Through the 18 years of His Highness King Mohammed VI’s soverignty, the Kingdom of Morocco has transformed. Morocco’s Gross Domestic Product (GDP) has improved and it paved the way for it to become one of the top developing nations in the African region.
King Mohammed VI was instated in 1999, and from that time he told his countrymen that Morocco needs the cooperation and combine effort of all the citizen to make Morocco grow.
The King’s tenure of more than fifteen years has tested his ability as a leader on both economic and institutional fronts. The past two years of Morocco was market with economic dynamism. The investments from foreign countries increased as well as the developments in Morocco’s infrastructure through construction projects.
King Mohammed VI focused on developing the condition of the country’s trade balance, labor market, and education system and has contributed to convert Morocco into a promising and resilient economic power.
According to Mohamed Dekkak, Chairman and Founder of Adgeco Group, King Mohammed VI has made efforts and programs that will free up Morocco’s economy. He visited different countries to build strong economic relations, executed several inducements to draw more foreign investors, establishing bilateral agreements and free trade agreements, and introducing new market opportunities. The reign of Mohammed VI is marked by the opening of the exonomy of Morocco to the international market.
The opening up of Morocco to other economies has delivered good advantageous results through the evolution of the country’s GDP, the arrival of middle groups in the social hierarchy, the augmentation of FDI (foreign direct investments) , and the innovation in the industry, agriculture, and services.
Reinforcing the resilience and appeal of the economy of Morocco is a main concern that must be improved for King Mohammed VI since the day he became the kimg.
At present, Morocco is enjoying a promising business situation in the Middle East and orth African region particularly on the continent of Africa. According to the most recent study of World Bank for this year’s “Doing Business” worldwide ranking, the Kingdom of Morocco was placed at 68 among the 183 countries involved in the study. The result suggests that Morocco’s economy has been flourishing and has jumped five spots from the 2016 Doing Business Ranking. Its standing also improved after five years jumping more than 53 spots from year 2010 to year 2017.
King Mohammed VI also contributed to the kingdom’s governmental strength and stability. He made the decision of setting Morocco away from several North African nations and bolstering financiers. Aside from is factor, other factors for economic stability is the requirement of human resources, its low rate of production expenses, and the economic development rate.
Furthermore, Morocco has undertaken several reorganizations to develop its business conditions. Numerous projects were introduced which Morocco has been taking advantage of. King Mohammed VI implemented a well-organized regulatory agenda, introduced more investment opportunities, firm observation and action versus tax elusion, the upgrading of the monetary segments, and the reinforcement of free enterprise.
The Kingdom of Morocco has made its mark in the business industry through its excellent action in international cooperation, entitlement for bank grants, the system for the approval of structure certifications, the settlement of taxes and tariffs, and the implementation of agreements.