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The Kingdom has drawn up a comprehensive strategy for foreign investment promotion based on three main elements: a more conducive institutional and legal framework for international investors, a regional strategy for FDI promotion, and a sectoral strategy based on outsourcing and delocalisation.


This strategy is based on the following fundamental factors: the right to invest, the right to transfer income from investment (profits, dividends, capital) and earnings from sale or liquidation, without any limits on amounts or duration and the freedom to invest without prior authorisation. All industrial sectors are open to foreign investment, except for agriculture, which is regulated by the Dahir law n°1-69-25, modified by Dahir laws n°1-97-171 and 1-01-55, forming the agricultural investments code. Investment in the money market, offshore export zones, or hydrocarbons are also ruled by specific regulations. Acquisition of arable lands by foreign investors is prohibited, but foreign investors can obtain long-term leases.

The Investment Charter adopted in 1995 provides for additional instruments to encourage investment in the form of contributions and benefits granted by the State to investors. The main incentives are as follows.

- Export enterprises are exempt from corporate tax (IS) and the general income tax (IGR) for a five-year period, after which there is a 50 percent reduction in these taxes.
- VAT and licence exemptions are good for five years.
- Capital goods, equipment, and tools acquired locally are exempt from VAT.
- VAT is suspended for products and services slated for export.
- For investment in the province of Tangiers, there is a 50 percent reduction in corporate tax (IS), professional tax and licences.
- For investment in the Tangiers free trade zone, there is total exemption of corporate tax for five years and taxation at 8.75 percent for the following 10 years.
- Stock option capital gains are taxed at 10 percent, under certain conditions.
- Acquisition of land intended for an investment initiative is exempt from registration fees. This exemption also applies to companies investing in areas earmarked for priority development.
- Full convertibility in foreign currency is available for foreign investment.
- Investment is protected and there is free transfer of capital, tax-free profits, and revenue from the sale or total or partial disposal of these investments, including capital gains.
- Non-discrimination between foreigners and nationals is guaranteed.
- In addition to tax incentives, large-scale investments (exceeding DH 200 million) are also exempt from import duty and VAT on imported capital goods, equipment, and tools for activities that benefit regional development. In order to boost regional development, the State also assumes part of the cost for developing industrial zones.

In addition to these tax and customs incentives, foreign investors are also eligible for other advantages in targeted geographic and sector-defined free trade zones. Two types of infrastructure are being developed:

- Industrial parks such as Bouskoura, Jorf Lasfar (class A production facilities and controlled pollution) and Meknes.
- The Tangiers Free trade zone (which relates exclusively to the exporting companies) and the Tanger Méditerranée harbour complex, one of the largest Mediterranean ports at the crossroads between Europe and Africa, on the way between Asia and America, with a potential of 140,000 jobs. The first ships should call in 2007.

Investors can also take advantage of a number of benefits pertaining to customs regimes, such as temporary entry for processing, bonded warehousing and storage, as well as advantages provided under the free export zone regime and the offshore financial centre regime.