Forbes Magazine has ranked Morocco as the 62nd “Best Country for Business” for 2019.
The US-based magazine said that Morocco earned this place due to its “proximity to Europe and relatively low labour costs” and that it is working “towards building a diverse, open market-oriented economy.”
“Morocco has increased investment in its port, transportation, and industrial infrastructure to position itself as a centre and broker for business throughout Africa.”
Forbes also noted King Mohammed VI’s leadership in business, saying that 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.”
According to Forbes, the country’s key business sectors include agriculture, tourism, aerospace, automotive, and phosphates.
Morocco also has one of the most popular migration ports in Africa. As routes through Libya have become more dangerous, migration through Morocco has risen.
Spain has borne the brunt of this migration and has become the leading destination for migrants crossing the sea into the EU, with more than 60,000 people arriving in the country last year.
Morocco is also one of the most popular tourist destinations in the world. As Winston Churchill dubbed the city of Marrakesh as “simply the nicest place on earth to spend an afternoon”.
The currency here is the Moroccan dirham (MAD) and is a closed currency, which means you can’t buy it outside Morocco, and it’s also illegal to take it out of the country. The Euro also travels when in the country and is accepted in most places.
In addition, tourism and the presence of all foreign embassies in Morocco serve to make Rabat one of the most important cities in the country. The Moroccan capital was ranked at second place by CNN in its “Top Travel Destinations.
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