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Morocco


  Country Profile
 

Source: CIA The World Factbook

Full Name Kingdom of Morocco
Capital Rabat
Total Area 446,550 sq km
Population

34,343,220 (July 2008 est.)

GDP $137.4 billion (2008 est.)
GDP per cap $4,000 (2008 est.)
Growth 5.3% (2008 est.)
Inflation 4.6% (2008 est.)
FX Rate

1.00 MAD to 0.114148 USD

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  Country Background
 

Morocco, a constitutional monarchy with a 32 million-strong, predominantly Arab and Muslim population, lies on the north-west coast of Africa and is the only African country that is not currently a member of the African Union.

 

It has strong trading and cultural links with southern Europe, particularly France (the former colonial power) and Spain (its close neighbour across the straits of Gibraltar). In recent years, economic integration with the European economy has increased sharply, assisted by a free trade agreement negotiated with the European Union (EU) which was ratified in 2000.

 

The Kingdom of Morocco is the only African country that is currently not a member of the African Union.

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  Bilateral Trade
 

Overall, Morocco was Singapore's 55th trading partner in 2007 with a total trade of close to S$809.59 million.

 

Imports to Morocco represent over 56.95% of total trade to the tune of S$461.03 million while exports figure was at S$348.56 million in 2007.

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  Economic Overview
 

The engines of the Morocco economy are as follows:

 

Agriculture: An estimated 45% of the national workforce is employed in this sector and it accounts for approximately 30% of total exports. The sector is vulnerable to drought and its contribution to GDP can vary dramatically depending on weather.

 

Tourism: This sector accounts for around 8% of GDP and is one of the largest foreign exchange earners. The country is becoming an increasingly competitive destination for European travel. The government is committed to large-scale investment in the tourism sector in the coming years. It is targeting a boost in tourist visitor numbers to 10 million by 2010, from 2.5 million in 2001.

 

Phosphates and Mining: The strongest point of Moroccan industry is phosphate mining near Khouribga and in Western Sahara. It is the world's third-largest producer of phosphates and is estimated to hold nearly 75% of the world's known phosphate reserves. The government is keen to expand mining and processing operations, particularly through joint-venture projects with European and Asian companies.

 

Fishing: New fishing ports are planned as part of the government's aim to increase the sector's contribution to GDP. Major investment is also expected to modernize the existing fleet of fishing boats, upgrade ports, and add value to fishing resources through handling and processing services.

 

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