Recently, the Moroccan National Investment Commission announced that it has approved 26 investment projects in 2023, with a total investment of 28.5 billion Moroccan dirhams, or about 2.79 billion US dollars.

tourism

Morocco has a well-developed tourism industry and is the largest tourist destination country in Africa. Tourism is an important pillar industry in Morocco, the third largest source of foreign exchange and an industry that attracts employment. In 2010, based on the 2010 vision of the tourism industry, Morocco proposed the 2020 vision strategy for the tourism industry.

Eight areas of tourism development in Morocco

According to Vision 2020, Morocco will become a top 20 tourist destination in the world and a model country for sustainable development in the Mediterranean region. To this end, Morocco divided the whole territory into 8 major tourist areas, and proposed 6 major plans including Azur 2020, including the development of coastal tourist attractions, construction of sports, exhibitions, and infrastructure integrating cultural activities. According to data from the United Nations World Tourism Organization (UNWTO), Morocco's tourism industry is recovering. The number of tourists to Morocco will reach 11 million in 2022, a substantial increase from 2021, and has returned to close to the 2019 level of 13 million.

industry

According to data from the Moroccan High Commissioner for Planning, in 2021, Morocco's industrial added value will account for 26.1% of GDP. Industry is one of the main areas of concentration of its foreign direct investment. According to the data released by the Office des Changes of the Moroccan Foreign Exchange Administration, in 2020, industry ranked second in the field of investment in Morocco.

At the end of 2019, the Moroccan government launched the 2021-2025 Industrial Acceleration Plan 2.0. The new round of industrial acceleration plans will emphasize innovation and scientific research, and introduce more Moroccan local capital into the industrial field.

After the outbreak of the new crown epidemic in 2020, the Moroccan government proposed an industrial revitalization plan for 2021-2023, announced the implementation of an import substitution strategy, and vigorously developed local manufacturing.

educate

Morocco regards education as the foundation of national development and implements free education. Morocco currently has 12 national universities and 28 private universities and institutions of higher education. The annual education budget accounts for about 1/4 of the total national budget expenditure.

The Moroccan government proposed the 2015-2030 education vision plan, and passed the new "Education Law" in 2019, promising to carry out educational reforms. The World Bank has set up a $500 million Morocco Education Outcomes Support Program to support education reform in the country. In addition, the European Investment Bank EIB will provide a loan of more than 100 million euros in February 2022 to finance schools and education-related infrastructure in Moroccan communities.

Current Situation and Expectation of Investment Environment in Morocco

Morocco is located in the northwest of the African continent, only 14 kilometers away from Europe. It is a hub connecting the three major markets of the European Union, the Arab world, the Middle East and Africa. Morocco has a stable political situation, good prospects for economic development, clear development planning goals, and continuous strengthening of infrastructure construction, which have become its important advantages in attracting investment.

In recent years, the investment environment in Morocco has continued to improve. All foreign-funded enterprises in Morocco enjoy national treatment. The Moroccan government has reformed and innovated the legal framework to simplify administrative procedures and avoid double taxation. The government has established industrial acceleration zones and industrial zones, and formulated preferential tax policies to attract investment companies to settle in. In addition, Morocco has established a series of funds, such as investment promotion fund, Hassan II fund, energy fund, tourism development fund, etc., to encourage and attract investment. Editor/He Yuting