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• GDP: US$58 billion (2006).
• Main exports: Clothing, fish, crude minerals, fertilisers, fruit and vegetables.
• Main imports: Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity.
• Main trade partners: France, Spain, UK, Italy and India.
• Main exports: Clothing, fish, crude minerals, fertilisers, fruit and vegetables.
• Main imports: Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity.
• Main trade partners: France, Spain, UK, Italy and India.
Economy
About 45% of Morocco's workforce is now employed in the service industry, including a booming tourism sector now worth almost US$2 billion annually. 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, growth reached 9.3% in 2006, a notable improvement over previous years.
One-fifth of the working population is still employed in agriculture, growing cereals, vegetables and citrus fruits, and fishing remains another vital field. Industry employs 15% of workforce, especially the textile and garment industry, which employs a rapidly growing number of Moroccan women and generates 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.
One-fifth of the working population is still employed in agriculture, growing cereals, vegetables and citrus fruits, and fishing remains another vital field. Industry employs 15% of workforce, especially the textile and garment industry, which employs a rapidly growing number of Moroccan women and generates 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.
Business Etiquette
Businesspeople should dress to impress (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.
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.
Conferences & Conventions
The Pullman Conference Centre in Marrakech provides meeting facilities for up to 5,000 people. Additional facilities can be found at the Palais des Congrès and hotels. Further information can be obtained from the Moroccan National Tourist Office (see Contact Addresses).
Business Contacts
Fédération des Chambres de Commerce et d’Industrie du Maroc
6 rue d’Erfoud, BP 218, Hassan-Rabat, Morocco
Tel: (37) 767 881 or 051.
6 rue d’Erfoud, BP 218, Hassan-Rabat, Morocco
Tel: (37) 767 881 or 051.