your Attention 25
26 ANNEXES
27 The Evolution of FDI in Morocco (MM DH/yr) Median = 20,5 32 Evolution of FDI (million of DH) BY SECTOR 1.5% TELECOMMUNICATIONS 2.4% 2.1% 1.7% INDUSTRY REAL ESTATE TOURISM 4.1% 2.3% 23.8% BANKING OTHER 8.0% ENERGY & MINES COMMERCE HOLDING TRANSPORT 14.9% ASSURANCE 19.2% GRANDS TRAVAUX MISC AGRICULTURE 18.6% FISHING EDUCATION PETROL % BY COUNTRY 1.2% 1.9% 2.9% 2.7% 2.2% 3.1% 3.3% 3.6% 17.1% 47.9% Source: Office des Changes FRANCE SPAIN UNITED ARAB EMIRATES SWITZERLAND UNITED KINGDOM GERMANY UNITED STATES U.E.B.L KUWAIT SAUDI ARABIA ITALY PORTUGAL
28 Islamic Finance Legislation that will soon be presented to the first chamber. It concerns three types of institutions: banks, similar establishment and Islamic financial institution. The government assumes that Islamic finance is a model that has proven its resistance to financial crises and has significant growth potential. The amount of money circulating in the global Islamic finance is estimated at more than 1000 billion in 2011, up more than 50% compared to 2008 and by 21% compared to The principle: Money as capital can serve as a means to trade and not be an object of commerce. A principle very beneficial for investors. The Islamic financial institution includes: investment funds, investment companies and funds; exchange companies and financial intermediaries, consulting firms specializing in the financial sector and credit rating agencies. 28
29 Land Emergence Morocco has set up an investment company dedicated to real estate with the strategy of investing in the Sites and industrial units, logistics platforms, storage and office assets The Land Emergence aims to be the owner of these investments and donor support through Moroccan manufacturers in their development projects and / or expansion. This Land Emergence was created at the initiative of the three major sponsors Moroccan banks allowing it access to very broad funding arrangements The Land Emergence has a target size of 1.05 Billion MAD equity, an investment capacity of about 2.1 billion MAD across the country. The Land Emergence investment means range from 100 to 300 million MAD The size of the programs reach 40,000 m² of built area for industrial and logistical assets Aims to be between 5,000 m2 and 20,000 m² of floor space for office assets 29
30 The seed funding, implementation and orientation (FARO) FARO was launched on 27 May 2010 in the framework of the Union for the Mediterranean to contribute to the development of innovation on both sides of the Mediterranean. With a budget of 1 million, the fund allows Faro European entrepreneurs to explore the feasibility of innovative projects in collaboration with partners in the southern Mediterranean. Each project supported by the Faro has a grant of a maximum of 20,000 euros, to finance up to 50% of the total costs incurred for the work. The grant will allow the holders of small innovative projects to develop feasibility studies to project their partnership at both the technical, financial, legal, commercial or managerial. The creation of this fund is in line with development of SMEs in the Union for the Mediterranean and associates the French Development Agency (AFD) to the Caisse des Dépôts (CDC) and OSEO, with three main objectives : Fostering entrepreneurship and promoting employment Support innovation in the countries of the southern shore of the Mediterranean Develop partnerships north / south Holders of projects receiving assistance from the fund will have access to privileged and sponsorship exchanges of experiences and the development of innovations. 30
31 Morocco Seen from Abroad The Moroccan Monarchy is the guarantor of stability and sustainability of the state (Chatham House). Monarchy is needed in the Moroccan political process, as arbitrator and anchor, emphasizing consensus of Moroccan society, in all its components around the monarchy, a consensus that is shown during the debates on the reforms introduced last year. " Clair Spencer, director of Middle East & North in Chatham House Royal Institute of Affairs Internationales 01/06/2012 "The manner in which Morocco has pledged constitutional reform last year is a" great source of inspiration for countries in the region '" Vidar Helgesen, Secretary General of the International Institute for Democracy and Electoral Assistance (IDEA) 1/06/2012 Group of the World Bank (WB) has highlighted the progress made by Morocco in promoting investment, including efforts by the Moroccan Agency for Investment Development (MIDA) to attract and respond to requests of information for foreign investors. "Morocco has always been strongly committed to greater trade and economic integration between the countries of the Maghreb. ' Jose Fernandez, U.S. Assistant Secretary of State in charge of Economic Affairs and Energy 5/06/2012 "The Monarchy in Morocco enjoys the" historical legitimacy "and is a" source of stability. "" Friedrich Naumann, Ronald Meinardus, Regional Director for North Africa and the Middle East, the German Foundation 5/06/2012 "Morocco, thanks to its stability, is free from the uncertainty surrounding the investment climate in the Middle East and North Africa (MENA) region due to turbulence of the Arab Spring. Financial Times, British daily business 29/05/2012 "'Morocco is an original case in the Arab world since the Kingdom has made a revolu on in the cons tu onal regime. Monarchy has chosen to pass a constitutional monarchy which allows for a democratic transition, something that is likely to reassure investors used to invest in Morocco.'' Philippe de Fontaine Vive Curtaz, Vice President of the European Investment Bank (EIB) 1/06/2012 "With the free trade agreement linking Morocco to the United States, the United Kingdom is to serve as a viable" business platform "for U.S. companies wishing to conquer the markets of Africa and the area of North Africa and Middle East in Particular." Jose Fernandez, U.S. Assistant Secretary of State in charge of Economic Affairs and Energy. 4/06/
32 A Business Environment Conducive to Investment Protection of Investments Legal Framework Reform 51 double taxation agreements 62 agreements for the protection of foreign investments Member of the Investment Committee of the OECD Member of the International Centre for Settlement of Investment Disputes (ICSID) Member of MIGA (Multilateral Investment Guarantee Agency) Creation of the National Committee of the Business Environment (CNEA) to facilitate procedures, access to information and to carry out legal reforms. Modernization of company law Strengthening the protection of intellectual property New law on arbitration and mediation New banking regulations Administrative simplification Tax Incentives Reduction of the tax burden Creation of specific funds for investment promotion International Instruments Morocco has endorsed the OECD Declaration on Propriety, Integrity and transparency in the conduct of business and international finance and the Declaration on Green Growth. Morocco is the country that has "most improved" its regulatory affairs in st position in the world ranking 32
33 Presence in the World AMDI France Paris 14 Avenue d'eylau Paris France Tel: Fax: amdi.paris@invest.gov.ma Morocco Rabat 32, rue Honaine angle avenue Michlifen Agdal Tel: / 21 Fax: / 42 info@invest.gov.ma United States NY Rockefeller Group Business Centers 1221 Avenue of The Americas, Suite 4200 Tel: Fax: amdi.newyork@invest.gov.ma UAE Dubai Tel: amdi.dubai@invest.gov.ma Great Britain Ouverture prochaine 2012 Germany Frankfurt Bockenheimer Lands street 17/ Tel: Fax: amdi.frankfurt@invest.gov.ma 33 Italy Rome Via Attilio Regolo, Rome Tel: /07 Fax: amdi.rome@invest.gov.ma Spain Madrid Paseo de la Castellana, 141, Planta 20 Edificio Cuzco IV Tel: Fax: amdi.madrid@invest.gov.ma
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