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Agriculture remains a key contributor to Morocco’s economy, accounting for about 15% of GDP in 2016. The sector generates nearly 40% of employment and over 10% of exports, and the industry’s development plan has benefitted both agricultural productivity and resiliency. Numerous initiatives, such as incentives and measures to ease access to land, improve irrigation systems and contribute to segment-specific growth, should bolster prospects in the medium to long term. However, adding value to agricultural products remains an area for further progress. A public programme is seeking to incentivise the enhancement of production capacity, the development of exports, and the modernisation of marketing and distribution. The kingdom is also set to continue playing a key role in supporting growth of agricultural yields and battling the effects of climate change. This chapter contains an interview with Hassan Sentissi, President, National Federation of Seafood Processing and Development Industries.

The need to diversify production capacity and create jobs has been pushing Morocco to invest in its industrial sector. Industrial activities have traditionally focused on agro-industrial production; however, the kingdom is looking to leverage burgeoning segments such as automotive and aeronautics. Outlining the expansion of manufacturing under a series of government-led programmes, a host of emerging business lines are gradually becoming essential for generating exports. Through the creation of interlinked production clusters, both the government and private investors are setting the stage for industries such as automotive production, agro-industry and aeronautic components manufacturing to become central to the economy. This chapter contains interviews with Amine Louali, President, Moroccan Steel Industry Association and Deputy CEO, Maghreb Steel; Noureddine Gnaou, CEO, Soremar Group; and Benbrahim El Andaloussi, President, Institut des Métiers de l’Aéronautique.

Already the leading insurance market in North Africa, as well as a major force in the African market, Morocco’s insurance industry continues to see growth and large-scale regulatory reform, with the foundation of an Islamic insurance segment as well as new forms of compulsory insurance. Factors such as the emergence of the kingdom’s middle class, growing awareness of insurance, remote sales of coverage and the imminent launch of takaful (sharia-compliant insurance) firms should help to sustain expansion rates in excess of GDP growth over the medium to long term. Coupled with growing industry interest in building a wider Moroccan presence in the sub-Saharan African market, these developments will assist in raising sector penetration and further consolidate Morocco’s status. This chapter contains interviews with Ali Harraj, President, Wafa Assurance; and Youssef Fassi Fihri, CEO, Société Centrale de Réassurance.

One of the largest capital markets in Africa, Morocco’s bourse, the Casablanca Stock Exchange, has been slow to develop in recent years, with relatively few new listings, limited liquidity and a mixed performance. While initial public offers have been relatively few and far between since 2012, a wide range of recent reforms and more legislation in the pipeline appear could help boost investor interest. These changes should provide a range of new products and allow investors to make a profit during times of both rising and falling share prices. Relaxing listing conditions for smaller firms, which are often in greatest need of capital, will also provide a welcome change for the sector. The market’s strong performance in 2016 and 2017, the continuing development of Casablanca Finance City and efforts to make Morocco a regional financial centre more generally will add further momentum, cementing the kingdom’s status as one of Africa’s most important capital markets. This chapter contains an interview with Hassan Laaziri, Chairman, Association of Moroccan Capital Investors and CEO, CDG Capital Private Equity.

Morocco’s banking sector is the most highly developed in North Africa in terms of penetration indicators and is also among the most advanced in the wider MENA region. The industry, which is in the midst of a recovery in lending growth, stands on the verge of another substantial step forward, thanks to the imminent launch of both an Islamic banking sector – backed by the creation of a wider Islamic finance system – and a new system of non-bank payment institutions. Plans are also under way to open up the microfinance segment to depositors and private operators, in addition to ongoing reforms to further bolster the financial system’s overall stability. This chapter contains interviews with Abdellatif Jouahri, Governor, Bank Al Maghrib; and Abdulbasit Ahmad Al Shaibei, CEO, Qatar International Islamic Bank.

Despite the kingdom’s dependence on agriculture for strong GDP growth, efforts to strengthen other export sectors, coupled with diversification of trading partners, have allowed Morocco to develop a variety of competitive industries and increase their presence in international markets. Traditional segments such as phosphate production remain important, but a range of emerging manufacturing capabilities are helping to promote growth across a broader base of activities. Morocco has seen a recent influx of investment that has been translated into various projects, such as new industrial and infrastructure developments. With an emphasis on diversifying its commercial partners, Morocco’s African strategy has been raising the kingdom´s political and economic profile, and extending its clout across the continent. This chapter contains interviews with Mohamed Boussaid, Minister of Economy and Finance; and Ahmed Lahlimi Alami, High Commissioner, High Commission for Planning.