Morocco is a stunningly beautiful, relatively well-organised country and uniquely situated. Sitting on the edge of the Mediterranean and connecting Europe, the Middle East and Africa, it generates significant income from agriculture, tourism and the automotive industry, and has the fifth-largest economy on its continent.
Despite these advantages, it has not historically had access to the cheap sources of energy that many other MENA countries have been able to take for granted. But all that is about to change and will be of interest to businesses thinking of investing in Morocco.
By 2030, the government has pledged to raise Morocco`s target share of renewable energy to 52%. Cleaner, greener energy is in everybody`s interests and the more renewable energy projects are created, the better the technology gets and the cheaper the electricity becomes.
Let the sunshine in! Benefitting from up to 3,600 hours of sunshine a year, Morocco is currently building the world's largest solar power plant. This will mean benefits to all business ventures, including its automotive industry in the shape of electric cars.
Being the only African country to have a power cable link to Europe, Morocco is likely to be a key route for electricity making its way to Europe in the future. With deserts receiving more energy than humankind consumes in a year, Morocco is well placed to play a significant role in the future of renewable energy.
Doing business in Morocco The Moroccan government has ambitious plans to make the country a major MENA player and is putting infrastructure in place to facilitate those plans. There are already daily flights from Casablanca to 30 African cities and a high-speed rail between Morocco`s largest city and Tangier is under construction. The country already has trade agreements with the European Union, US, Turkey and the Arab nations.
Business practices are improving. Since 2014, the country has improved its World Bank rating for ease of doing business by 19 places to 68 out of 190. Meanwhile, although there is still corruption, there are measures being taken by the government to increase transparency. Measures include setting up an anti-corruption commission (the ICPC) and reforming the government tender processes with a law requiring open bidding.
Investing in Morocco Investment opportunities in the country are growing. In 2016, Boeing agreed on a memorandum of understanding with the Moroccan government to develop an industrial ecosystem in the country, and this development fits in perfectly with the government`s ambition to raise industry's share of GDP to 23% by 2020. These are exciting times for a country with an increasingly diverse economy.
When you're looking at opportunities in emerging markets, it makes sense to look at the risks too. At Cedar Rose, we have created a range of products to help keep you protected when you're working in the world's emerging markets. Everything you need to comply with your due diligence, KYC and AML obligations, as well as credit risk assessment all available across the MENA region and beyond.
For more information on how we can help your business invest in Morocco, give us a call today on +357 25 346630 or email firstname.lastname@example.org