Morocco's Main Business Sectors
Morocco is blessed with natural beauty, a very rich history and a hospitable population; therefore its tourism industry is very robust. The agricultural industry is diverse, and the country's manufacturing sector is developing steadily. Morocco's government encourages foreign investment, and has implemented several economic reforms designed to make the country more business-friendly. More than 120 American companies alone are operating in Morocco, and over 150 Moroccan companies are representing US and other interests. Here, you will learn more about Morocco's main business sectors.
The agricultural sector of Morocco is the region's largest. The country has a long crop growing season and a very mild climate, so it's able to grow a large selection of vegetables and fruits. Its low-cost work force and good communications and transportation systems give Morocco's agribusiness sector an edge over that of its neighbors. The top five agricultural exports are fruits/vegetables, olive oil, nuts and spices. Agriculture makes up 13-16% of Morocco's GDP, and it employs almost half the country's work force.
Morocco is also a top supplier of seafood for the world's markets; its seafood industry is wide open and mainly directed at Japanese and European markets. The seafood processing industry produces half of Morocco's farm-related exports and 12% of the export total. The FTA between the US and Morocco offers many investment opportunities for Americans.
Textiles and apparel
For a long time, Morocco has been known for the very high quality of its leather goods and handcrafted cloth, and its handmade rugs are prized the world over. A lesser-known fact is that the Morocco of today has many textile mills, producing large quantities of ready-to-wear accessories and clothing. The high production capacity and the skill of Moroccan craftsmen makes the textile sector a great field for investment.
This sector has gone through tremendous growth in the recent past. The aerospace industry, needing to reduce costs, is exploring Morocco as a production site; the sector is based in Tangier and Casablanca.
Call centers and outsourcing
Over the next decade, Morocco wants to create 100,000 new jobs by recruiting businesses who want to outsource their services. The Moroccan government is setting up business zones kingdom-wide in order to grab its share of the offshore services market. These zones offer lower overhead, simpler administration and a plentiful supply of knowledgeable college graduates. Call centers have increased quite a bit over the past few years; computer maker Dell has opened a call center to serve its European markets.
The tourism sector's efforts to attract more visitors has been successful over the recent past; the majority of tourists come from France. The Moroccan government had a goal for this year of ten million visitors, and is offering investment incentives in the tourism sector such as long-term financing and tax exemptions. The government has also financed infrastructure for tourism and liberalized the airlines. The tourism industry will see further development as the international community and the Moroccan government continue to work together to fight terrorism.
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