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CREATING MARKETS IN MOROCCO

A SECOND GENERATION OF REFORMS: BOOSTING

PRIVATE SECTOR GROWTH, JOB CREATION AND SKILLS UPGRADING

Country Private Sector Diagnostic

JUNE 2019IFC

2121 Pennsylvania Avenue, N.W.

Washington, D.C. 20433 U.S.A.

ifc.org

Contacts

ZEINAB PARTOW

| zpartow@ifc.org

MARIEM MALOUCHE

| mmalouche@worldbank.org

JUNE 2019Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure Authorized

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development

institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our

capital, expertise, and inuence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term nancing for developing countries , leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org.

© International Finance Corporation 2019.

All rights reserved.

2121 Pennsylvania Avenue, N.W.

Washington, D.C. 20433

www.ifc.org The material in this work is copyrighted. Copying and/or transmitting po rtions or all of this work without permission may be a violation of applicable law. IFC does not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or err ors (including, without limitation, typographical errors and technical erro rs) in the content whatsoever or for reliance thereon. The ndings, interpretations, views, and conclusions expressed herein are those of the authors and do not necessarily reect t he views of the Executive Directors of the International Finance Corporatio n or of the International Bank for Reconstruction and Development (the World Bank) or the governments they represent.

Photos: Shutterstock

CREATING MARKETS

I N M O ROCCO

Country Private Sector Diagnostic

ACKNOWLEDGEMENTS

The Morocco Country Private Sector Diagnostic (CPSD) was led by Mariem Malouche and Zeinab Partow, and

included contributions from Michel Bacher, Fahmi Ben Abdelkader, Jorgen Billetoft, Daniel Camos Daurella,

Arnaud Dornel, Souad Elmallem, Arthur Denis Pascal Foch, Lea Iungmann, Ihssane Loudiyi, Marta Caminas

Mora, Peter McConaghy, Graciela Miralles Murciego, and Carlo Rossotto. In addition, the team is thankful for

the industry-specific, in-depth knowledge and guidance provided by Kudret Akgun, Hind Kadiri, Nasser Kadiri,

Salah-Eddine Kandri, Anica Nerlich, Chris Richards, Kristina Turilova, and Houda Zinoun. The team is grateful

to the valuable comments provided by the peer reviewers Fadila Caillaud, Emiliano Duch, Youssef Saadani,

and Henri Sfeir. The team also thanks Ufalia Maria Acosta for administrative support in Washington; Houda

Cherkaoui and Abdurrahman Bashir Karwa for administrative support in Morocco; and Peter Milne for editing.

This work was carried out at the request and under the guidance of IFC and World Bank Leadership. The team

is grateful for the ongoing support and guidance throughout the entire preparation of the CPSD by Mona

Haddad, Marie Francoise Marie-Nelly, Mouayed Makhlouf, Najy Ben Hassine, Xavier Reille, Alejandro Alvarez de

la Campa, Jean Pesme, Fadila Caillaud, Jaafar Friaa, and Gabriel Sensenbrenner.

CONTENTS

7 EXECUTIVE SUMMARY

15

I. DEVELOPMENT OBJECTIVE

17

II. COUNTRY CONTEXT

17 A. MACROECONOMIC CONTEXT

19 B. THE STATE OF THE PRIVATE SECTOR

33 III. LEVELING THE PLAYING FIELD FOR ALL MARKET PLAYERS

33 A. ENHANCING MARKET COMPETITION FOR THE BENEFIT OF THE PRIVATE

SECTOR

42 B. CHANNELING DOMESTIC CAPITAL TOWARD TRADABLE PRODUCTIVE

SECTORS

45 C. RECOMMENDATIONS

46 IV. ENTREPRENEURSHIP AND SME DEVELOPMENT

47 A. FOSTERING ENTREPRENEURIAL TALENT AND CULTURE

50 B. IMPROVING ACCESS TO FINANCE, FINANCIAL INCLUSION, AND

INTER-FIRM CREDIT

55 C. EXPANDING THE DIGITAL ECONOMY

59 D. INCREASING SME PARTICIPATION IN PUBLIC PROCUREMENT

59 E. IMPROVING ACCESS TO LAND

61 F. RECOMMENDATIONS

64 V. INFRASTRUCTURE: RESPONDING TO EMERGING

CHALLENGES

64 A. THE STATE OF MOROCCO"S INFRASTRUCTURE

65 B. STATUS OF PUBLIC AND PRIVATE SECTOR FINANCING OF

INFRASTRUCTURE

67 C. INSTITUTIONAL CONSTRAINTS TO PRIVATE SECTOR

INFRASTRUCTURE FINANCE

69 D. SECTOR-SPECIFIC ISSUES

72 E. RECOMMENDATIONS

73 VI. SECTOR DEEP DIVES

73 A. TERTIARY EDUCATION

77 B. VOCATIONAL TRAINING

82 C. AUTOMOTIVE INDUSTRY

87 D. AEROSPACE INDUSTRY

95 ANNEXES

129

BIBLIOGRAPHY

133

REFERENCES

ADD Agence de développement du digital

ADM

Autoroutes du Maroc

ADSL

Asymmetric Digital Subscriber Line

AFD

Agence française de développement

AMDI

Agence marocaine de développement

des investissements AMICA

Association Marocaine pour l"Industrie et

la Construction Automobile AMITH

Association marocaine des industries du

textile et de l"habillement ANRE

Autorité nationale de régulation de

l"électricité ANRT

Agence nationale de règlementation des

télécommunications BAM

Bank al-Maghrib

BTI

Bertelsmann Stiftung Transformation

Index CCG

Caisse centrale de garantie

CDG

Caisse de dépôt et de gestion

CEM

Country Economic Memorandum

CGEM Confédération générale des entreprises du Maroc CGI

Compagnie générale immobilière

CNCP

Commission nationale de la commande

publique

COFACE

Compagnie Française d"Assurance pour

le Commerce Extérieur CPSD

Country Private Sector Diagnostic

CSE

Casablanca Stock Exchange

DEPP

Direction des entreprises publiques et de

la privatisation ESITH

Ecole Supérieure des Industries du

Textile et de l"Habillement

FDI

Foreign Direct Investment

FENELEC

Fédération national de l"électricité et de l"électronique FIMME

Fédération des Industries Métallurgiques

Mécaniques et Electromécaniques

FSAP

Financial Sector Assessment Program

FSU

Fond de services universel des

télécommunication GCC

Gulf Cooperation Council

GDP Gross Domestic Product GEI Global Entrepreneurship Index GEM

Global Entrepreneurship Monitor

GIMAS

Groupement des Industries Marocaines

Aéronautiques et Spatiales

HCP

Haute commissariat au plan

ICT

Information and Communication

Technology

IFC

International Finance Corporation

IFI

International Financial Institution

IGD

Institut a gestion déléguée

IMA

Institut des métiers de l"aéronautique

IPP

Independent Power Producer

ISMALA

Institut spécialisé d"aéronautique et de la logistique aéroportuaire ISP

Internet Service Provider

HAO

Holding d"aménagement Al Omrane

HEM

Institut des hautes études de

management JCAP

Joint Capital Markets Assessment

Program

MAD

Moroccan dirhams

MASEN

Agence marocaine pour l"énergie solaire

MFD

Maximizing Finance for Development

MFI

Micronance Institutions

MINEFI

Ministère de l"Economie et des Finances

MRO

Maintenance, Repair and Overhaul

NAFTA

North Atlantic Free Trade Agreement

NGO

Non-Governmental Organization

OCP

Oce chérien des phosphates

ODA

Ocial Development Assistance

OECD

Organization for Economic Cooperation

and Development OEM

Original Equipment Manufacturer

OFFPPT

Oce de la formation professionnelle et

de la promotion du travaille OMPIC

Oce Marocain de la Propriété

Industrielle et Commerciale

ONCF

Oce nationale des chemins de fer

ONCF

Oce nationale de chemins de fer

ONEE Oce nationale de l"eau et de

l"électricité

RAM Royal Air Maroc

Abbreviations and acronyms

RPK Revenue Passenger Kilometers

SCD

Systematic Country Diagnostic

SME

Small and Medium Enterprises

SNI

Société nationale d"investissement

SNTL

Société nationale du transport et de la

logistique SOE

State-Owned Enterprise

SOMACA

Société Marocaine de Construction

Automobile

TIMSS

Trends in International Mathematics and

Science Study TFP Taxe de formation professionnelle TFP

Total Factor Productivity

TMSA

Agence spéciale Tanger Méditerranée

TVET

Technical and Vocational Education and

Training

VAT Value Added Tax

VC Venture Capital

VSE

Very small enterprise

WDR

World Development Report

Morocco has steered significant resources towards

large investments in economic sectors identified as strategic to growth, and for increased productivity and value addition.

From offshoring to aerospace

to electronics, these sectors have benefited from substantial public resources and an array of generous incentives to attract foreign direct investment (FDI). The government's efforts have successfully attracted large foreign investors and created dynamic activity in several sectors, including the automotive industry, aeronautics and renewable energy. Morocco has also progressed in its Doing Business environment, moving up nine places in the 2019 Doing Business ranking to 60
th out of 190 economies compared to the previous year, and up from a ranking of 129 in 2009, reflecting many years of sustained reforms. Despite Morocco's strikingly high investment rate, one of the highest in the world at an average of 34 percent of GDP annually since the mid-2000s, the returns in economic growth, job creation and productivity, have been disappointing.

Moreover, countries like

Colombia, the Philippines and Turkey achieved similar or higher growth rates, but with significantly lower levels of investment (World Bank, 2016a). Countries with successful economic takeoffs have managed to maintain per capita GDP growth rates well above four percent for decades (compared to Morocco's annual GDP per capita growth rates of 2.9 percent between

2000 and 2017, and just 1.6 percent between 1990

and 2000), and have shared growth dividends through rapid job creation.

The Moroccan economy has performed particularly

poorly in terms of job creation.

For a working age

population that grew, in net terms, by 270,000 people annually between 2012 and 2016, just 26,400 net new jobs were created on average per year. Only 17 percent of the working age population has a formal job, and less than 10 percent has a formal private sector job (Figure 2). Productivity gains have been low: in the longquotesdbs_dbs50.pdfusesText_50

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