Morocco’s Finance Minister Salaheddine Mezouar said in Rabat that the Moroccan government will offer incentives as part of its openness onto the African market by increasing the limit of Moroccan investments approved in the continent from 30 to a hundred million Dirhams.
How will Private Operators be Encouraged to Strengthen Their Presence in the African Market?
The Ministers added in a press briefing, that in other to support private operators to strengthen their presence on the African market, the “Fonds de Promotion des exportations” will allocate 200 million dirhams as part of the 2011 appropriation bill.
How Can Morocco’s Business Climate be Improved?
The Moroccan Finance Minister stressed that there is a need to put in place a regional financial hub in Casablanca and to also offer fiscal incentives – this way, the business climate in Morocco and the country’s competiveness can be improved. The Minister also noted that income tax on foreign capital will be slashed from 30 percent to 15 percent.
What is The Support for Foreign Investment in Morocco?
The Kingdom has put together a couple of major projections in order to draw foreign investments. Several investment’s support instruments that follow the provisions implemented for improvement of business environment. They are, as a matter of fact, presented as contributions and benefits to foreign investors by the government of Morocco. La Direction des Investissements Extérieurs (The External Investments Management), including the Regional Investment Centers make up the necessary tools needed for promotion, the assistance and of course, the reception of foreign investors. The Moroccan government implemented a convertibility system for foreign investments carried out in currencies in order to guarantee foreign investors the complete liberty to accomplish their investments in the country and transfer the profits produced, as well as the income of transfer or liquidation.
Which Sectors In Morocco are Open to Foreign Investment?
Each and every sector in Morocco is wide open to foreign investment. However, the following are all subject to a couple of specific regulations:
- Offshore financial centers
- Hydrocarbon investments
- Exportation free zones
Why you should invest in Morocco
Morocco is one of the very few countries in the world today that offers investors the opportunity to invest their money in profitable sectors and will not squeeze every cent out of them (investors) when it comes to taxes. Taxes! That is one word that scares any investor stiff! Morocco’s Sovereign has put measures in place to ensure that the country’s tax laws are investor-friendly: Translation – the tax system will not be in your pocket every step of the way (this is the part where you do a double backhand spring!)
Any Tips for Foreign Investors?
No matter what sector you plan to invest in, it is important that you prepare a business plan. Drawing up a business plan will help you define the aims and objective of your company and allow at the same time, the opportunity to establish all of the necessary steps and financial assistance for the achievement of your company’s goals.
Filed Under: Economic News of Morocco