Currently ranked 60th globally, Morocco has set an ambitious objective to make the top 50 global economies for doing business.
Rabat – The government is “intensifying efforts to become one of the 50 best economies in the world in terms of the quality of the business climate by 2021, by engaging in structural reforms of Moroccan business,” Morocco’s Head of Government Saad Eddine El Othmani said Monday.
El Othmani’s statements came in response to a question on “business climate reforms” during the monthly general policy session at the House of Representatives.
Morocco jumped 9 places and ranked 60th out of 190 countries in the World Bank’s “Doing Business.”
Improving its 2018 global ranking of 69th by nine places and two points, Morocco owes its score of 71.02 out of 100 to several new entrepreneurship-friendly policies. The North African country scored 67.91 points last year.
Thanks to these reforms, Morocco ranked the second best country for doing business in the MENA region behind the United Arab Emirates and came third in Africa behind Mauritius and Rwanda.
El Othmani explained that the state will promote international best practices in the business world, such as “simplification and digitization of administrative procedures, the modernization of the company’s legal and legislative frameworks, the universalization of the single portal as well as the improvement of benefits in their favor.”
El Othmani also listed some important steps such as “reducing the cost of setting up a business through the exemption of registration fees; the facilitation of the transfer of ownership; the improvement of transparency in the land register and titling; simplification of export and import operations, and improvement of the infrastructure of Tangier-Med port.”
To achieve Morocco’s strategic objective, the head of government affirmed that the national committee for business environment will implement the reforms programmed in the second part of the 2018-2021 action plan.
In addition, El Othmani emphasized that an action plan will study all the indicators in the Doing Business report.
According to the 2019 Doing Business report, released Wednesday, October 31, Morocco has made it easier to start a business by reducing registration fees, streamlining procedures to register property, and improving the system to resolve insolvency.
“The achievements have allowed Morocco to occupy very advanced positions on a global scale concerning indicators related to granting building permits (18th), tax payment (25th), business creation (34th), connection to the electricity grid (59th), foreign trade (62nd), investor protection (64th), and ownership transfer (68th),” the head of government said.