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Rabat – Morocco has moved up seven places in the World Bank’s Doing Business 2020 Report. Morocco ranked 53rd out of 190 nations in the report, published on Thursday, October 24.
The World Bank’s report placed Morocco ahead of several top business operators on the continent and across the world, including South Africa (84th), Algeria (157), Saudi Arabia (62nd).
The report listed several measures taken by the government in Morocco to attract investors.
The World Bank report said that in Morocco made “paying taxes less costly by reducing the corporate income tax rate.”
Morocco’s measures to reduce taxes attract international and local investors to promote certain sectors, including the automotive and aeronautics sectors.
The Doing Business Report also mentioned Morocco’s measures to make trading across borders faster by “introducing e-payments of port fees, streamlining paperless customs clearance, and extending port hours of operation.”
The document also under Morocco’s measures to make obtaining construction permits easier for clients.
“Morocco made dealing with construction permits easier by improving its online platform and further streamlining the process, making it possible to apply for and obtain certificates of conformity online.”
Access to electricity is also granted easily in Morocco due to “generalizing online applications for new connections and expanding the use of prebuilt transformers.”
In addition to the measures taken to ease doing business in Morocco for foreign investors, the country’s location also works as a pillar.
The 2019 Investment Climate Statements from the US Department of State said in July that Morocco’s geographical efforts is one of the assets that contribute to “its emergence as a regional manufacturing and export base for companies.”
The report also mentioned Morocco’s measures to facilitate foreign investment.
The report said that the initiatives are facilitating trade across area several fields, including, “export sectors like manufacturing, through macro-economic policies, trade liberalization, investment, incentives, and structural reforms.”
The US report also emphasized that Morocco attracts the fifth-most foreign direct investment (FDI) in Africa.
Another report, the 2019 International Franchise Attractiveness Index also ranked Morocco 39 among 131 states with a significant score of 54.
