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Viewing cable 09CASABLANCA108, MOROCCO'S CUMBERSOME INVESTMENT CLIMATE

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Reference ID Created Released Classification Origin
09CASABLANCA108 2009-06-03 13:42 2011-08-24 16:30 UNCLASSIFIED//FOR OFFICIAL USE ONLY Consulate Casablanca
VZCZCXRO9353
RR RUEHBC RUEHDE RUEHDH RUEHKUK RUEHROV RUEHTRO
DE RUEHCL #0108/01 1541342
ZNR UUUUU ZZH
R 031342Z JUN 09
FM AMCONSUL CASABLANCA
TO RUEHC/SECSTATE WASHDC 8415
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEHEE/ARAB LEAGUE COLLECTIVE
RUEHMD/AMEMBASSY MADRID 3866
RUEHFR/AMEMBASSY PARIS 0705
RUCNMGH/MAGHREB COLLECTIVE
UNCLAS SECTION 01 OF 02 CASABLANCA 000108 
 
SIPDIS 
SENSITIVE 
 
STATE FOR NEA/MAG 
COMMERCE FOR NATHANIEL MASON 
DEPT FOR EB/IFD/OIA 
STATE PASS TO USTR 
TREASURY FOR OASIA 
 
E.O. 12958: N/A 
TAGS: EINV ETRD EFIN ELAB PGOV MO
SUBJECT: MOROCCO'S CUMBERSOME INVESTMENT CLIMATE 
 
REF: A. Casablanca 11 
 
1.  (SBU) Summary: Despite the rising inward investment trend in the 
last three years, discussions with government and diplomatic 
interlocutors, civic society, and more than 20 U.S. businesses 
operating in Morocco reveal that the country's bureaucratic red 
tape, compounded with shortcomings in the country's national and 
regional investment centers, frustrates and at times deters small 
and medium size investors in Morocco.  USAID's efforts to improve 
the country's regional investment centers will help to reverse this 
disenchantment, but real improvement in Morocco's investment climate 
will depend on the government's willingness to rethink and 
restructure its modus operandi. End Summary. 
 
--------------------------------- 
Morocco's Investment Institutions 
--------------------------------- 
 
2.  (SBU) To minimize and accelerate all administrative procedures 
related to investment in Morocco, the government established 
Morocco's Centre Regional d'Investissement (CRIs) and the country's 
national Agence Marocaine de Developpement des Investissements 
(AMDI), formerly the Direction des Investissements Exterieurs (DIE). 
 Morocco's 16 CRIs, created in 2002, aim to make foreign and 
domestic investment easier through the centralization of all 
concerned administrations.  Once fully operational in late 2009, 
AMDI will also be responsible for encouraging foreign investment by 
actively seeking investors abroad, including the U.S., and 
developing investment poles within Morocco. 
 
---------------------------- 
A Fragile Investment Climate 
---------------------------- 
 
3.  (SBU) Despite the rising inward investment trend in the last 
three years, discussions with government and diplomatic 
interlocutors, civic society, and more than 20 U.S. businesses 
operating in Morocco reveal that the country's bureaucratic red 
tape, compounded with shortcomings in the country's national and 
regional investment centers, frustrates and at times deters 
investors.  According to Bruno Fernandez, Spain's Economic Counselor 
in Casablanca, Morocco's investment climate has deteriorated.  His 
department's most recent report details widespread losses in Spanish 
investment in the last eight months.  (Note: Some of the lost 
investment is likely linked to a downturn in the Spanish economy, 
particularly the real estate sector. End Note.) 
 
4.  (SBU) Discussions with more than 20 U.S. businesses at a recent 
business roundtable held in Casablanca revealed similar concerns. 
Some companies described the investment climate as cumbersome and 
opaque, citing difficulties navigating Morocco's CRIs.  The former 
director general of the country's national investment center, Hassan 
Bernoussi, went further by noting that, "Morocco's investment 
climate is in disorder and in need of structural reform".  Senior 
government officials are having a difficult time piecing together a 
modus operandi, added Bernoussi, who believes that Morocco's CRIs 
should be phased into AMDI to rationalize this system.  This 
development, he argued, will enable Morocco to begin consolidating 
and simplifying the investment structure in the country. 
 
5.  (SBU) Citing another obstacle in Morocco's investment climate, 
Kjartan Sorenson of USAID's "Improving the Business Climate" 
program, argued that the investment climate varies in each region 
depending on the CRI director and more importantly on his/her 
relationship with the Wali, who is appointed by the King and has 
oversight responsibility over the CRI.  A change in leadership can 
mean a change in a region's investment strategy, added Sorenson. 
Another limiting factor is that investments exceeding USD 23 million 
are dealt with by a special ministerial committee chaired by the 
Prime Minister, which meets once a year, and are outside the purview 
of CRI. 
 
----------------------------- 
Formal and Informal Solutions 
----------------------------- 
 
6. (SBU) In an effort to improve the country's investment climate, 
the government has unveiled several recent institutional and legal 
measures.  In 2008, Casablanca's CRI in conjunction with USAID 
launched a USD 270,000 project to improve harmonization of 
 
CASABLANCA 00000108  002 OF 002 
 
 
investment-related procedures within the city's CRI.  Furthermore, a 
recently-signed interministerial pact, proposes legislative reforms, 
which eliminate the previously existing minimum capital requirement 
for investment, create a harmonized business registration form for 
investors, and eliminates requirements for certified copies of 
selected documents.  Moreover, the Ministry of Interior has recently 
acquired software called E-Facilitation, which will enable several 
government entities involved in the investment process to easily 
share information.  E-facilitations, which will be fully operational 
in five years, will also make basic information available to foreign 
investors abroad, including the point of contact's phone numbers, 
email, and picture. 
 
7.  (SBU) In addition to governmental reforms, small and medium size 
investors are using informal conduits with great success to overcome 
some of the shortcomings in the country's national and regional 
investment centers.  Rather than recommending Morocco's CRIs and 
AMDI, the Spanish Consulate connects prospective investors with 
companies who have had success in penetrating the market.  The 
success rate is outstanding, according to Fernandez.  Similarly, the 
American business community at the business roundtable held in 
Casablanca unanimously agreed to create an E-forum that will connect 
U.S. prospective investors with U.S. companies already operating in 
Morocco who have developed best practices. 
 
------- 
Comment 
------- 
 
8. (SBU) The progress made in developing institutions and laws that 
encourage foreign investment has been hampered by the inability of 
the government to address the shortcomings of CRI and AMDI.  In 
order to capitalize on the Free Trade Agreement with the United 
States, Morocco must work on improving its investment climate - this 
means simplifying business procedures and creating a clear 
investment structure.  Without these improvements, international 
investors who don't know their way around will find it difficult to 
succeed in their local ventures, remain in country, and create 
sustainable employment.  Even more importantly to the country's 
long-term development, if these improvements are made, small local 
businesses stand to benefit the most.  End Comment.