Morocco Economy and Business

• GDP: US$90.5 billion (2008).
• Main exports: Clothing, electrical components, fish, fruit and vegetables.
• Main imports: Crude petroleum, textile fabric, telecommunications equipment, wheat and plastics.
• Main trade partners: France, Spain, UK, Italy and India.

The service industry, including a booming tourism sector now worth well over US$2 billion annually, accounts for 60% of the GDP. Remittances from Moroccans living abroad (mostly in Europe) are another major source of revenue. With the recent reductions in public sector employment, unemployment reached the double digits, and in urban areas is estimated as high as 20%. However, unemployment dropped slightly in 2008 to an overall rate of 9.6%, and growth has continued to increase steadily in recent years.

As many as 40% of the working population is still employed in agriculture, growing cereals, vegetables and citrus fruits, and fishing remains another vital field. Industry accounts for around a quarter of GDP, of which the textile and garment industry employs a rapidly growing number of Moroccan women as well as generating export income. Mining also generates revenue for Morocco, which is the world's largest exporter of phosphates. Although Morocco has small oil and gas reserves, it must import the bulk of its needs.

The Moroccan government entered a free trade agreement with the US in 2006 and signed a trade agreement with the EU in 1995 to gradually eliminate tariffs. As of 2005, Morocco became the largest single recipient of aid from the EU. In 2008, the IMF congratulated King Mohammed VI and Morocco on being a shining economic light in the region, making particular mention of its steady and continued economic growth.

Businesspeople should dress smartly, although a suit is not necessary in hot weather), make appointments in advance and be prepared for lengthy negotiations with extensive bargaining and several different players.

Office hours: Mon-Thurs 0830-1230 and 1500-1830, Fri 0830-1200 and 1500-1830.

Government office hours: Mon-Thurs 0830-1200 and 1430-1830, Fri 0830-1100 and 1500-1830.

Conference facilities, many of them modern, can be found in all of Morocco's major cities, in either purpose built centres, or in large, international hotels. The Palais des Congrès in Marrakech is particularly well set up for large groups. Further information can be obtained from the Moroccan National Tourist Office (see Contact Addresses), or from www.conferencemorocco.com.

American Chamber of Commerce in Morocco
67 Boulevard Massira Al Khadra, Third Floor, Apt. 6, Casablanca, Morocco
Tel: (22) 250 736.
Website: www.amcham-morocco.com

British Chamber of Commerce for Morocco
65, Avenue Hassan Seghir, 20000 Casablanca, Morocco
Tel: (22) 448 860.
Website: www.britishchambers.org.uk

Fédération des Chambres de Commerce et d'Industrie du Maroc
6 rue d'Erfoud, BP 218, Hassan-Rabat, Morocco
Tel: (37) 767 881.
Website: www.fcmcis.ma