Morocco Machinery

Morocco Machinery

The objectives of the 2017 Finance Bill are to accelerate the structural transformation of the economy, with a focus on industrialisation and export, improving competitiveness and promoting private investment, the training of human capital, the reduction of social and territorial disparities and the strengthening of institutional governance mechanisms. In 2016, Morocco was particularly active on the African continent and its reintegration into the African Union after more than 30 years of absence was approved in January 2017. In November 2016, the country hosted the COP22 in Marrakech and is now committed to increase the share of renewable energies to 40% by 2020. In February 2016, Morocco inaugurated the Ouarzazate Solar Power Station, which will ultimately be the largest of its kind in the world.

· Morocco has an open economy. Trade represents over three-quarters of the GDP (2015). Morocco's main trade partners are France and Spain, followed by the United States and Italy. The country mainly imports crude oil, telecommunications equipment, wheat, gas and electricity. It mainly exports textiles, electrical components, fertilisers, citrus fruits and vegetables.

· Morocco has a structurally negative trade balance, which continues to deplete its foreign exchange reserves. However in 2015, the deficit was reduced thanks to a decline in energy imports as energy expenditure decreased with the fall in oil prices (MAD 154.2 billion). In 2016, the trade deficit widened again (MAD 184 billion), with imports (especially capital goods) rising faster than exports. 

· The authorities are trying to address the trade deficit through a series of sectoral plans: 'Emergence' for industry, 'Green Morocco' for agriculture and Morocco Export Plus, which aims to triple the volume of exported goods and services over the next ten years. Free trade agreements have been signed with the United States, Turkey, Tunisia, Egypt and Jordan. Morocco has also been strengthening its commercial integration with the European Union

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