Morocco has worked to enhance its business climate, becoming a growing hub for automotive, aeronautical, and renewable energy companies.
Rabat – Moroccan Minister of Economy, Finance, and Administration Reform Mohamed Benchaaboun stressed the need to heighten economic integration among Muslim countries on Saturday, December 8, in Istanbul, Turkey.
The Moroccan minister spoke at the opening of the Organization of Islamic Cooperation (OIC) High-Level Public and Private Investment Conference.
A key objective of the two-day conference is to assess member countries’ investment opportunities and the implications of doing business in the region. The conference invites stakeholders to discuss investments and economic reform in the Muslim world.
Benchaaboun went on to emphasize the need for OIC member countries to improve their investment climate and gain investor confidence, according to Maghreb Arab Press (MAP). Doing so will enable OIC member countries to overcome some of the major challenges of development and offer new opportunities to youth in the region.
Regarding the Moroccan experience, Benchaaboun described how the kingdom enhanced its appeal to foreign investments, particularly in the automotive industry, aeronautics, and renewable energies.
Morocco’s growth in this area required structural reforms aimed at strengthening macroeconomic growth. Morocco also simplified administrative procedures, modernized business, and consolidated economic governance in order to improve its business climate.
Morocco announced the launch of a flexible exchange rate for the dirham currency on January 12, 2018. Since Morocco implemented currency reforms, it has become more attractive to foreign investment.
The US Department of State’s 2019 Investment Climate Statement report on Morocco cites the kingdom’s macro-economic policies, trade liberalization, structural reforms, infrastructure improvements, and investor incentives as selling points to foreign investors.
Benchaaboun added that Morocco developed its financial framework by consolidating capital markets, diversifying financial tools, and facilitating companies’ access to financing.