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Last updated : Nov 2009
Morocco Business
Morocco Addresses and Contacts - TravelPuppy.com
Economy

Gross Domestic Products: US$50.1 billion (2004).

Main exports

Clothing, fish, inorganic chemicals, transistors, fertilisers, petroleum products, crude minerals, fruit and vegetables.

Main imports

Crude petroleum, telecommunications and equipment, textile fabric, gas and electricity, wheat, transistors and plastics.

Main trade partners

Spain, France, United States of America and United Kingdom.

Agriculture employs 1-5th of the working population, the principal crops include cereals, vegetables and citrus fruits, and accounts for about 20% of Gross Domestic Products. Livestock farming produces enough meat to comply with the domestic needs. Fishing is vital to the domestic and the export markets, as well as the revenue growing from the sale of licences allowing foreign fleets to fish in Moroccan territorial waters.

Mining is the country’s principal industry and Morocco is the world’s largest exporter of phosphate rock, both in raw and processed form (including fertilisers), and this is the principal source of export revenue. Morocco has substantial other mineral assets including coal, iron ore, lead, zinc, cobalt, copper, manganese and silver. Morocco has small reserves of oil and gas, but import's the bulk of its needs.

The major components of the manufacturing sector are food processing, textiles and the production of leather goods.

The service sector, where tourism has grown rapidly and is now worth almost US$2 billion yearly. The tourism industry has benefited from Morocco having 1 of the best infrastructures on the African continent and this is also a significant consideration for foreign investors.

Remittances from Moroccan workers abroad (mainly in Europe) are another major resource of revenue. During the last ten years, the government has presented a series of IMF-sponsored reforms, including trade liberalisation and public expenditure cuts in exchange for successive assistance programmes. This has reduced the amount to the public sector and helped towards easing Morocco’s huge foreign debt but at the cost of enlarged unemployment with almost half the workforce officially unemployed. A trade agreement with the European Union was signed during 1995 under which all tariff barriers will be removed by 2012.

Morocco is also part of a planned Free Trade Zone (including Tunisia, Egypt and Jordan) which will offer privileged access to European Union markets. The Moroccan government formed a free trade agreement with the United States in 2004. Ultimately, Morocco is now the largest single recipient of aid from the European Union. Morocco is also a member of the Islamic Development Bank, the African Development Bank, and a founder member of the Union of the Arab Maghreb. During 2004, Gross Domestic Product growth reached 3.5%.

Business Etiquette

Businesspeople should be of a smart appearance, however a suit is not necessary in the very hot weather. Appointments must always be made in advance.

Negotiations often involve a great deal of bargaining and a visitor should expect to deal with numerous people in the process.

Office hours

Government offices Monday to Thursday 8.30 am to 12.00 pm, 2.30 pm to 6.30 pm and Friday 8.30 am to 11.00 am and 3.00 pm to 6.30 pm.

Commercial offices Monday to Thursday 8.30 am to 12.00 pm, 2.30 pm to 6.30 pm and Friday 8.30 am to 11.00 am and 3.00 pm to 6.30 pm.

Commercial Information

Fédération des Chambres de Commerce et d’Industrie du Maroc
6 rue d’Erfoud
BP 218
Hassan-Rabat
Morocco

Telephone number: (37) 767 881 or 051.
E-mail: fccism@ccis.ma