Banks in Morocco

Banking sector is playing a key role in the Moroccan economy.
During the past decades, several reforms have been implemented so as to give it he competitively a modern society requires today. All the leading banks of the Kingdom are now offering a wide range of products and services to their private or corporate clients. Until 1943, the banking sector was operating without
regulation. The same year, a decision was taken in order to control and regulate the banking activity. It applied to the south zone and then has been extended to Tangier. These measures have led to a selection and concentration of the existing banks.

Since 1991, new measures have been taken:

Transcript, by monetary authorities, of credit frames and liberalization all credit and debit interests.

Diversification of financial go-betweens through the creation of two new banks, Bank al Amal and Banque de Development des Collectivities Locales.

Adoption of prudential rules for an appropriate control of the banking activity.

Adoption of international standards, namely "Cook" ratio, to cover all the banking risks with security funds.

These reforms enabled the opening of the moroccan banking system, several moroccan banks opened subsidiaries abroad..

Education in Morocco

Since its independence, the Kingdom of Morocco attached the greatest importance to education, given the key role this sector plays in social, cultural and economic development.
In this regard, constant efforts have been granted in order to to provide every child with access to education and training.

Successive economic and social development plans allowed the implementation of a new teaching system that meets citizens' expectations, guaranteeing its authenticity and favoring its integration in modern society.

The part of the budget dedicated to education reflects the absolute priority the government is giving to the sector.

Education and French

The cultural proximity that bounds up Morocco and France led 40% of the population to use French as a second language.
French is used in scientific and research disciplines, and is obligatory for over 4 million students.

French schools and establishments welcome approximately 18000 students among which two thirds are Moroccan

Importance of agriculture to the economy

In 1992, agriculture provided 14% of the GDP and employed 34.8% of the population.

The agriculturally usable land amounts to 13% of the total land area of the country and forest covers 8.2%.
The principal crops are cereals (mainly wheat and barley), citrus fruit, olives, beans, chickpeas, tomatoes and potatoes.

In 1989, fish and fish products accounted for 42% of food exports and 14% of all exports, while citrus fruit accounted for 4.1% of all exports.

For the past five years, it is estimated that agriculture has been able to cover the country's food needs to the following extent: cereals, 79%; sugar, 66%; oil, 35%; milk and milk products, 55%; fruit and vegetables, 100%; meat, 100%.

Fishing is another source of revenue, with an annual catch of 592,900 tons, mostly from Atlantic seaboard centers such as Casablanca, Agadir, Safi and Essaouira.

Media sector in Morocco

All the aspects of modern moroccan life are represented in the different media that are available in Morocco. When it comes to written press, the country has a particularly rich media sector. Arab and French are the two prevailing languages.
However, English and Spanish international press is distributed as well.
Daily newspapers and weekly magazines are appreciated, having a coffee on a terrace is enough to notice how much Moroccan are attached to their newspapers. Most of them offer an on-line version.
A new player has been introduced on the media set up in Morocco: internet. There are excellent web sites, developed in Morocco, that can be fully considered as information providers. They have an editorial staff and great technical solutions to offer a daily update on topics such as economy, day to day life, world news...
Domestic TVs and radios are an integral part of the Moroccan media set-up, it has been substantially modified during the past years with the introduction of satellite dishes.

Real estate and construction in Morocco

Those two sectors are playing a very important role in Morocco's development. Not only because of the number of people they employ.
The Kingdom counts more than 30 million inhabitants and the great urban centers are attracting a good part of this population.
Efforts have been granted in order help constructing accommodation. The housing policy led to the construction of 81000 new buildings last year. It is interesting to note that the large majority concerns traditional Moroccan houses, despite the highest and only increase, in comparison with the previous year, is observed for the flats. Another good indicator is the tonnage of delivered cement.
It reached 7400 thousands tons last year, increasing by 3% with regard to the same period the previous year.
One can observe great disparities between the regions for the construction projects. They are concentrated in the great urban centers.
Real estate agents rapidly understood the impact internet will have on their activities, most of them can be found on the internet. Their websites usually offer selection criteria and virtual visit of the desired house or flat.

Tourism in Morocco

Tourism is a very important activity for the national economy, more than 3 million tourists are visiting Morocco each year, generating an average of 1.5 billion dollar revenue. Atlantic and Mediterranean beaches, mountain landscapes, desert proximity and a particularly rich historic and artistic patrimony have contributed to give Morocco its prominent rank among the tourist destinations In addition, Moroccan people are known to be friendly, the visitor will always be welcomed.
The country offers a wide range of tourism related services, business tourism and sport tourism are to segment with a high development potential.
Organized tours are also a source of revenue for the craft production industry.

Why Invest in Morocco?

• Low cost of living - luxury lifestyle for less
• Year round sunshine - Hot summers, mild winters, an ideal
winter sun destination
• Beautiful sandy beaches
• Climate and sea conditions are perfect for all types of water-sports.
• Unique culture and history, close to Europe yet the gateway to
Africa - an entirely different culture and landscape
• French, Spanish, English and of course Arabic widely spoken
• Close to the Costa del Sol - 30 minutes by hydrofoil to Tangiers
from Tarifa & Algeciras
• Huge investment in Tourism, objective of the "Plan Azure" is to
increase visitors to 10 million by the year 2010 and to provide
concomitant infrastructure and facilities
• Moroccan government has signed “Open Skies” agreement
with EU to allow European airlines to operate at Moroccan
airports without restrictions
• The "Open Skies" agreement has seen the arrival of low cost
airlines such as Easyjet, Thomsonfly and Ryanair announcing
new routes with more to be added for 2007
• Since the arrival of low cost airlines, Morocco has gained in
popularity as a tourist destination. The online travel website
Opodo recently named Morocco third in its top ten destinations
for 2007
• Opportune time to invest - property prices lower than similar
European resorts
• Favorable tax laws for foreign investors - no property tax for 5
years and low capital gains tax
• Property system is similar to that of the UK and Ireland with
freehold and leasehold properties
• Mortgages are available with 60 - 70 % being the standard
amount borrowed
• Secure investment - government backed resorts
• Increase in tourism will lead to excellent rental opportunities in
the future, properties are ideal for holiday makers and keen
golfers
• Coastal property is on course for a period of unprecedented
prosperity: the number of British tourists increased by 18%
between 2004 and 2005 alone.

Industry in Morocco

Morocco has one of Africa's leading mining industries.
Its oil industry is also an important sub-sector in the economy of the country. It has two oil refineries at Sidi Kacem and at Mohammedia.
In addition to its oil industry, Morocco has an active chemicals industry, as well as being one of the larger markets in the African lubricants industry.
Morocco is today one of the developing countries, with industrial exports accounting for 70% of total exports. The value added of processing industries posted in 1996 a 2.6% increase against 3.7% in 1995 and accounted therefore for 17.4 %.

Milk is processed and conditioned by co-operatives based in various production areas in Casablanca, Agadir, El Jadida, Fes, Marrakech, Kenitra, Oujda, Tetouan and Fkih Ben Salah. The quantities of produced pasteurized milk were estimated at 4.05 million hectoliters, or half of the local milk production. This quantity is 26% higher.

Textile and leather industry
The sector of textile and industry which accounts for 22% of the industrial production index is mainly destined to exportation, accounting for 42% of the total industrial exports. The sector employs 41% of the industry labour force.

Cement Production
Morocco has 9 cement plants located in Casablanca, Tangiers, Agadir, Meknes, Tetouan, Marrakech, Oujda and Temara. Cement production posted a 3% increase, from 6,399,000 tons in 1995 to 6.6 million tons in 1996.

Chemical industry
It is witnessing a new takeoff thanks to the development of the phosphates richness that Morocco boasts. tons. Parachemical industry It comprises a set of limited processing activities of transformation and conditioning for the local market. Among these activities, pharmaceutical industry holds an important rank with 18 production units.

Mechanic industry
The launching of the low-cost car, the reduction of the importation customs duties for new cars, and the enforcement of a new tax basis for second-hand cars are all factors that have contributed significantly to the development of new car sales.