U.S. Department of State

Openness to, and Restrictions Upon, Foreign Investment

Morocco actively encourages foreign investment and has sought to facilitate it through macro- economic policies, trade liberalization, and structural reforms. The U.S. Free Trade Agreement (FTA) and the Association Agreement with the EU have led Morocco to reduce its tariffs on imports from the U.S. and EU. Morocco has also signed a quadrilateral FTA with Tunisia, Egypt and Jordan, and a bilateral FTA with Turkey. Additionally, it is seeking trade and investment accords with other African, Asian and Latin American countries.

The U.S.-Morocco FTA has led to more than a tripling of bilateral trade and roughly a tripling of both the stock and annual flow of U.S. investment to Morocco. In the World Bank's 2012 "Doing Business" report, Morocco gained twenty spots, rising from 114^th to 94^th. However, the country's excessive bureaucratic red tape continues to be a major constraint on the competitiveness of the economy and deters investors. To facilitate foreign investment, the government has created a number of Regional Investment Centers (CRI) to minimize and accelerate administrative procedures. Investments in excess of 200 million MAD (USD 26 million) are, in addition, referred to a special ministerial committee chaired by the Prime Minister.

Morocco's 1995 Investment Charter applies to both foreign and Moroccan investors, with foreign exchange provisions favoring foreign investors. Foreign investment is permitted in nearly every sector. The world's largest phosphate producer, Morocco's Office Cherifien des Phosphates (OCP), has signed several joint venture agreements to set up new fertilizer and chemical plants, a move seen by analysts as a step towards liberalizing the phosphate sector. OCP appears to have shelved previous plans for an initial public offering, however. Additionally, although foreigners are prohibited from owning agricultural land, the law does allow for long-term leases of up to 99 years and permits agricultural land to be purchased for non-agricultural purposes. Morocco has sought to encourage foreign investment in the agricultural sector by making land available for leasing. Agricultural ventures by French, Spanish and Middle Eastern investors are targeted mostly at citrus and olives, with some small investments in grapes and berries.

	Index	Ranking
2011	TI Corruption Index	80 out of 182
2011	Heritage Economic Freedom	93 out of 179
2012	World Bank Doing Business	94 out of 183
2012	MCC Gov Effectiveness	69th Percentile
2012	MCC Rule of Law	66th Percentile
2012	MCC Control of Corruption	72nd Percentile
2012	MCC Fiscal Policy	65th Percentile
2012	MCC Trade Policy	60th Percentile
2012	MCC Regulatory Quality	83rd Percentile
2012	MCC Business Start Up	78th Percentile
2012	MCC Land Rights Access	77th Percentile
2012	MCC Natural Resource Protection	46th Percentile

Conversion and Transfer Policies

The Moroccan dirham is convertible for foreign investors for all current-account and selected capital-account transactions. Particularly, capital-account repatriation transactions are convertible if the original investment is registered with the foreign exchange office. Morocco's foreign exchange law enables expatriate employees to repatriate their entire salaries.

Foreign exchange is readily available through commercial banks for the following activities without prior government approval: Remittances by foreign residents; repatriation of dividends and capital by foreign investors; and payment for foreign technical assistance, royalties and licenses.

The current exchange-rate regime is a tightly managed float against a euro-dominated basket of currencies. The Moroccan dirham thus tends to move in line with the Euro. It fluctuated between 7.7 and 8.6 MAD to the dollar in 2011, with an average exchange rate for the year of 8.09 MAD to the dollar.

Expropriation and Compensation

Mission Morocco is not aware of any recent, confirmed instances of private property being expropriated for other than public purposes, or being expropriated in a manner that is discriminatory or not in accordance with established principles of international law.

Dispute Settlement

In general, investor rights are backed by an impartial procedure for dispute settlement that is transparent. In 2009 a few U.S. companies had investment disputes with the Government of Morocco but no new cases emerged in 2010 or 2011. In most cases, through U.S. advocacy, these minor disputes were resolved with the relevant government agencies.

While Morocco's commercial and appeals courts have generally improved the dispute settlement climate, Moroccan and foreign companies continue to complain about the inefficiency and the lack of transparency in the judicial system. Among King Mohammed VI's six priority areas identified in a major annual address in August 2009 were improving the business environment and the fairness and efficiency of the judicial system. In late 2009 a National Committee for the Business Environment (CNEA) was created in partnership with the private sector, and it has worked to identify needed reforms and raise awareness of business environment issues nationally and internationally. Recent UN and World Bank studies point to some progress on these issues, though they continue to highlight Morocco's shortcomings in a number of key areas, noting that bankruptcy protection and liquidation procedures are inefficient and that the courts are slow and often fail to enforce legal rulings.

In an effort to promote foreign investment, the Moroccan legislature has adopted laws to protect both foreign investors and their Moroccan counterparts. Morocco is a member of the International Center for the Settlement of Investment Disputes (ICSID) and a party to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (with reservations) and the 1965 Convention on the Settlement of Investment Disputes between States and Nationals of Other states. Legislation extending the scope of arbitration and mediation and giving them added legal standing took effect in July 2007, partly as a result of FTA required reforms. Arbitration, in particular, finds increasing use in Morocco today. Moreover, USAID, in collaboration with IFC, assisted the Government in 2008 and 2009 with the establishment of a national commission on Alternative Dispute Resolution (ADR) with a mandate to regulate mediation training centers and develop mediator certification systems. The goal of this program is to increase the use of mediation in the prevention phase of bankruptcy proceedings and in the resolution of business disputes outside of the courts. Although the program remains limited in its implementation, the business community has generally viewed early use of the system in Rabat and Casablanca as favorable.

Performance Requirements and Incentives

At present, there are no general foreign investor performance requirements. However, in the event that government incentives are provided, requirements may be imposed, and if so, would be spelled out in the specific investment contract.

Morocco provides a range of investment incentives, including a corporate tax holiday during the first five years of business and a 17.5 percent rate thereafter. In the case of “offshoring” facilities, the government has offered telecommunications costs set at 35 percent below the market price and training grants of up to USD 7,000 for each Moroccan employee during the first three years of employment. A new version of the investment incentive regime is currently undergoing a governmental review.

American citizens can enter Morocco for a period of three months without a visa. A Moroccan residence permit is required for a period of more than three months.

Right to Private Ownership and Establishment

Private ownership is permitted in all but a few sectors reserved for the state, such as phosphate mining. Economic analysts, however, speculate that as Morocco's phosphate processing increasingly becomes open to foreign investment, its mining sector may follow suit. Apart from a few exceptions, private entities may freely establish, acquire and dispose of interests in business enterprises.

2010 saw much discussion of privatization and French oilseed giant Sofiproteol acquired a forty-one percent stake in Moroccan cooking oil producer Lesieur Cristal for one hundred and fifteen million euros. However, in the wake of the global economic slowdown other prospective offerings failed to materialize, including a plan to sell up to seven percent of industry leader Maroc Telecom’s capital from the government’s holdings.

Protection of Property Rights

The U.S.-Morocco FTA contains strong intellectual property protections, which were incorporated in Moroccan intellectual property legislation in 2006. Pursuant to its FTA obligations, Morocco enacted legislation that increased protection of trademarks, copyrights and patents. While the protection of Intellectual Property Rights (IPR) is improving as a result of these provisions, counterfeit DVDs and CDs remain widely available throughout Morocco and weaknesses remain in the country's mechanisms for detection and sanctioning of internet-based IPR violations. Morocco's Customs Office, Copyright Office (BMDA), and the Office of Industrial and Commercial Property (OMPIC) have initiated campaigns to target Morocco's largest counterfeit manufacturers and importers, with mixed success. Consumer product companies have stated that counterfeiters have become increasingly sophisticated in their production and distribution of counterfeit goods.

Secured interests in property are recognized and enforced through the "Administration de la Conservation Fonciere."

Transparency of the Regulatory System

Despite government efforts to increase the system's transparency, Morocco's administration is opaque and difficult to navigate. Routine permits, especially those required by local government agencies, can be difficult to obtain. Morocco has sought, with some success, to increase the transparency of its public tenders. However, recent moves to decentralize the procurement process have seen only limited implementation pending the government’s general “regionalization” plan.

In 2006 a new charter for the central bank created an independent board of directors and prohibited the Ministry of Finance and Economy from borrowing from the central bank except in exceptional circumstances.

Efficient Capital Markets and Portfolio Investment

Morocco's banking system is one of the most liberalized in North Africa. Nonetheless, it is highly concentrated, with the six largest banks accounting for 85 percent of banking sector assets. The IMF/World Bank's updated Financial System Stability Assessment concluded that the system was "stable, adequately capitalized, profitable and resilient to shocks." It noted the progress Morocco has made in deepening financial intermediation (39 percent of the population has a bank account as of 2009, up from 36 percent in 2007) and in reducing the overall level of non-performing assets (down from 11 percent in 2006 to 6 percent at the end of 2008 and 5.5 percent by the end of 2009). In its October 2011 assessment, the IMF noted that Morocco would need to mobilize additional resources and continue to strengthen core capital to adequately support credit growth in the future.

A new Moroccan banking law was passed in 2006, strengthening the supervisory power of the central bank and improving risk management practices. Morocco has generally completed adoption of Basel II capital adequacy and risk management guidelines in order to improve financial stability and adopted International Accounting Standards (IAS) intended to enhance transparency.

Credit is allocated on market terms, and foreign investors are able to obtain credit on the local market. There are some cross-shareholding arrangements, but they are not tailored to exclude foreign investment. The Mission has not received any reports of efforts by the private sector or industry to restrict foreign participation in standard-setting organizations. The government has actively sought out the participation of foreign investors for discussions on improving the business climate in Morocco.

Some foreign banks are critical of what they view as a lack of proportional participation in the Moroccan Bankers' Association. However, Moroccan banks are largely in compliance with the Basel I standards and have become almost completely Basel II compliant as required by the Moroccan central bank. Banks are supervised on a consolidated basis and must provide statements audited by certified public accountants. In 2009, ten banks submitted consolidated financial statements based on Basel II standards.

The Casablanca Stock Exchange (CSE), founded in 1929 and re-launched as a private institution in 1993, is one of the few regional exchanges with no restrictions on foreign participation. The market weakened in 2008 and fell further in 2009 when the global credit crisis and its spillover into the real economy dampened foreign investment inflows and demand for exports. The Bourse rebounded sharply in 2010 with the MASI (Moroccan All Shares Index) growing by 21.17 percent. Although the Casablanca exchange only saw two Initial Public Offerings (IPOs) during 2010, one of the listings came from Morocco’s largest and most important insurance company, CNIA SAADA Assurance, which listed 15 percent of its shares on the exchange in November. Investors predicted similar gains and more listings in 2011 but the regional turmoil of the Arab Spring and persistent weakness in the global economy appeared to cause many investors to take a wait-and-see approach. As a result, activity in the market declined during 2011.

Analysts note that the market is buoyed by continuing restrictions on the ability of Moroccans to invest abroad. Gradual easing of these limits is widening Moroccan investors' options, however, and recent changes in the Moroccan exchange regime seem aimed at allowing Moroccan financiers to invest more freely into neighboring markets.

Competition from State-Owned Enterprises

Morocco maintains partial or full state ownership in several sectors, from phosphate mining to transportation. While the leaders of Morocco's state-owned enterprises (SOE) are appointed by the King, most report to a Board of Directors chaired by a Minister or royal or prime ministerial appointee and publish annual reports.

SOEs compete with private firms under the same terms and conditions.

Corporate Social Responsibility (CSR)

CSR has gained strength in tandem with Morocco's economic expansion and stability. The country's businesses are slowly embracing responsibility for the impact of their activities on the environment, communities, employees and consumers. As an example, the General Federation of Moroccan Businesses (CGEM) has awarded "social labels" to companies based on a systematic analysis of the effects of their activities. While there is no legislation mandating specific levels of CSR, foreign and some local enterprises follow generally accepted principles such as the OECD CSR guidelines for multinational companies. NGOs are also taking an increasingly active role in monitoring corporations' CSR performance.

Political Violence

Morocco is a monarchy with a Constitution, government, parliament and judiciary, in which ultimate power and authority rest with the throne. A democratic reform process is underway and the country is broadly regarded as politically stable. The U.S. Government maintains excellent relations with Morocco and has designated Morocco a Major non-NATO Ally. A series of terrorist bombings in Casablanca in March and April 2007, as well as the bombing of the Argana Café in Marrakesh in April 2011 highlight the fact that Morocco continues to face a terrorist threat. U.S. facilities were targeted in 2007. Counterterrorism cooperation is excellent. The Moroccan Government aggressively investigates terrorist suspects and has dismantled a number of terrorist cells over the past year.

Demonstrations occur frequently in Morocco and usually center on domestic issues. Although most demonstrations have been peaceful, well organized, and well controlled by the police, some past events have exhibited anti-American sentiment with isolated violent incidents. During periods of heightened regional tension, large demonstrations may take place in major cities. Additionally, the “Arab Spring” of 2011 led to the creation of the February 20^th Movement in Morocco. This disparate group of protesters has taken to the street in numbers between a few hundred to tens of thousands almost every Sunday since its inception.

The sparsely settled Western Sahara was the site of armed conflict between the Moroccan Government and the Polisario Front, which demands independence. A cease-fire has been in effect since 1991, but the territory remains disputed between Morocco, Algeria, and the Polisario. Negotiations to reach a settlement resumed in 2007 under UN auspices, but the dispute hampers development in the territory, as well as economic and political integration in the North Africa region.

Corruption

Morocco has a wide body of laws and regulations to combat corruption, but it remains a problem, in part due to the low salaries in the public sector. The Parliamentary elections in November 2011 brought to power a coalition led by the Party of Justice and Democracy, which highlighted anti-corruption during its election campaign. The new government taking office in January 2012 is expected to make the fight against corruption one of its key priorities. A new anti-corruption agency was set up in 2007 but only became operational in January 2009. Headed by a respected senior Moroccan official who has been active in anti-corruption efforts since the founding of "Transparency Maroc," the agency was created to "moralize" Moroccan public life and to propose specific steps the government can take to address the issue. In 2010, an anti-corruption hotline was introduced under the auspices of the Moroccan business federation, CGEM.

In spite of an improvement from last year’s 85^th place ranking, Morocco's 80^th place in Transparency International's 2011 corruption index is still well below its 2002 level, when it was 52nd. Government officials have criticized the Index, which reflects public perceptions concerning corruption, for not emphasizing recent anti-corruption efforts. These include enhancing the transparency of public tenders and implementation of a requirement that senior government officials declare their assets at the start and end of their government service.

Since 2003 Morocco has taken a series of steps to counter terrorist finance, strengthen controls against money laundering, and conform to international accounting and banking standards. Comprehensive anti-money laundering legislation was passed in 2007, drawn largely from recommendations made by the Organization for Economic Cooperation and Development's (OECD's) Financial Action Task Force (FATF). Morocco has created a Working Group on money laundering and counter-terrorism financing to coordinate policy and training across the various agencies of the Moroccan government. An independent Financial Intelligence Unit became operational in 2009. In July 2011 Morocco joined the Egmont group, an informal network of FIUs.

Bilateral Investment Agreements

The U.S.-Morocco FTA was signed in June 2004 and came into effect in January 2006, ending tariffs on over 98 percent of the bilateral trade in consumer and industrial goods and subsuming previous bilateral investment agreements. An informal “Atlantic Bridge Initiative” between the Moroccan Ministry of Foreign Trade and the U.S. Department of Commerce was signed in October 2011. It is designed to promote Morocco as a regional platform for exports to Europe, Africa, and the Middle East. For more details on the U.S.-Morocco FTA please visit www.moroccousafta.com

OPIC and other Investment Insurance Programs

Morocco's agreement with the Overseas Private Investment Corporation was most recently updated in March 1995. In March 2011, Secretary of State Hillary Clinton announced that OPIC will provide up to 2 billion dollars in financial support to catalyze private sector investment in the Middle East and North Africa region, including Morocco. Morocco is also a member of the Kuwait-based Arab Investment Guarantee Organization (OAGI) and the Multilateral Investment Guarantee Agency (MIGA). For more details please see www.opic.gov

Labor

Once strong and politically influential, the Moroccan trade union movement is now fragmented and no longer possesses the political clout it carried 50 years ago when it helped lead the country to independence. Nevertheless, 5 of the 24 trade union federations retain the potential to influence political life. Although unions claim high membership rates, Morocco has about 600,000 unionized workers, less than six percent of the 11.26 million workforce.

Moroccan labor law and practice draw from French models. The labor code was reformed in 2004, reducing the maximum workweek from 48 to 44 hours. Labor codes concerning unions and the right to strike do not cover domestic workers. Investors continue to view labor regulations as a significant constraint. They complain that procedures regarding lay-offs remain complicated and onerous, and they impose a significant financial burden on companies. Rules regarding foreign personnel are also vague and can lead to conflicting interpretations and arbitrary decisions.

Morocco has ratified the International Labor Organization (ILO) convention covering the right to organize and bargain collectively, and any group of eight workers can organize. Article 14 of the Constitution gives workers the right to strike, but no detailed law defines it. For a union to engage in collective bargaining it must have at least 35 percent of the enterprise's workforce as registered members. The Ministry of Interior occasionally intervenes, especially if the Government believes strategic interests are threatened. There are mandatory procedures governing the settlement of disputes, though the Government settles them on a case-by-case basis.

The official national unemployment figure at the end of the third quarter 2011 rose slightly from 9.0 to 9.1 percent compared to the previous year. The more meaningful urban unemployment figure improved from 14.8 percent in 2009 to 13.8 percent in 2010 and appeared to be holding relatively steady in 2011 according to statistics released by the Moroccan High Commission for Planning (HCP). However, those same statistics appeared to show an increasing rate of unemployment among urban 15 to 24 year-olds. In 2011, in response to social pressures, the government raised the minimum wage. The industrial minimum wage now stands at 11.70 MAD per hour, approximately USD 1.43, a ten percent increase from the previous wage of 10.64 MAD per hour. Meanwhile, the agricultural minimum wage also rose, reaching 60.63 MAD per day, approximately USD 7.39.

Foreign Trade Zones/Free Ports

The industrial free trade zones (FTZs) and Logistic Zones in Tangier have brought foreign investment and employment to the northern region of Morocco. The companies located in the FTZs may import goods duty free and are exempt from other taxes. Moroccan labor laws still apply, but few, if any, firms are unionized. There is also an offshore banking law covering Tangier.

Foreign Direct Investment Statistics

The Moroccan foreign exchange office maintains balance of payments statistics that include annual foreign exchange inflows for private foreign investment. These statistics differentiate between foreign direct investment (purchases of companies or increases in capital), portfolio investment, and short-term financing for current account expenditures, e.g. lending to a subsidiary for purchases of equipment. There are no official statistics on the stock of foreign investment in Morocco, but new foreign investment peaked at about USD 4.6 billion in 2007, before declining to around 3.6 billion in 2008 and 2.5 billion in 2009. The following tables are based on balance of payments statistics.

Foreign Direct Investment in Morocco
(Millions of USD)

Year	Total FDI	Percent of GDP
1999	945.6	2.7
2000	245.8	0.8
2001	2,732.2	8.0
2002	534.2	1.3
2003	2,430.2	4.9
2004	1,070.5	1.9
2005	3,007.6	5.1
2006	2,962.5	4.5
2007	4,629.2	6.2
2008	3,608.1	4.1
2009	2,510.7	2.75
2010	3,827.9	4.2

Foreign Direct Investment Inflows by Country of Origin
(Millions of USD)

Country	2006	2007	2008	2009	2010
United States	98.1	188.2	108.1	79.06	56.29
France	982.5	1740.7	1360.7	928.2	2285.08
Spain	817.2	744.9	337.6	208.12	320.73
Germany	106.8	200.8	169.3	98.05	58.13
UK	105.8	314.2	156.7	128.28	63.34
Netherlands	25.8	61.5	24.3	31.29	27.26
Benelux	296.0	160.7	133.9	*122.93	*141.87
Saudi Arabia	37.5	77.6	65.9	32.95	62.3
Switzerland	102.9	161.6	214.3	145.46	167.2
UAE	87.9	464.6	608.5	149.22	245.44
Kuwait	115.0	192.1	14.9	373.98	108.96
Italy	38.0	105.4	99.0	73.83	26.99
Portugal	5.7	6.8	5.8	6.58	3.55
Others	143.0	210.0	309.1	281.97	260.78
Total	4629.1	3608.1	3007.6	2510.7	3827.92
N.B	2006	2007	2008	2009	2010
Exchange Rate (MAD/USD)	8.80	8.20	7.75	8.0846	8.445
GDP(Billions of USD)	65.40	75.10	88.88	91.06	90.50

*In 2009, Office des Changes began reporting separately on Belgium and Luxembourg.

Foreign direct Investment Inflows by Sector
(Millions of USD)

Sector	2006	2007	2008	2009	2010
Industry	1019.6	404.2	230.2	294.5	395.62
Tourism	889.6	1515.0	732.2	380.86	392.02
Real Estate	467.8	925.7	1180.9	725.1	876.98
Banking	166.3	222.4	639.9	489.86	493.55
Insurance	166.2	2.6	25.9	33.82	35.75
Commerce	118.9	41.9	23.2	19.15	44.76
Holding	16.8	103.4	285.1	24.14	92.66
Energy and Mining	11.4	343.7	202.4	10.48	37.34
Transport	6.4	333.8	22.7	51.39	62.37
Public Works	3.9	64.9	32.6	14.46	27.76
Telecommunications	3.1	376.5	29.7	369.83	1217.80
Agriculture	2.8	4.0	3.5	1.98	3.39
Fishing	0.0	0.5	2.8	0.1	2.75
Studies	0.0	0.0	0.0	0.0	6.35
Other Services	76.8	275.1	192.7	88.27	127.79
Other	12.8	15.6	4.4	6.79	11.06
Total	2962.5	4629.1	3608.2	2510.7	3827.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Major Foreign Investors

U.S.

Industries Marocaines Modernes
Parent company: Procter and Gamble
Sector: Soaps and toiletries
Number of employees: 1,000

Coca-Cola Export Corporation
Parent company: The Coca-Cola Export Corp.
Number of employees: 5,000

FRI—Mcdonald’s Morocco
Parent company: McDonald’s Corporation
Number of employees: 2,000
-Plan to invest nearly 60 million USD over three years beginning in 2011

MATIS Aerospace
Parent company: Boeing/Royal Air Maroc/Labinal (Joint venture)
Sector: Aerospace production
Number of employees: 580

Delphi Automotive (former division of GM)
Sector: Auto part manufacturer
Number of employees: 4,890
-Present in Tanger-Med Free Trade Auto Zone, produces for export only

Dupont
Sector: Automotive supplier
Number of employees: 4
 -Working in TangerMed Free Trade Auto Zone, supply three paint colors for Dacia vehicles; plan to expand to 25 employees

Kraft Foods
Sector: Food products
Number of employees: 200

Mars North Africa and Levant
Sector: Food products
Number of employees: 13
-Invests about 1.2 million USD per year

Lear Automotive
Sector: Automotive
Number of employees: 2,500
-Produces for export only; Present in Tanger-Med Free Trade Automotive Zone and Rabat Technopolis

Cargill
Sector: Food production and distribution
Number of employees: 85
-Recently invested $17 million in a storage facility at the Casablanca port (Silos du Maroc) in partnership with the local railway company

Minco Aviation Electronics
Sector: Aviation/Hi Tech
Number of employees: 66
-Produces for export only

Kerzner International
Sector: Tourism - Mazagan Beach Resort
Number of employees: 1,300

Colgate Palmolive Maroc
Sector: Pharmaceutical and cosmetic
Number of employees: 122

 Ecomed
Parent company: The Consortium Global Environmental Sustainability, Inc. (GESI) and Edgeboro International Inc.
Sector: Waste Management
Number of employees: 70
- Investing about $7.5 million over 10 years in Fes project and about $100 million over 18 years in Casablanca project

CMCP
Parent company: International Paper
Sector: Packing
Number of employees: 1,500

Fruit of the Loom
Sector: Textile
Number of employees: 2,300
-Production of high quality t-shirts for export to European market only

Dell Computers
Sector: Computers/Hi Tech
French-language call centers
Number of employees: 1,700

Pfizer
Sector: Pharmaceutical
Number of employees: 151

Brinks
Sector: Security
Number of employees: 1500

Other

Jorf Lasfar Energy Company
Parent company: TACA Energy (operated by CMS Energy)
Sector: Independent power project
Number of employees: 317

DHL
Sector: Packing/Transportation
Number of employees: 300

Lafarge Betons
Parent company: Lafarge (France)
Sector: Concrete
Number of employees: 160

Holcim (Maroc)
Parent company: Holcim (Switzerland)
Sector: Concrete
Number of employees: 501-1,000

Tecmed Maroc
Parent company: Grupo ACS (Spain)
Sector: Waste collection
Number of employees: N/A

Bymaro S.A.
Parent company: Bouygues S.A. (France)
Sector: Construction and civil engineering
Number of employees: 1,500

Renault Maroc
Parent company: Renault S.A. (France)
Sector: Motor vehicle assembly
Number of employees: 285

Alstom Maroc
Parent company: Alstom (France)
Sector: Power generation and transport
Number of employees: N/A

EADS Maroc Aviation
Parent company: European Aeronautic Defense and Space Company (Europe)
Sector: Aeronautics and defense
Number of employees: 251-500

Sanofi-Aventis Maroc
Parent company: Sanofi-Aventis SA (France)
Sector: Pharmaceutical manufacturing
Number of employees: 185

Novartis Pharma Maroc
Parent company: Novartis International AG (Switzerland)
Sector: Pharmaceutical
Number of employees: 180

Nestlé Maroc
Parent company: Nestlé SA (Switzerland)
Sector: Consumer packaged goods
Number of employees: 590

Imperial Tobacco Morocco
Parent company: Imperial Tobacco (UK)
Sector: Tobacco
Number of employees: 1,000+

The Morocco Mall
Parent Company: Al Jedai Group (Saudi)
Sector: Retail
Number of employees: 5,000+

Bombardier Aerospace
Parent Company: Bombardier (Canadian)
Sector: Aerospace
Number of employees : 850 (expected)