Forbes Magazine Ranks Morocco Best Maghreb Country for Business in 2016

Forbes Magazine Ranks Morocco Best Maghreb Country for Business in 2016

The Kingdom of Morocco has emerged as the best business-friendly country in the Maghreb and the second in Africa in the US Forbes Magazine’s 2016 ranking of Best countries for Business.

The new ranking highlights the North African country’s key investment areas. For the famous magazine, Morocco owes its remarkable progress and attracting potential to its “industrial development strategies and infrastructure improvements” coupled with King Mohammed VI-led reform policies.

“Since taking the throne in 1999, King Mohammed VI has presided over a stable economy marked by steady growth, low inflation, and gradually falling unemployment,” Forbes noted.

“In late 2014, Morocco eliminated subsidies for gasoline, diesel, and fuel oil, dramatically reducing outlays that weighted on the country’s budget and current account. Subsidies on butane gas and certain food products remain in place.”

The Magazine also underscores the country’s new orientation towards renewable energy translated by several green energy projects.

Despite those impressive progresses and ambitious plans, the North African country is still dogged by high unemployment rate, poverty and illiteracy particularly in rural areas, the magazine stressed.

For the magazine, Morocco should reform its education and judiciary systems.

The kingdom occupies the 51st spot in the world ranking meaning a giant stride after ranking 62nd last year. Morocco outclasses Tunisia (87th) in the region. South Africa tops the African ranking as it occupies the 48th global spot.

The global ranking is dominated by Sweden (1st), New Zealand (2nd) and Hong Kong (3rd).

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