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2
MOROCCO OVERVIEW
Capital Rabat
Institutional System Democratic and social Constitutional
Monarchy
Area 710 850 km²
N° of inhabitants 33.8 million
Time Zone GMT (GMT+1 in summer)
Languages Arabic and Amazigh (official)
French, Spanish, English
GDP 925 Billion MAD (2014)
US$ 116 Billion
GDP per capita 27 768 MAD/ inhabitant (2014)
US$ 3 270
Average growth 4% (over the last 5 years)
GDP Distribution
(2014)
Primary Sector 13%
Secondary Sector 29%
Tertiary Sector 58%
Inflation Rate 1.2% (2014)
Source: Haut Commissariat au Plan et Office des Changes
3
Contents
Morocco: An Attractive Country For Investors I
II Value Proposition
Investment Incentives III
Moroccan- African vision IV
4
A monarchy established in the year 788 (12 centuries ago)
The Constitutional Council reviews the constitutionality of all laws
In July 2011, a referendum established a new Constitution, guaranteeing:
A Stable Political Environment
A continuing drive for openness and democratisation
• Human rights • The legality of the State and its institutions • Individual and collective liberty
• Improved moral standards in public life • The plurality of the Moroccan identity
Morocco, most pacifist country in North Africa in
2013
Morocco, most democratic
country in Arab region in 2013
According to Global Peace Index 2013 According to the Egyptian center Ibn Khaldoun
Morocco, most stable country in North Africa in 2012
According toThe Association
For International Affairs
5
MOROCCO
TUNISIA
TURKEY
MOROCCO, LOW RISK COUNTRY
UNITED STATES
Political Risk Security Risk LOW
LOW
LOW
LOW
QATAR
LOW
LOW
SOUTH AFRICA MEDIUM MEDIUM
BRAZIL MEDIUM MEDIUM
ROMANIA MEDIUM LOW
SPAIN MEDIUM
LOW
JORDAN MEDIUM
LOW
MEDIUM MEDIUM
MEDIUM
LOW
ALGERIA HIGH MEDIUM
EGYPT HIGH MEDIUM
FRANCE
LOW
LOW
Control Risks is an independent, global risk consultancy specializing in helping organizations manage political, integrity and security risks in complex and hostile environments. Working across five continents and with 36 offices worldwide, Control Risks provides a broad range of services since 1975.
Strong Macroeconomic Drivers
* Flux Net des IDE entrant Sources: Haut Commissariat au Plan, Office des Changes; Bank Al Maghrib; Banque Mondiale
6
GDP Growth 4.8%
Inflation 1.8%
FDI Growth* 38%
Unemployment
rate
S&P affirms Morocco's rating and changes perspective from
negative to stable Mai 2014
Fitch Ratings maintains Investment Grade
Avril 2014
Christine Lagarde - FMI January 2014
“… the economic reforms under way in Morocco […] a model to follow in the
region. …"
#2 African Country of the future 2013-2014
in Africa 4.8%
1.9%
25%
9.5%
Average 2013
2001-2013
2001-2013
2011-2013
#1 en 2011 - 2012
2.6%
1.1%
10%
9.9%
2014
7
Plus de 50 conventions de
non double imposition+pr
otection de l’investisseme
nt
3
No restrictions to capital for non-residents
Free repatriation of
profits and capital for non-
residents
More than 100 protection
foreign investment agreements and double
taxation
2 1 3
Easiness of doing business
8
A Business Environment Favorable to Investment
•51 Double Tax Avoidance Agreements •62 Investment Protection Agreements •Member of OECD Investment Committee •Member of International Centre for Settlement of Investment Disputes (ICSID) •Member of MIGA (Multilateral Investment Guarantee Agency)
•The creation of the Business Environment National Committee (CNEA) to facilitate procedures and access to information, and to carry out legal reforms •The modernisation of business law •The strengthening of intellectual property protection •A new law on arbitration and mediation •New banking regulations •Administrative simplification
•Reduction of tax burden •The creation of funds specifically for investment promotion
Investor
Protection
Legal Reforms
An Incentive Tax
System
International
Instruments
•Morocco adhered to the OECD Declaration on Propriety, Integrity and Transparency in
the Conduct of International Business and Finance and to the OECD Declaration on Green Growth
10
Ambitious Sectoral Strategies
Launched in 2014
INDUSTRY: Performant Ecosystem Strategy 2020
• Industrial GDP to reach 23% of global GDP
• Creation of 500 000 jobs
• Creation of Industrial Development Fund: $2.5 Bn
• Allocation of 1 000 hectars of land for rent
Launched in 2008
AGRICULTURE: GREEN MOROCCO PLAN 2020
Launched in 2009 (Solar) and in 2010 (Wind)
ENERGY: MOROCCAN SOLAR PLAN 2020
LOGISTICS PLAN 2016
• To modernise the agricultural sector
• US$10 billion in additional GDP from agriculture
• US$15 billion in public and private investments
• Renewable energy >40% of national production by 2020
• Capacity: 2 000 MW of solar power + 2 000 MW of wind power
Launched in 2010
• To improve the country’s logistical competitiveness
• To reduce logistical costs from 20% to 15% of GDP
• An integrated national network of 70 multi-flow logistical zones
IT: MAROC NUMERIC
• Generalized access to broadband
• Encourage IT use by SMEs
• Development of government e-services
Launched in 2010
TOURISM: 2020 VISION
• 20 million tourists in 2020
• 200 000 new beds
• Tourism GDP: from US$6 billion in 2010 to US$17 billion in 2020
Launched in 2009
MINING SECTOR 2025
LIQUIFIED NATURAL GAS
• 4,6 MM USD d’investissement • Gas terminal • 400 km gazoduc • Combined cycle power plant
• Turnover *3 1.5 Bn USD
• Investment X10 0.4 Bn USD
• Jobs X2 30 000
11
Modern Infrastructure
Airports •15 international airports •Casablanca is #1 Europe-Africa hub
Tramways •Rabat and Casablanca •€1 billion
Highways • 2015: it will connect all the big cities of
Morocco
Railway Network •First high-speed train in Africa
(Tangier-Casablanca) in 2018 –€1.8 billion
Ports:
• Morocco has two coastlines (Mediterranean and Atlantic)
• More than 95% of trade in Morocco
go through the seaway. • Morocco has 38 ports of which 18
are devoted to foreign trade.
Tangier Med port:
• Ideal port platform to serve Europe and West African countries
12
Integrated Industrial Parks (P2Is) « Plug & Play »
RABAT
CASABLANCA
TANGER
KENITRA
TETOUAN BERKANE
OUJDA FES MEKNES
MARRAKECH
AGADIR
LAAYOUNE
DAKHLA
CASANEARSHORE
TETOUAN SHORE
FES SHORE NOUASSEUR AEROSPACE CITY
ATLANTIC FREE ZONE
TECHNOPOLIS
MARRAKECH SHORE
AGROPOLIS
TANGER FREE ZONE
OUJDA SHORE
CLEANTECH
TANGER AUTOMOTIVE CITY
GENERAL P2I
OFFSHORING P2I
AUTOMOBILE P2I AGRICULTURAL P2I
RENEWABLE ENERGY P2I
AERONAUTICS P2I
13
Contents
Morocco: An Attractive Country For Investors I
II Value Proposition
III
Moroccan- African vision IV
Investment Incentives
15
At The Crossroads Of The Continents
PARIS
Flight duration
Sea/land route
ROME
FRANKFURT
SAO PAULO
NEW YORK
CAIRO
ACCRA
BEIJING
DAKAR
MADRID 22h
30d
10h
25d
3.5h
4h
4d
4h
5d
7h
10d
Sources: Royal Air Maroc; COMANAV
5h
3h
3h
4d
1h
1d
3h
2d 3d
3h
2d
16
Unique Set Of Free Trade Agreements
Located just 14 km from Europe
Agreement with Turkey (2003)
Agadir Agreement (2004) United Arab Emirates Agreement
(2003) Arab League Agreement (1998)
Agreement under negotiations with the Economic Community of West African
States (ECOWAS & CEMAC)
Agreement with United States of America (2005)
Agreement under negotiations with Canada
Association Agreement with European Union (1996)
Since 2008, Morocco enjoys an Advanced Status with the EU.
17
Tanger Med Port - Logistics Hub of international stature Connections to 120 ports in 56 countries, with 40 services
Index of maritime connectivity in Morocco
Current capacity of 3 million containers (8millions in 2016)
2 container terminals
3.1 million TEUs * in 2014 (+20%)
Ambition: To be included in the World Top 15
84
16 0
20
40
60
80
100
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
18
Morocco: an unparalleled connection between Europe, the Middle East, and Africa
Direct connections to 32 European cities
Number of international passengers:
Steadily growing
Direct connections to 24 cities in Africa and the Middle East
In millions
8.5 10.1
11.5 12 13.5
15.1 15.1
2006 2007 2008 2009 2010 2011 2012
Sources: Office National des Aéroports & Royal Air Maroc
Mohammed V Airport in Casablanca: best airport in North Africa in 2012 According to the International Association of Airports
19
COMPETITIVE COSTS
Lower exports costs2 Competitive cost of labor1 Attractive tax rates3
595
805
823
990
Morocco
Tunisia
China
Turkey
Algeria 1,270
Spain 1,310
Mexico 1,499
Turkey 40.1%
Morocco 49.3%
Mexico 51.8%
Spain 58.2%
Tunisia 62.4%
China 64.6%
Algeria 72.7%
Production worker - Annual total cash ($) US$ per container % of commercial profits
5,538 Morocco
China 5,763
Algeria 5,793
Tunisia 5,966
Mexico 6,279
Turkey 12,498
Spain 32,090
1. Including salary, non-variable remuneration and incentives 2. Associated costs with all procedures required to export goods 3. Taxes and mandatory contributions paid by the company during the second year of activity. Source: World Bank 2014, Mercer 2013, BCG analysis
20
Strong people advantage A young and well educated workforce Government support for training
64% of Moroccans are aged under 34 years 175 000 university students 25 000 engineering graduates per year for
2015 and 25 000 for 2020
~10 millions of French speakers ~6 millions of Spanish speakers English: ranked 45th WW and 2nd in North
Africa1
Strong cultural and linguistic affinity with Europe
Dedicated entity for professional training (OFPPT) A network of 337 schools with ~400 000
trainees Training in 6 industries:
• Industrial, Tertiary, Construction, ICT, Tourism, Transport & Logistics
Government partnering with investors for training Creation of an Automotive Training Institute
(IFMIA) for the workers of the Renault plant Morocco financed 100% of the training
facility
OFPPT center IFMIA Tangier
1. World index of English level, by « Education First » organization - Source: Arab Social Media Report, Dubai School of Government; Haut Commissariat au Plan, Ministère de l’Enseignement Supérieur, Agence Nationale de Réglementation des Télécommunications, press search, BCG analysis
Accelerated Industrial Plan 2014-2020 : building à momentum for industrialization
21
Achieve the acceleration of our industrialization…
Employment
…Through a development focus on ecosystems
Value creation
Trade Balance
500 000 Industrial job creations
+ 9pts
0
Increase of the Industry’s share in the GDP to 23%
Rebalancing of the external accounts through exports promotion and
substitution to imports
• Corner stone of the IAP
• Tool to integrate and modernize industrial sectors
• Industrial Fund: 20 Bn Dhs
• Land: 1000 ha
• Dedicated financial products
• Coordinated training plans
• Offset and imports substitution
• Transverse objectives of the IAP
• Rebalancing of the trade balance
• Informal inclusion
• Vertical integration SME/LE
Ecosystems and sectorial support
Support measures
Trade balance and inclusive development
22
100 137 212 291 367 405 443 769
1,788
2,999
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
MOROCCO: HUB FOR EXPORTS CASE OF AUTOMOTIVE: X30 IN 10 YEARS
Automotive exports from Morocco (base 100 = 2004)
FRANCE 35%
SPAIN 13%
BELGIUM 4%
TURKEY 10%
EGYPT 10%
GERMANY6%
EQ. GUINEA 3%
POLAND 2%
ROMANIA 2%
Top 10 destinations of Automotive
exports from Morocco (2009-2013)
Source: Trademap
• Cabling for automotive • 8 production units; 1st in 2001 • 16 000 jobs • 2nd largest employer in Morocco
23
RENAULT TANGIERS • TANGIER FACTORY : the largest
automotive plant in Africa (2013)
• 6 000 employees • Production Capacity : 340 000 vehicles per year
• Production : 250 000 vehicles (2015 est. )
• 800 vehicles/day
• 300 hectares, o/w 220 hectares of covered buildings
• Bodywork-assembly, power trains, spare parts
• Vehicles produced: Dacia Lodgy, Dacia Dokker et Dacia Dokker Van on the 1st line and Dacia Sandero + Dacia Sandero Stepway on the 2nd line launched in September 2013 (30 vehicles/hour)
• 1.1 billion € : 700M€ for 1st line and 400M€ for the
2nd line lunched in 2013.
• Environment :
– - 98% reduction of CO2 emission 135 000 tonnes of non emitted CO2 per year;
– 100% of the current power needs are generated by wind wills and water turbines;
– Water withdrawals for industrial processes are 70% lower*
48.9 100.9 174.2
250.0
2012* 2013 2014 2015**
Number of produced vehicles (000s)
*Inauguration Feb. 20th 2012 **Forecast
The 400 000th vehicle produced by Renault Tanger, a Dacia Lodgy grand taxi.
Production prize in the 5th « Sustainable Energy
Europe Awards » organised by EU
* For a conventional plant of equivalent size.
24
PSA Peugeot Citroën : Kenitra site
• €557 MILLION to build a plant in Kenitra province
• To be completed by 2019
• 4.500 direct jobs and 20,000 indirect
• Production Capacity : 200,000 cars and 200,000 engines per year
• B- and C-segment vehicles
• PSA Peugeot Citroën creates a new OPENLAB in
Morocco dedicated to the "car of the future“:
• The new OpenLab, dubbed "Sustainable Mobility for Africa", will engage in a four-year research programme to explore sustainable mobility systems with three core focuses: the electric vehicle of the future, renewable energy and the logistics of the future;
“The country is provided by high standard infrastructures and allow us access a high qualified and educated employees. The kingdom of Morocco has been chosen for the settlement of our company because of the win-win project elaborated
by our teams. The agreement signed with the Kingdom of Morocco will allow us to increase our production capacity in the heart of the region in order to achieve our goal of selling one million vehicles by 2025.“
Carlos Tavares, Chairman of the Managing Board
25
BOMBARDIER: MIDPARC
• 55 000 m² total industrial area owned by BOMBARDIER in MIDPARC exportation free zone (opened in 2013)
• 850 employees by the year 2020
• Production : mechanical components and sub-assemblies (leading edges …) for Canadair Regional Jet (CRJ) wings, a civilian airliner conceived by the Canadian airframe manufacturer (carried out so far in Belfast).
• 37.5 millions € to be invested in sourcing by the year 2024 for an expected global quantity of 500.000 pieces
• Nearly de 8.4 millions € will be set aside for sourcing from Morocco
• 13.1 millions € : allocated budget for the construction of the covered area of 14.000 m² o/w 9.500 m², and 18 m height, platform dedicated to production
BOMBARDIER site in Nouaceur Free zone is the le 3rd Group's largest industrial site , following the site of Queretaro in Mexico and Belfast’s site in Northern Ireland.
26
STELIA Aerospace, 100% subsidiary of AIRBUS group (fusion : Aerolia & Sogerma, jan.2015), 1.8 milliard € and6,100 employees worldwide (800 in Morocco )
Site launch: 2nd plant in Midparc Nouaceur, 15.000 m2 (Dec. 2015), delivery scheduled for June with operational force of 150-200 emp.
~40 millions € investment
400 - 500 employees (futur)
Activity : specialized in assembling complex aerospace sub assemblies (tq. Fuselage elements of A320 et A330, size of 3-4 m)
STELIA AEROSPACE AU MAROC
*Present in Morocco since 1951 through the subisidiary Maroc Aviation
27
INFRASTRUCTURE
2016: 3.3 Bn US$ Investment • Roads and Highways: 1.1 Bn US$ • Train: 0.4 Bn US$ • Ports: 0.77 Bn US$ • Airports:0.1 Bn US$
28
RENEWABLE ENERGY Energy source in %
COAL 28%
FUEL 27%
GAS 13%
HYDRO 27%
WIND 5% COAL
27%
FUEL 10%
GAS 21%
HYDRO
14%
SOLAIRE 14%
WIND 14%
2010 2020
Objective 2020: reach 42% of the installed power from reneweable energy
29
NOOR Thermosolar Power Plant Ouarzazate
• NOOR I Ouarzazate : the world’s largest parabolic trough CSP power plant, 160MW and 3 hours of thermal storage
• 470 000 tons/year (of operation) of CO2 reduction
• Up to 1 000 workers (during construction) and 60 (operation)
• US$ Cents 18.9 / kWh, lowest contracted tariff ever ascribed to date for Concentrated Solar Power Technology
• 2nd phase of NOOR in Ouarzazate, the largest solar power complex in the world :
NOOR II and III projects : 200MW and 150MW solar power plants based on CSP (7.2 hours and 8 hours molten salt storage), with a total value of $ 2.0 Billion (funded on 80/20 debt to equity basis)
Saving approximately 1,108,600 tons of CO2
Commercial operation exp. during Q3/Q4 2017
• Technology provided by SENER (also equity investor in NOOR II)
• 25 years term PPAs signed between ACWA Power and Masen
• Masen holder of 25% equity in NOOR II and III
• SENER and SEPCO III constructors of both projects
CSP*: Concentrated Solar Power Technology; PPAs** Power Purchase Agreements.
30
Contents
Morocco: An Attractive Country For Investors I
II Value Proposition
Investment Incentives III
Moroccan- African vision IV
31
An Attractive Incentive Package Conventional Regime
Eligibility Conditions: • Investment ≥ 100 M DH • Jobs created ≥ 250 • Transfert of technoloy • Implementation in a priority area • Protection of environment
Land Assistance: A contribution up to
20% of acquisition costs
External Infrastructures: assistance of up to 5% of total amount of investment programme
Training: A contribution of up to 20% of training costs.
Industrial and
Investment Development
Fund
Eligibility Conditions: • Total investment ≥ 1O M DH • Investment in goods and
equipment ≥ 5 M DH • Sectors: Automobile,
aeronautics, nanotechnology, microelectronics, and biotechnology.
Contributions are limited to a
maximum of 15% of the total investment and 30 million DH covering land, building and equipment goods.
Hassan II Fund
or
Corporate tax Full exoneration for first 5 years and 17,5% starting from the 6th year
Income Tax : 20% cap in Nearshoring Business Parks
Training Subsidies up to US$7,800 (over 3 years)
Offshoring Sector
Incentives
32
Eligibility Conditions • Activities with non-resident
businesses • Compliance with financial
legislations and regulations, foreign trade and foreign exchange
For service companies CFC status: Total exemption from corporate
tax for companies during the first 5 years of operation and 8.75% thereafter.
For regional and international office: Taxed at a reduced rate of 10%
(corporate tax) Specific taxation rate of 20% for
wage income (income tax) Exemption acts of incorporation
and capital increase
Casablanca Finance
City
Eligibility Conditions • 85% of sales to be
achieved abroad
Unlimited exemption from customs duties
Simplified customs procedures Corporate tax = 0% for 5 years and
8.75% for 20 years Income tax = 0% for 5 years, then
80% tax reduction for 20 years Business tax exemption for 15
years Value Tax Added : unlimited
exemption for goods delivered and services
Registration fees: exemption acts of incorporation and capital increase
Free zone regime
An Attractive Incentive Package
Eligibility Conditions • Investment ≥ 100 M DH
VAT exemption for the importation of equipment goods, materials, and tools for the 36 months following the start of the activity.
This exemption is also granted to parts, spare parts and accessories imported at the same time as the above equipment
Exemption from import of
equipment goods, materials, and tools for the 36 months after the signing of the Investment Agreement
General Tax
Code
33
Contents
Morocco: An Attractive Country For Investors I
II Value Proposition
III
Moroccan- African vision IV
Morocco : priority to investor needs
34
• By 2050, Africa's economy would be close to 10 times bigger than it is today.
• Six of the world’s ten fastest-growing
economies in the world over the last decade were in Africa. It is expected to be seven by 2020.
• The economy in the Sahel region is
growing by more than 5% annually.
• There is a rise of a consumer society,
which increases demand, boosts local
production and amplifies middle class.
In 2014, 106 million Africans should have an
annual income of over $ 5,000*
African economic potentialities
The true size of Africa embraces China, the US, India, Eastern Europe and the most important Western European countries
* Bloomberg
35
Moroccan companies, large footstep in Africa Banking Insurance Telecom ICT & Media Mining
Construction and Real Estate Pharmaceutical Air transport
Tunisia
Mauritania
Senegal
Guinea
Mali
Ivory Coast
Burkina Faso
Benin
Cameroun
Gabon Congo
Madagascar
Tanzania
Kenya
Central African Republic
Niger
Ghana
Burundi
Djibouti
RDC Uganda
Alegria
Libya
Nigeria
Ethiopia
Angola
Equatorial Guinea
Liberia