| |
|
|
| |
Home
>
World
> Africa
> Morocco
|
Business Profile
Economy: Agriculture employs one third of the working population, the principal crops being cereals, vegetables and citrus fruits (of which Morocco is one of the world’s largest exporters). Livestock farming produces enough meat to fulfil domestic needs. Fishing is vital to both the domestic and export markets, as well as for the revenue accruing from the sale of licences allowing foreign fleets to fish in Moroccan territorial waters. Mining is the country’s principal industry. Morocco is the world’s largest exporter of phosphate rock, both in raw and processed form (such as fertilisers), and this is the principal source of export revenue. It has substantial other mineral assets including iron ore, coal, lead, zinc, cobalt, copper, silver and manganese. Morocco has small reserves of oil and gas, but must import the bulk of its needs. The main components of the manufacturing sector are food processing, textiles and the production of leather goods. In the service sector, tourism has grown rapidly and is now worth almost US$2 billion annually. The tourism industry has benefited from Morocco having one of the best infrastructures on the African continent; this is also an important consideration for foreign investors. Remittances from Moroccan workers abroad (mostly in Europe) are another major source of revenue.
The economy continues to face a number of serious problems. It is still hamstrung by an inefficient public sector and a huge foreign debt (despite the receipts from a number of lucrative privatisations). Chronic unemployment has seen up to half the workforce unemployed or underemployed during the 1990s. In addition, the agricultural sector is especially vulnerable to periodic drought, such as that of 1999-2000 which severely depressed output. During the last ten years, the Government has introduced a series of IMF-sponsored reforms, including trade liberalisation and public expenditure cuts in exchange for successive assistance programmes.
A trade agreement with the EU has been signed, and Morocco is now the largest single recipient of aid from the EU. Morocco is also a member of the African Development Bank, the Islamic Development Bank and a founder member of the Union of the Arab Maghreb. Morocco’s main trading partner is France, followed by other EU countries. Spain, Germany and the USA are Morocco’s main suppliers. Morocco’s principal exports are phosphates, seafood products and fertilisers.
Business: Businesspeople should be of a smart appearance, although a suit is not necessary in very hot weather. Appointments should be made in advance. Negotiations often involve a great deal of bargaining and a visitor should expect to deal with a number of people. Office hours: Mon-Fri 0830-1200 and 1430-1830.
Commercial Information: The following organisation can offer advice: La Fédération des Chambres de Commerce et d’Industrie du Maroc, 6 rue Erfoud, BP 218, Hassan-Rabat (tel: (37) 767 881 or 767 051; fax: (37) 767 076; e-mail: fccism@maghrebnet.net.ma).
Conferences/Conventions: The Pullman Conference Centre in Marrakech provides meeting facilities for up to 5000 people. Additional facilities can be found at the Palais de Congrés. Further information and a special brochure on conferences and conventions, ‘Morocco, A Feast for the Senses’, can be obtained from the Moroccan National Tourist Office (see Contact Addresses section).
Copyright © 2003 Columbus Publishing Ltd.
Terms and Conditions apply.
|
|
|
|
|
