Moroccan Economy
From International Business Wiki
has a very diverse terrain which allows for a number of economic opportunities and country growth. Foreign investment has greatly impacted the development of ’s economy. A major reason for this is because capital gains charged on property are between 0 and 20 percent. Aside from property has a number of other valuable resources such as agriculture, fishing and other industries. ’s economy is a very free economy in comparison to other places in the .
The cost of living in is lower than European areas giving an appealing outlook to investors who are looking to make capital gains. The property market is growing at a rapid rate and has been included in the national development plan. Many of the renovations and newly developed areas are being built to encourage tourists to visit. The Vision 2010 project has been introduced to drastically increase tourism in .
Agriculture in makes up a large majority of the labor force as well as a large portion of the countries GDP. mainly exports fruits and vegetables and because of this relies heavily on the proper weather conditions to produce these goods. “After three consecutive years of drought (four in the southern parts), in 2002-2003 was blessed with significant, timely, and widespread rainfall that boosted agriculture output and is expected to positively impact the whole economy.” (http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr122713e.html)
Fishing employs about 400,000 people and is an incredible asset to the Moroccan economy. “The industries importance is underscored in both the employment sector and by the over $600 million of foreign exchange that is reaped from the industry each year.” (http://www.american.edu/ted/ice/morspain.htm) The fishing sector is comprised of two sections which are the Moroccan coastal fishery and the high seas. The Moroccan coastal fishery consists of small wooden boats mostly catching small game. The high seas on the other hand are made up of bigger steel boats equipped with coolers allowing them to stay at sea longer and catch more desired fish.
As continues to grow its mining industry continues to be one of ’s leading mining industries. “Globally is a significant producer and exporter of industrial materials.” (http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr122713e.html) also has the largest phosphate reserves in the world. The textile and leather industry of is a big part of the industrial production index. “The sector employs 41% of the industry labor force.” (http://www.1stmaroc.com/economy/industry.html) Other industries such as the cement industry and chemical industry are also on the rise. The food industry of has also been on the rise. In past years imported sugar but after its independence has produced its own in vast quantities. In the mechanical industry new low cost cars have been developed having an enormous impact on the sales of new cars.
