Morocco Country Report

Business Opportunities

This article is PrimeGlobal Moroccan member firm Fiduciaire Internationale contribution to the International Accounting Bulletin Morocco survey, published in IAB's June newsletter. Please read the full article below and reach out to Jaouad Khayatey, Managing Partner, regarding any questions in relation to doing business in Morocco.

What were the most significant regulatory developments on the Moroccan market over the past 12 months?

Mohamed VI Fund for Investment: Law 76-20 speaking of the creation of the investment FM6. The fund will be managed collectively by six ministerial departments, as well as under the responsibility of the head of government. "The fund's management methods will be different from traditional methods, since the current bodies can constitute an obstacle to investments for years", specifies the report of the elected members of the 1st Chamber. It should be noted that four amendments were introduced in the initial draft of the government and mainly concern the areas of intervention of the fund. The final version specifies that the fund will be able to open its capital up to 49%, without the shares of the authorities that can become shareholders not exceeding 33%. For the budgetary control that will be exercised, an agreement will be drawn up between the State and the fund, with a view to mapping out the methods of control intended to ensure the sustainability of the allocations. A decree should also be issued in order to establish the mechanisms for opening up the fund's capital to private operators, but also to public authorities.

Which business lines have proved most resilient in the face of the coronavirus pandemic?

By separating the various regions, apparently the impact of the crisis prosperity differs starting with one region then onto the next. The agri-food zone has shown itself to be strong by and large regardless of the scourge, with an expansion in pay rates and social advantages of 4.2% and 44.2% independently in the primary portion of 2020. Mining zone dependent on the possibility of every crude material, yet generally speaking the district saw a 6.1% increment in income. The telecoms sector thus increased by 13.3%. Basically, the most resilient sectors are: tertiary, agrifood, pharmaceuticals, and textiles because producers have converted to the manufacture of covid products including masks. Morocco became an exporter of masks in 3 months after the covid.

Forbes recently reported that Morocco would be the fifth strongest African economy in 2021 - are your clients confident that the economy will perform strongly this year?

Morocco should turn into the fifth best performing economy in Africa in 2021 paying little heed to monetary conditions as per the data base of the International Monetary Fund and the World Bank. The IMF anticipates a genuine advancement of Morocco's GDP of 4.5% this year. The agrarian season has been valuable for Morocco, which anticipates extraordinary development in farming GDP. The venture programs embraced will extensively affect the Moroccan economy on account of its global receptiveness and all the more especially in Africa, customs, money and land. Clients are certain about the future, the primary portion of 2021 denoted a huge development rate.

What are you expectations for your business over the remainder of this year?

Our expectations for the rest of the year are to support companies who are struggling because of covid by restructuring and diagnostic studies to then seek sources of financing. We plan to join a growting market for business consulting and grow in this area. We will support companies that have experienced strong growth following the Covid to assist them in their reorganization and adapt their structures and business planning to new market constraints.

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Fiduciaire Internationale is an accounting, auditing and consulting firm founded in 1988. We have a high-level multidisciplinary team of auditors, consultants, accountants, consultants and financial experts who are able to best meet the expectations of our clients. The quality of our speakers and our vast experience in the accounting, legal and financial fields allow a positioning on missions with high added value, on a national and international scale. The firm offers more than 20 services of 5 Business Units: Audit, Evaluation, Bookkeeping, Financial Studies, Legal and Tax Consulting and Accounting Assistance.

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