Investment Opportunities in Morocco

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Protection of Foreign Investment

Bilateral Investment Conventions Signed By Morocco
Morocco has concluded agreements with 51 countries including France, Spain, Egypt, Italy, Lebanon, Libya, Portugal, Tunisia and Turkey for guarantee of overseas investments against every risk of nationalization and compulsory purchase. Several of these agreements can be downloaded on the web site of the UNCTAD. Those define the framework of protection of overseas investments for each signatory country.
Besides, the Association Agreement between the EU and Morocco, effective in March 2000, envisages also, with article 50: "establishment of a legal framework supporting investment, if necessary, by the conclusion of agreements of protection of investments and agreements intended to avoid double taxation between Morocco and the Member States".
International Controversies Registered By UNCTAD
3 cases have been registered in the construction sector (construction of highways and hotels).
Organizations Offering Their Assistance in Case of Disagreement
ICSID , International Center for settlement of Investment Disputes
ICCWBO , International court of arbitration, International chamber of commerce
Member of the Multilateral Investment Guarantee Agency

Country Comparison For the Protection of Investors

  Morocco Middle East & North Africa United States Germany
Index of Transaction Transparency* 7.0 6.3 7.0 5.0
Index of Manager’s Responsibility** 2.0 4.6 9.0 5.0
Index of Shareholders’ Power*** 1.0 3.4 9.0 5.0
Index of Investor Protection**** 3.3 4.8 8.3 5.0

Source: Doing Business

Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action. **** The Greater the Index, the Higher the Level of Investor Protection.

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Procedures Relative to Foreign Investment

Freedom of Establishment
Guaranteed except for the agricultural sector
Acquisition of Holdings
Majority acquisition of interest in an existing or forming Moroccan company, is authorised by way capital subscription or acquisition of already issued securities.
Obligation to Declare
Investment system in Morocco is very open as investors do not have to obtain prior approval: they simply have to send the Foreign Exchange Office a report in the six months following the completion of the operation. 
Competent Organization For the Declaration
Foreign exchange office
Requests For Specific Authorizations
The financial sector has specific regulations, that of hydrocarbons as well as for free zones.
Find Investment Service Providers in Morocco on

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Office Real Estate and Land Ownership

Possible Temporary Solutions
There are many business domiciliation companies, in particular Sodrein or still Le Domicile d'Affaires offering a range of services to all.
The Possibility of Buying Land and Industrial and Commercial Buildings
Guaranteed except for the agricultural sectors
Risk of Expropriation
Weak. Investments are guaranteed by the Investment Charter.

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Investment Aid

Forms of Aid
Generally contributions to finance reception infrastructures, as also in acquisition of land and construction of professional buildings.
Privileged Domains
Either loans or assistance to finance infrastructures.
Privileged Geographical Zones
New Information and Communication Technologies (NITC)
Exporting industries, in particular aeronautics and automobile
Free Zones
There are industrial parks (Bouskoura, Meknès, etc.), technoparks (Casa Technopark) and free zones (that of Tangier particularly enjoying tax and special customs benefits.
Organizations Which Finance
The Investments Commission, the Hassan II Funds for Economic and Social development and Funds of Promotion of Investments managed by the Department of Investments.
The French Development Agency on behalf of its subsidiary company Proparco.

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Investment Opportunities

The Key Sectors of the National Economy
Textile-clothing, tourism
High Potential Sectors
Call centers, high-technology, agriculture
Privatization Programs
Since the last few years, Morocco has launched an ambitious programme of privatisation in many sectors of the economy. The largest operations were carried out in the sectors of mobile telephony, finance, tobaccos and water supply.
In 2008, privatisations related to food processing sector (seeds and salts in particular) as well as that of construction materials and textiles.
A partial privatisation of the Moroccan office of phosphates as well as the Royal Air Maroc is expected.
Tenders, Projects and Public Procurement
Tenders Info, Tenders in Morocco
DgMarket, Tenders Worldwide

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Sectors Where Investment Opportunities Are Fewer

Monopolistic Sectors
Mining sector, Postal services
Sectors in Decline
Textile-clothing, fishing

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