Morocco s reforms for an attractive business climate. LEG Thüringen Erfurt,
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1 Morocco s reforms for an attractive business climate LEG Thüringen Erfurt,
2 Outline Overview Political reforms Economic reforms Current economic and outlook Morocco's value proposition Economic Bilateral relations
3 Morocco overview Capital Institutional System Area Population Time Zone Languages Rabat Democratic and social Constitutional Monarchy km² 32.5 million GMT (GMT+1 in summer) Arabic and Amazigh (official) French, Spanish, English GDP GDP per capita Average growth GDP Distribution (2011) 835 Billion MAD (2012) 75 Billion MAD/ inhabitant (2012) % (over the last 5 years) Primary Sector 13.8% Secondary Sector 26.5% Tertiary Sector 59.7% Inflation Rate 1.3% (2012)
4 Morocco: a stable political environment A continuing drive for openness and democratisation A monarchy established in the year 788 (12 centuries ago) A bicameral parliamentary system Both chambers vote on all laws The Constitutional Council reviews the constitutionality of all laws The judicial branch remains independent from the legislative and executive branches A multi-party system Over associations and NGOs In July 2011, a referendum established a new Constitution, guaranteeing: Human rights The legality of the State and its institutions Individual and collective liberty Improved moral standards in public life The plurality of the Moroccan identity
5 A stable political environment: Morocco, a true exception in the MENA Region International analysts highlight the Moroccan exception and praise its democratic push. «French President, François Hollande, reaffirmed his attachment to the special friendship between Morocco and France and praised the democratic reform process underway in Morocco at the initiative of HM King Mohammed VI, saying that France stands by Morocco.» - 25/05/2012 «Brussels - The 2011 report for the implementation of the European Neighbourhood Policy (ENP) with Morocco, unveiled Tuesday in Brussels, is "generally positive", as appears from the.» ENP follow-up report-15/05/2012 «London - HM King Mohammed VI showed great insight and wisdom in leading Morocco's democratic, economic and constitutional development process.» Andrew Murrison, Conservative Party MP at the House of Commons- 15/05/2012 «State Department spokeswoman Victoria Nuland reiterated her country s full support for the reform process in Morocco. Nuland said that the US fully supports the reform process in Morocco as well as the Kingdom s efforts to attract more American investments.» - 12/05/20112 «Washington - Morocco is among the countries that pursued aggressive reforms and continued to improve their trade logistics performance despite the fact that progress in this field slowed down over the last two years amid the global recession, according to the World Bank s latest survey on trade logistics.»-16/05/2012 «Washington - Morocco s economic performance remains among the most robust in the MENA region,.» Nema Shafik, Deputy managing Director of the International Monetary Fund (IMF)-14/05/2012 «Morocco's "new constitution made significant steps in codifying civil liberties and advancing gender parity," the US Department of State's report on Human Rights for 2011.»- 24/05/2012
6 Economic reforms Measures to liberalise and diverify the market Privatisation of public entitites Signing of numerous FTA s Improving the business climate Developping sectors with a high added value Actions to increase the competitiveness Establishing not only physical but also institutional infrastructure Building the human capital Strengthening the Financial sector Providing Government support Inclusive Growth National Initiative for Human Development (INDH) Targeted social protection system 2 pilot projects RAMED and TAYSSIR
7 Strong macroeconomic drivers Sustained GDP growth GDP Growth(%) ,2 5,2 3,7 5, Successfully meeting the major challenges, Controlled inflation Inflation (%) 6,2 Mean ,0 Mean ,9 0, Morocco maintains A4 grade Declining unemployment Rising FDI Control of Public Debt 40Unemployment Rate (%) ,0 FDI ( in B DH) ,9 12,7 13,4 8,2 8, Public Debt (% of GDP) , , Urban National Affirms Morocco's Investment rating #1 In Africa #1 Inflation control Source: Haut Commissariat au Plan & Ministère de l Economie et des Finances
8 Current economic situation and outlook. Difficult external environment To pursue a consolidation strategy to ensure fiscal sustainability while supporting growth Reviewing the subsidy system Securing a Precautionary line of credit PLL from IMF to ensure against uncertainties Reducing the informal sector Further improve business climate / Implementing economic governance transparency and accountability Developing alternative sources of energy Reduction of structural unemployment through training and labor market flexibility Expanding the financial market by turning Casablanca as a major financial city Outlook Real GDP is expected to accelerate to 4.5% in 2013 from 3.2% in 2012 Current account deficit is expected to drop from 8.8 % of GDP to 6.3% in 2013 Fiscal deficit to decrease from 6.1% of GDP to 4.7% in 2013 Rating The rating of 3 major credit agencies ranges from stable to positive.
9 Ambitious sectorial strategies Industry "Emergence" Energy Solar and Wind Plans" Agriculture Green Maroc" Launched in 2009 to stimulate the development industries and services Creation of 24 industrial platforms & Zones offshore Primary sectors : automobile; aeronautics ; electronics; NTI ; cleantech Targets : Generate additional 1,6 % of GDP growth Create new jobs in the industrial sectors Launched in 2009 (Solar) and in 2010 (Wind) Targets : 42% from renewable energy in 2020 New capacities : MW solar MW wind Budget : 15 $Bn Launched in 2008 to modernize agriculture Targets ~10 $Bn addition to the GDP from agriculture ~15 $Bn from public and private investment Infrastructures "Logistics" Launched in 2010 to improve logistics Targets : Reduce logistical cost in the GDP Development of 70 integrated multi-flix logistics zones Incentives to help merge champions in the sector
10 Competitive costs Exportation costs* Competitive salaries (average) Corporate Tax Rates US$ per container US$ per month 62,80% 63,80% % ,70% 43% 44,50% Maroc Egypte Turquie Tunisie Chine The cost measures the charges perceived on a 20-foot container in U.S. dollars. All the costs associated with the procedures to export or import the goods are included. Source: World Bank 2012
11 Important upgrade of infrastructures Aéroports 14 international airports Casablanca #1 Europe-Africa hub Tramways Rabat and Casablanca 1 Bn Tangier Med: World class infrastructure and strategic location Current capacity of 3 millions containers Capacity of 8,5 millions containers by 2017 Goal : Be on the Top 15 in the world Integrated zones : industrial, logistics, and trade within the port Ideal Platform to serve the 4 continents Highways 2000 : 150 km 2010 : km 2015 : km Railway network Premier TGV en Afrique (Tanger-Casablanca) en ,8 Bn
12 24 Integrated industrial Platforms (P2I) ATLANTIC FREE ZONE TANGER FREE ZONE TANGER AUTOMOTIVE CITY TETOUAN SHORE TECHNOPOLIS TANGER TETOUAN BERKANE CASANEARSHORE NOUASSEUR AEROSPACE CITY KENITRA RABAT FES MEKNES CASABLANCA MARRAKECH AGADIR OUJDA OUJDA SHORE FES SHORE AGROPOLIS LAAYOUNE MARRAKECH SHORE P2I OFFSHORING P2I AERONAUTIQUE DAKHLA P2I AUTOMOBILE P2I AGROPOLE P2I GENERALISTE
13 Morocco: at the crossroads of the continents 7h 10d NEW YORK Flight duration Sea/land route 2h 2d PARIS 1h 1d MADRID 18h 25d SAO PAULO 3h 4d DAKAR FRANKFURT 4h 5d ACCRA 3h 3d 2h 2d ROME 4h 4d CAIRO 22h 30d BEIJING
14 Access to market of 1 billion cutomers Agreement with the US (2005) Agreement with the European Union (1996) Located 14 km from Europe Agadir Agreement (2004) Arab League Agreement (1998) Agreement in progress with the West African Economic and Monetary Union (UEMOA & CEMAC) Since 2008, Morocco achieved Advanced Status with E.U
15 Growth of FDI in Morocco : A strategic priority Creation of AMDI Accompanying investors : "one-stop" shop Market research and business intelligence Administrative and operational assistance Communication and promotion of Morocco offer Attractive package of incentives (projects over 18 M investment or over 250 jobs created) 20% cost of land acquisition 5% cost external infrastructures 20% cost of employee training Taxes reduction/credit VAT, Duty customs, Taxes on profits, etc. Free Zones Free and simplified custom procedures Total tax exemption during the first 5 years and a reduced rate of 8,75% during the 20 following years Total income tax exemption during the first 5 years and a reduction 80% during the 20 following years No restriction on the repatriation of dividends or capital Source: AMDI
16 Improved business climate Protection FDI 51 accords on non- double imposition 62 accords on protection of foreign investments Member of the Investments committee l OCDE Member of International Center for Settlement of Investment disputes (CIRDI) Member of MIGA (Multilateral Investment Guarantee Agency) Moderrnised legal framework Modernization of corporation law Strengthening of the regulation that protects intellectual rights Adoption of new law with regard to arbitration and mediation New banking regulation Simplification of certain administrative procedures Fiscal incentives Reduction fiscal charges Creation of specific funds to encourage Investment in certain sectors Morocco is the country that has «improved most" its regulation business regulation in the MENA region +21 positions in the world ranking
17 Evolution FDI from 2000 to 2012 Average 24 MM MAD/Y +28% -27% +26% Opérations spéciales 23,3 MM 11,1 MM 6.5 MM 4 MM 2,3 MM 3,6 MM 3 MM 2,2 MM O.R. FR/ Banque 1 MM 3 MM O.R. Emirat/ Holding 1,2 MM 3 MM 7 MM 2,2 MM
18 Samples of recent important investments projects 200M US$ investment in aerospace manufacturing plant Implementation start in 2012 and manufacturing in 2013 Thales chose Morocco for the new headquarters for Africa (formerly in France) Morocco = 15% of total turnover in Africa 50/50 JV: New plant for production of cables and electrical cabinets for high-speed trains and tramways 30 M ; 400 jobs 1st Four Seasons in north Africa 160 M investment; 15 ha Inaugurated on November 9th 111 M USD to acquire a 63.9% stake in Moroccan pharmaceutical firm Promopharm
19 Morocco-German Economic relations 19 Background in 1802, Morocco and Hamburg concluded the first commercial accord, and the first trade treaty between German Empire and Morocco was signed in Legal framework Treaty of investment protection in 31 August 1961 Signature in 06 august 2001 of the new treaty related encourage and protection mutual investments Convention to ban double imposition in 07 June 1972 Accord on Economic Cooperation and Development Working on strategic projects : Water, Renewable energy and Sustainable development Bilateral agreements to bolster bilateral ties Joint economic commission since May 24th 2012 Energy partnership signed in July 3rd 2012
20 Thank you very much for your attention
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