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Viewing cable 09CASABLANCA11, MOROCCO - 2009 INVESTMENT CLIMATE STATEMENT
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| Reference ID | Created | Released | Classification | Origin |
|---|---|---|---|---|
| 09CASABLANCA11 | 2009-01-21 13:17 | 2011-08-24 16:30 | UNCLASSIFIED | Consulate Casablanca |
VZCZCXRO2750
RR RUEHBC RUEHDE RUEHKUK RUEHROV RUEHTRO
DE RUEHCL #0011/01 0211317
ZNR UUUUU ZZH
R 211317Z JAN 09 ZDS (ADDED CAPTION)
FM AMCONSUL CASABLANCA
TO RUEHC/SECSTATE WASHDC 8262
INFO RUEHRB/AMEMBASSY RABAT 8504
RUCNMGH/MAGHREB COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEHEE/ARAB LEAGUE COLLECTIVE
RUEHLO/AMEMBASSY LONDON 0384
RUEHFR/AMEMBASSY PARIS 0679
RUEHNK/AMEMBASSY NOUAKCHOTT 2368
UNCLAS SECTION 01 OF 07 CASABLANCA 000011
C O R R E C T E D C O P Y (ADDED CAPTION)
SIPDIS
STATE FOR EB/IFD/OIA AND NEA/MAG
STATE PLEASE PASS TO USTR
USDOC FOR MAC/ANESA
TREASURY FOR OASIA
E.O. 12958: N/A
TAGS: EINV ETRD EFIN ELAB OPIC KTDB PGOV MO
SUBJECT: MOROCCO - 2009 INVESTMENT CLIMATE STATEMENT
REF: 08STATE 123907
CASABLANCA 00000011 001.2 OF 007
THE FOLLOWING IS THE 2009 INVESTMENT CLIMATE STATEMENT FOR MOROCCO
A.1. Openness to Foreign Investment
Morocco actively encourages foreign investment and has sought to
facilitate it through sound macro-economic policies, trade
liberalization, and structural reforms. The U.S. Free Trade
Agreement (FTA) and the Association Agreement with the EU have led
Morocco to reduce its tariffs on imports from the U.S. and EU.
Morocco has also signed a quadrilateral FTA with Tunisia, Egypt, and
Jordan, and a bilateral FTA with Turkey. Additionally, it is also
seeking trade and investment accords with other African, Asian, and
Latin American countries.
The U.S.-Morocco FTA has increased exports and raised inward
investment. Nonetheless, challenges remain. According to the World
Bank's 2008 "Doing Business in Morocco" report, the country's
excessive bureaucratic red tape is a major constraint on the
competitiveness of the economy and deters investors. To make
foreign investment easier the government has created a number of
Regional Investment Centers to minimize and accelerate all
administrative procedures, but their mandate is limited to
investments of up to 200 million MAD (USD 26 million). Investments
exceeding that amount are dealt with by a special ministerial
committee chaired by the Prime Minister. In 2008, the Committee
approved 40 projects totaling more than USD 5.75 billion.
Morocco's 1995 Investment Charter applies to both foreign and
Moroccan investors, with foreign exchange provisions favoring
foreign investors. Foreign investment is permitted in nearly every
sector. In 2008 Morocco's phosphate producer, the Office Cherifien
des Phosphates (OCP), announced it would open its phosphate hub to
foreign investors to set up new fertilizer and chemical plants, a
move seen by analysts as a step towards the liberalization of the
phosphate sector. OCP is the largest producer of phosphates in the
world. Additionally, although foreigners are prohibited from owning
agricultural land, the law does allow for long-term leases of up to
99 years and permits agricultural land to be purchased for
non-agricultural purposes. To attract foreign investment in its
agricultural sector, Morocco recently set aside about 50,000 HA of
communal land readily available for leasing to international
investors. Agricultural foreign investments are targeted mostly at
citrus and olives, with some small investments in grapes and
berries.
A.2. Conversion and Transfer Policies
The Moroccan dirham is convertible for all current-account and
selected-capital account transactions. Particularly,
capital-account repatriation transactions are convertible if the
original investment is registered with the foreign exchange office.
Morocco's foreign exchange law enables expatriate employees to
repatriate their entire salaries.
Foreign exchange is readily available through commercial banks for
the following activities without prior government approval:
Remittances by foreign residents; repatriation of dividends and
capital by foreign investors; and payment for foreign technical
assistance, royalties and licenses.
The current exchange-rate regime is a tightly managed float against
a euro-dominated basket of currencies. The Moroccan dirham thus
tends to move in line with the Euro. It strengthened through much
of 2008 against the dollar, but gave up those gains at the end of
the year, and entered 2009 at 8.30 MAD to the dollar, down from the
7.75 MAD level at which it ended 2007.
A.3. Expropriation and Compensation
The Embassy is not aware of any recent, confirmed instances of
private property being expropriated for other than public purposes,
or being expropriated in a manner that is discriminatory or not in
accordance with established principles of international law.
A.4. Dispute Settlement
In general, investor rights are backed by an impartial procedure for
dispute settlement that is transparent. In 2008, however, a few
U.S. Companies had investment disputes with the Government of
CASABLANCA 00000011 002.2 OF 007
Morocco. In most cases, through U.S. advocacy, these minor disputes
were resolved with the relevant government agency.
While Morocco's commercial and appeals courts have generally
improved the dispute settlement climate, Moroccan and foreign
companies continue to complain about the inefficiency and the lack
of transparency in the judicial system. The World Bank notes that
bankruptcy protection and liquidation procedures are inefficient and
that the courts are slow and often fail to enforce legal rulings.
To address this challenge, the U.S. Agency for International
Development (USAID) has worked with Morocco's judiciary to
strengthen the legal framework for business and the commercial court
system.
In an effort to promote foreign investments, the Moroccan
legislature has adopted laws to protect both foreign investors and
their Moroccan counterparts. Morocco is a member of the
International Center for the Settlement of Investment Disputes
(ICSID) and a party to the 1958 Convention on the Recognition and
Enforcement of Foreign Arbitral Awards (with reservations) and the
1965 Convention on the Settlement of Investment Disputes between
States and Nationals of Other states. New legislation extending the
scope of arbitration and mediation and giving them added legal
standing took place in July 2007, partly as a result of FTA required
reforms. Moreover, USAID in collaboration with IFC are assisting
the GOM in establishing a national commission on Alternative Dispute
Resolution (ADR) with the mandate to regulate mediation training
centers and develop mediator certification system.
A.5. Performance Requirements/Incentives
At present, there are no general foreign investor performance
requirements. However, in the event that GOM incentives are
provided, requirements may be imposed, and if so, would be spelled
out in the specific investment contract.
Morocco provides a range of investment incentives, particularly in
the off-shoring sector where it has developed a successful fiscal
incentive scheme to attract off-shoring clientele to its facilities.
The incentives include a corporate tax holiday during the first five
years of business and 17.5 percent thereafter; telecommunications
costs that are set at 35 percent below the market price; and
training grants of up to USD 7,000 for each Moroccan employee during
the first three years of employment.
American citizens can enter Morocco for a period of three months
without a visa. A Moroccan residence permit is required for a
period of more than three months.
A.6. Right to Private Ownership and Establishment
Private ownership is permitted in all but a few sectors reserved for
the state, like phosphate mining. Economic analysts, however,
speculate that as Morocco's phosphate processing increasingly
becomes open to foreign investment, so will its mining sector.
Apart from a few exceptions, private entities may freely establish,
acquire, and dispose of interests in business enterprises.
In 2008 a number of firms like the national airline carrier (Royal
Air Maroc) were placed on the short list of companies to be
privatized in the future.
A.7. Protection of Property Rights
The U.S.-Morocco FTA contains strong intellectual property
protections, which were incorporated in Moroccan intellectual
property legislation in 2006. While the protection of Intellectual
Property Rights (IPR) is improving as a result of these provisions,
counterfeit DVDs and CDs remain widely available throughout Morocco.
Morocco's Customs Office, Copyright Office (BMDA), and the Office
of Industrial and Commercial Property (OMPIC) have initiated
campaigns to target Morocco's largest counterfeit manufacturers and
importers, with mixed success.
Secured interests in property are recognized and enforced through
the "Administration de la Conservation Fonciere."
A.8. Transparency of the Regulatory System
Despite GOM efforts to increase the system's transparency, Morocco's
administration is opaque and difficult to navigate. Routine
permits, especially those required by local government agencies, can
CASABLANCA 00000011 003.2 OF 007
be difficult to obtain. Morocco has sought to increase the
transparency of its public tenders, but moves to decentralize the
procurement process have had the opposite effect in recent years.
In 2006 a new charter for the Central Bank created an independent
board of directors and prohibited the Ministry of Finance and
Economy from borrowing from the Central Bank except in exceptional
circumstances.
A.9. Efficient Capital Markets and Portfolio Investment
Morocco's banking system is one of the most liberalized in North
Africa. Nonetheless, it is highly concentrated, with the six
largest banks accounting for 85 percent of banking sector assets.
The IMF/World Bank's updated Financial System Stability Assessment
concluded that the system was "stable, adequately capitalized,
profitable, and resilient to shocks." It noted the progress Morocco
has made in deepening financial intermediation (37 percent of the
population has a bank account, up from a quarter) and in reducing
the overall level of non-performing assets (down from 10.9 percent
in 2006 to 7.9 percent at the end of 2007).
A new Moroccan banking law was passed in 2006, strengthening the
supervisory power of the Central Bank and improving risk management
practices. Morocco is moving towards adoption of Basel II capital
adequacy and risk management guidelines in order to improve
financial stability, while also adopting International Accounting
Standards (IAS), both intended to enhance transparency.
Credit is allocated on market terms, and foreign investors are able
to obtain credit on the local market. There are some
cross-shareholding arrangements, but they are not tailored to
exclude foreign investment. The Embassy has not heard of any
efforts by the private sector or industry to restrict foreign
participation in standard setting organizations. The government has
actively sought out the participation of foreign investors for
discussions on improving the business climate in Morocco.
Some foreign banks are critical of what they view as a lack of
proportionate participation in the Moroccan Bankers' Association.
Moroccan banks are largely in compliance with the Basel I standards
and were on-target to become Basel II compliant, as required by the
Moroccan Central Bank. Banks are supervised on a consolidated basis
and must provide statements audited by certified public accountants.
The Casablanca Stock Exchange (CSE), founded in 1929 and re-launched
as a private institution in 1993, is one of the few regional
exchanges with no restriction on foreign participation. An average
of thirty percent of its total capitalization is in foreign hands.
The Exchange prospered during the early 1990s, but suffered a bear
market from late 1998 through 2002, with a decline in listings to
approximately 50 companies and a reduction of market capitalization
to approximately USD 8.3 billion. An ensuing bull market lasted
nearly five years, but the market weakened in 2008. In addition, in
late 2008 amid widespread rumors of insider dealing and market
manipulation at the CSE, the stock market watchdog, the Conseil
Deontologique des Valeurs Mobilieres (CDVM) moved decisively to
address what it termed a "blatant failure to monitor the unlawful
distribution of insider information," recommending that CSE's entire
leadership be dismissed. The incident demonstrated the increasingly
aggressive stance of CDVM in policing the exchange and implementing
tough sanctions against those it concludes have misused or neglected
their power.
Analysts note that the market is buoyed by continuing restrictions
on the ability of Moroccans to invest abroad. Gradual easing of
these limits is widening Moroccan investors' options, however, and
while there has been discussion of full currency liberalization in
the medium term, those plans will likely be delayed as a result of
the international financial crisis.
A.10. Political Violence
Morocco is a constitutional monarchy with a government, parliament,
and judiciary, in which ultimate power and authority rest with the
throne. A democratic reform process is underway and the country is
broadly regarded as politically stable. The U.S. Government
maintains good relations and has designated Morocco a Major Non-NATO
Ally. A series of terrorist bombings in Casablanca in March and
April 2007, the first major incidents since the Casablanca bombings
of 2003, highlighted the fact that Morocco continues to face a
CASABLANCA 00000011 004.2 OF 007
terrorist threat. U.S. facilities were targeted in the 2007
incident. Counterterrorism cooperation is good. The Moroccan
government aggressively investigates terrorist suspects and has
dismantled a number of terrorist cells over the past year.
Demonstrations occur frequently in Morocco and usually center on
domestic issues. During periods of heightened regional tension,
large demonstrations may take place in major cities. Although these
demonstrations have been peaceful, well organized, and well
controlled by the police, some have been anti-American with isolated
incidents of violence.
The sparsely settled Western Sahara was the site of armed conflict
between the Moroccan government and the Polisario Front, which
demands independence. A cease-fire has been in effect since 1991 in
the U.N. administered area, but the territory remains disputed
between Morocco, Algeria, and the Polisario. Negotiations to reach
a settlement resumed in 2007 under U.N. auspices, but the dispute
hampers development in the territory, as well as economic and
political integration in the North Africa region.
A.11. Corruption
Morocco has a wide body of laws and regulations to combat
corruption, but it remains a problem, in part due to the low
salaries in the public sector. Prime Minister Abbas El Fassi has
made the fight against corruption one of his key priorities. A new
anti-corruption agency was set up in 2008. Headed by a respected
senior Moroccan official who has been active in anti-corruption
efforts since the founding of "Transparency Maroc," the agency was
created to "moralize" Moroccan public life and to propose specific
steps the government can take to address the issue.
In spite of legislative improvements and a slight rebound over 2006,
Morocco's 80th place ranking in Transparency International's 2008
corruption index is well below its 2002 level, when it was in 52d
place. Government officials have criticized the index (which
reflects public perceptions concerning corruption) for not
pin-pointing recent anti-corruption efforts. These include not just
heightening the transparency of public tenders, but also the
implementation of a requirement that senior government officials
declare their assets at the start and end of their government
service.
Since 2003 Morocco has taken a series of steps to counter terrorist
finance, strengthen controls against money laundering, and conform
to international accounting and banking standards. Comprehensive
anti-money laundering legislation was passed in 2007, and a
Financial Intelligence Unit plans to become operational in 2009.
The robust legislation draws largely from recommendations made by
the Organization for Economic Cooperation and Development's (OECD)
Financial Action Task Force (FATF).
¶B. Bilateral Investment Agreements
The U.S.-Morocco FTA was signed in June 2004 and came into effect in
January 2006, ending tariffs on over 98 percent of the bilateral
trade in consumer and industrial goods. The GOM also signed an FTA
with Turkey in January of 2006. For more details on the
U.S.-Morocco FTA please see www.moroccousafta.com
¶C. OPIC and other Investment Insurance Programs
Morocco's agreement with the Overseas Private Investment Corporation
was most recently updated in March 1995. Morocco is also a member of
the Kuwait-based Arab Investment Guarantee Organization (OAGI) and
the Multilateral Investment Guarantee Agency (MIGA). For more
details please see www.opic.gov
¶D. Labor
Once strong and politically influential, the Moroccan trade union
movement is now fragmented and no longer possesses the political
clout it carried 50 years ago when it helped lead the country to
independence. Nevertheless, five of the 19 trade union federations
retain the potential to influence political life. Although unions
claim high membership rates, Morocco has about 600,000 unionized
workers, less than six percent of the 11.26 million workforce.
Moroccan labor law and practice draw from French models. The labor
code was reformed in 2004, reducing the maximum workweek from 48 to
44 hours. Labor codes concerning unions and the right to strike do
CASABLANCA 00000011 005.2 OF 007
not cover agricultural and domestic workers. Investors continue to
view labor regulations as a significant constraint. They complain
that procedures regarding lay-offs remain complicated and onerous,
and impose a significant financial burden on companies. Rules
regarding foreign personnel are also vague, and can lead to
conflicting interpretations and arbitrary decisions.
Morocco has ratified the International Labor Organization (ILO)
convention covering the right to organize and bargain collectively,
and any group of eight workers can organize. Article 14 of the
Constitution gives workers the right to strike, but no detailed law
exists to define it. For a union to engage in collective bargaining
it must have at least 35 percent of the enterprise's workforce as
registered members. The Ministry of Interior occasionally
intervenes, especially if the government believes strategic
interests are threatened. There are mandatory procedures governing
the settlement of disputes, though the government settles them on a
case-by-case basis. The number of workdays lost to strikes in 2005
was 72,745.
The official national unemployment figure at the end of the third
quarter in 2008 was 9.6 percent with the more meaningful urban
unemployment figure at 15.9 percent. This represented a slight
improvement over the same period in 2007. The minimum wage is
currently 2,010 dirhams per month, approximately USD 240.
¶E. Foreign Trade Zones/Free Ports
The industrial free trade zone in Tangier has brought foreign
investment and employment to the northern region of Morocco. The
companies located in the zone may import goods duty free and are
exempt from other taxes. Moroccan labor laws still apply, but few,
if any, firms are unionized. There is also an offshore banking law
covering Tangier.
Foreign Direct Investment Statistics
The Moroccan foreign exchange office maintains balance of payments
statistics that include annual foreign exchange inflows for private
foreign investment. These statistics differentiate between foreign
direct investment (purchases of companies or increases in capital),
portfolio investment, and short-term financing for current account
expenditures (e.g. lending to a subsidiary for purchases of
equipment). There are no statistics on the stock of foreign
investment in Morocco, but investment was over USD 4 billion in
2007, and appears to have remained strong in 2008. The following
tables are based on balance of payments statistics.
Foreign direct investment in Morocco
(Millions of USD)
Year Total FDI Percent of GDP
1997 800.9 3.3
1998 384.6 1.1
1999 945.6 2.7
2000 245.8 0.8
2001 2732.2 8.0
2002 534.2 1.3
2003 2430.2 4.9
2004 1070.5 1.9
2005 3007.6 5.1
2006 2962.5 4.5
2007 4629.2 6.2
Foreign direct Investment Inflows by Country of Origin
(Millions of USD)
Country 2003 2004 2005 2006 2007
United States 49.3 50.5 25.5 98.1 188.2
France 301.9 535.6 2234.6 982.5 1740.7
Spain 1890.8 53.8 162.4 817.2 744.9
Germany 15.1 53.6 96.3 106.8 200.8
United Kingdom 25.6 51.3 50.9 105.8 314.2
Netherlands 7.8 14.2 29.3 25.8 61.5
Benelux 19.9 39.1 48.0 296.0 160.7
Saudi Arabia 17.1 39.9 40.8 37.5 77.6
Switzerland 27.2 76.3 85.4 102.9 161.6
UAE 23.2 37.3 81.9 87.9 464.6
Kuwait 1.8 2.0 25.1 115.0 192.1
Italy 11.2 30.0 23.6 38.0 105.4
Portugal 3.6 2.3 6.8 5.7 6.8
CASABLANCA 00000011 006.2 OF 007
Others 35.6 84.6 97.0 143.0 210.0
Total 2430.2 1070.5 3007.6 2962.5 4629.1
N.B 2003 2004 2005 2006 2007
Exchange 9.57 8.86 8.88 8.80 8.20
Rate (MAD/USD)
GDP 49.80 56.40 58.90 65.40 75.10
(Billions of USD)
Foreign direct Investment Inflows by Sector
(Millions of USD)
Sector 2003 2004 2005 2006 2007
Industry 1963.6 202.7 308.0 1019.6 404.2
Tourism 19.5 161.5 346.9 889.6 1515.0
Real Estate 176.1 230.2 272.8 467.8 925.7
Banking 5.9 172.1 5.0 166.3 222.4
Insurance 16.9 18.7 128.9 166.2 2.6
Commerce 50.5 69.1 49.7 118.9 41.9
Holding 0.0 3.5 23.6 16.8 103.4
Energy and Mining
11.1 37.9 42.5 11.4 343.7
Transport 1.5 4.9 36.2 6.4 333.8
Public Works 6.9 11.9 18.0 3.9 64.9
Telecommunications
64.7 81.0 1725.2 3.1 376.5
Agriculture 2.5 3.3 0.1 2.8 4.0
Fishing 13.0 1.5 0.1 0.0 0.5
Studies 0.0 7.9 0.1 0.0 0.0
Other Services 85.8 53.9 46.9 76.8 275.1
Other 12.2 10.4 3.5 12.8 15.6
Total 2430.2 1070.5 3007.6 2962.5 4629.1
Major Foreign Investors
U.S.
Industries Marocaines Modernes
Parent company: Procter and Gamble
Sector: soaps and toiletries
Number of employees: 500
Coca-Cola Export Corporation
Parent company: The Coca-Cola Export Corporation
Number of employees: 3200
J.R.A. Morocco S.A.
Parent company: Jordache Enterprises Inc.
Sector: manufacture of jeans
Number of employees: 1000
Delphi Automotive (former Division of GM)
Sector: auto part manufacturer
Number of employees: 1500
Kraft Foods
Sector: Food Products
Number of employees: 60
Minco Aviation Electronics
Sector: Aviation/Hi Tech
Number of employees: 250 direct and indirect jobs
USD 17 million temperature sensor production unit
Colony Capital
Sector: Tourism
Number of employees: will generate 9,000 direct
and USD 45,000 indirect jobs
USD 1.2 billion in over ten years
Emerging Capital Partners and Truffle Capital
Sector: Mining
International Paper
Sector: Packing
Number of employees: 1,500
Fruit of the Loom
CASABLANCA 00000011 007.2 OF 007
Sector: Textile
Number of employees: 1,150
USD 162 Million in new and expanded production units
Dell Computers
Sector: Computers/Hi Tech
Number of employees: 1,700
Other
Jorf Lasfar Energy Company
Parent company: TACA Energy (operated by CMS Energy)
Sector: independent power project
Number of Employees: 500
$1.2 billion project
ST Microelectronics
Parent company: S.G.S. Thomson (France)
Sector: electronic components and semiconductor
manufacturing
Number of employees: 1,600
Pechiney - MMA
Parent company: Pechiney (France)
Sector: aluminum cookware manufacturing
Number of employees: 1,280
Bymaro S.A.
Parent company: Bouygues S.A. (France)
Sector: civil engineering
Number of employees: 1,000
Renault Maroc
Parent company: Renault S.A. (France)
Sector: motor vehicle assembly
Number of employees: 800
C.G.E. Maroc
Parent company: C.G.E. (France)
Sector: electric cable and transformer
manufacturing
Number of employees: 675
Polymedic
Parent company: Hoechst AG (Germany)
Sector pharmaceutical manufacturing
Number of employees: 350
MILLARD