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Rabat – Forbes has ranked Morocco as the 62nd “Best Country for Business” for 2019.
The magazine said that Morocco earned this place due to its “proximity to Europe and relatively low labor costs” and that it is working “towards building a diverse, open market-oriented economy.”
The country’s key business sectors include agriculture, tourism, aerospace, automotive, and phosphates, according to Forbes.
“Morocco has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa.”
Forbes also noted King Mohammed VI’s leadership in business, saying that since taking the throne in 1999, “King Mohammed VI has presided over a stable economy marked by steady growth, low inflation, and gradually falling unemployment.”
The magazine, however, acknowledged that “poor harvests and economic difficulties in Europe contributed to an economic slowdown.”
Read Also: Morocco’s Economic Growth Rate to Slow to 2.5% in Q1 2019
Morocco’s ranking dropped from 55th in 2017 out of 153 countries, ranking in the top 36 percent.
The magazine also noted Morocco’s Free Trade Agreement with the US and its Advanced Status agreement with the EU as boosting Moroccan exports.
“Morocco also seeks to expand its renewable energy capacity with a goal of making renewable more than 50% of installed electricity generation capacity by 2030,” said Forbes.
The UK topped Forbes list for 2019 before Sweden, Hong Kong, the Netherlands, New Zealand, Canada, and Denmark.
Regionally, Tunisia ranked 82nd and Algeria 114th.
