Casablanca - Casablanca Finance city (CFC) has moved up by eleven positions in the 16th Global Financial Centers Index (GFCI 16) to rank 51st.
Casablanca – Casablanca Finance city (CFC) has moved up by eleven positions in the 16th Global Financial Centers Index (GFCI 16) to rank 51st.
Casablanca and Johannesburg, the two African centers in the GFCI, both did very well, climbing 11 and 12 places respectively, the Z/Yen Group notes in a report published Monday.
According to GFCI 16, Casablanca is ranked second among African financial centers, behind Johannesburg and ahead of Mauritius.
In the reputational advantage, Casablanca topped the ranking, ahead of Wellington, Busan, Seoul, Singapore, Sydney, Hong Kong, New York, San Francisco and Tokyo.
Stability and rising economic power, Morocco has ambitions to be the leading business and financial gateway to Africa, offering unique access to the continent’s untapped potential, the report says.
The report added that the kingdom holds a strong position as a hub thanks to intrinsic advantages: political stability, solid macroeconomic fundamentals (it is an investment grade country), unshaken commitment to reforms, ambitious sectorial strategies, privileged historical ties with African countries, unique geography at the crossroads of the continents, unparalleled air connectivity, world-class infrastructure
According to the report, the second financial hub in Africa capitalizes on the kingdom’s robust financial sector which is considered a benchmark in the region, and relies on Moroccan companies with their sound presence and leadership.
Casablanca Finance City (CFC), a flagship initiative launched in 2010 is instrumental in accomplishing this vision, notes the report, adding that by offering openness to trade and investments, streamlined administrative procedures, strengthened legal and regulatory frameworks, attractive corporate and income tax incentives, skilled talent pool and premier real-estate offer, CFC answers the need for an entry point to Africa.