Morocco

The US State Department's 2026 Investment Climate Statement, published in September, says Morocco actively encourages foreign investment, especially in export manufacturing. It notes that the updated Investment Charter offers incentives that lower costs for foreign investors and steer investment toward priority sectors such as defence and pharmaceuticals and toward less-developed regions. The report is a current baseline for checking incentives and treaty protection, including the US bilateral investment treaty and FTA and BITs in force with more than 50 countries.

U.S. Department of State · 2026-09-23

The investment ministry's targets are for private investment to reach 50% of total investment in 2026 and 65% by 2035 under Investment Charter 03-22, with a 2022-2026 goal of MAD 550 billion in private investment. Foreign Minister Bourita promoted Morocco's public-private partnership model in New York on 23 September. With 2026 the final year of the current goal, the new government may revise incentive schemes.

CapMad · 2026-09-23

No significant developments identified in this section for the reporting period.

Aperture editorial note · 2026-10-10

On 22 September Bank Al-Maghrib held its key rate at 2.25%, citing moderate inflation and high uncertainty, and cut its 2026 growth forecast to 4.4% (from 4.9% in 2025), with growth expected to slow to 2.9% in 2027. Entrants should plan for slower domestic demand next year while borrowing costs stay low and steady; the bank expects official reserves of about MAD 503 billion at end-2026.

Morocco World News · 2026-09-22

Inflation averaged 0.3% in the first eight months of 2026, held down by falling food prices, olive oil in particular. The central bank expects 0.7% for 2026 and 1.5% for 2027, with core inflation rising from -0.2% to 2.2% as that effect fades and imported inflation stays high. Firms setting prices and wages should expect costs to start rising in 2027 after a year of nearly flat prices.

Hespress English · 2026-09-22

Under Article 48 of the Organic Finance Law, the 2027 Finance Bill must reach the House of Representatives by 20 October. Much of the bill was prepared by the outgoing Akhannouch government, while PAM campaigned on costly changes to pensions, income tax and direct social aid. Any changes to tax or spending that affect foreign firms will become clear only when the bill is filed, and the new cabinet has little time to rewrite it.

Hespress English · 2026-10-04

In the 23 September legislative election, PAM won 97 of 395 seats, well short of the 198 needed for a majority. RNI, the party of the outgoing head of government, fell from 102 to 66 seats, and the Islamist PJD quadrupled its seats to 54 and says it will stay in opposition. This is a change of governing coalition, not of the political system, and the official investment climate assessment still describes Morocco as politically stable.

Al Jazeera · 2026-09-26

On 29 September King Mohammed VI appointed PAM's Fatima Ezzahra El Mansouri, the outgoing housing minister, as head of government. On 5 October Le360 reported she favours a four-party coalition of PAM, Istiqlal, USFP and PPS (207 seats) that would leave out RNI. Who runs the economy, finance and investment ministries is still unknown, so foreign firms with pending approvals or negotiations should expect possible changes of contacts and priorities.

The Rio Times (citing Le360 and MAP) · 2026-10-06

Second-quarter labour data show strict unemployment at 9.5%, a broader measure at 14.7%, and urban unemployment at 11.9%. Water scarcity is weighing on agriculture, industry and investment decisions as the 2026-27 farming season begins. Small-business groups are pressing the incoming government to put their demands into the 2027 budget, so labour, water and energy costs are likely to be early policy issues for operators.

North Africa Post · 2026-10-01