Population (2019): 35 million
GDP (2017): US$109.7 billion (S$148.1 billion)1
World Bank “Ease of Doing Business” Rank (2019): 60
Morocco has worked with international organisations such as the International Monetary Fund (IMF) and World Bank to accelerate the pace of economic development over the past few years. The country has now liberalised trade, and is open to the international market. In particular, Morocco is a significant trading partner with the European Union (via France and Spain). The Moroccan dirham has an exchange rate pegged to a basket of currencies, primarily the Euro and US dollar - this has resulted in a low inflation rate of below 2% per annum. Morocco’s telecommunications and IT infrastructures are among its fastest growing sectors - most major cities have networks that are almost 100% fibre optic, giving Morocco an edge in emerging e-commerce markets.
Morocco shares borders with Algeria, the Western Sahara and the Northern Atlantic Ocean. Its north coast is on the Mediterranean Sea, and this provides a logistical advantage as it is only a short distance from France and Spain. Morocco has approximately 1,835 km of coastline, which makes it ideal for transnational merchandise fleets and general shipping. Morocco counts 24 ports which manage 98% of the country’s external trade.
Under King Mohammed VI, Morocco has made education a national priority. The country has deployed strategies to modernise and enhance the quality of education since 2005. Morocco is home to several high-ranked universities that have been developed in partnership with Canadian and European schools. Singapore investors will find a skilled workforce to draw from when setting up businesses or branches in the country.
Morocco has experienced continued peace and stability since its independence from France in 1954. Successive administrations have focused on developing the economy and the welfare of Morocco and its citizens. This stability is reassuring for foreign investors as there is less risk of their investments being jeopardised by a military coup, riots or political uproar.2