Morocco moved 7 places in the World Bank’s Doing Business 2020 ranking released in Washington to 53rd place out of 190 nations globally.
This breakthrough marks significant progress towards Morocco’s goal of reaching the top 50 largest economies in the world by 2021, the head of Government‘s Department said in a statement.
Morocco maintains its lead in North Africa and ranks third among countries in the North African and Middle East-(MENA) region, behind the United Arab Emirates which is ranked 16th and Bahrain 43rd and a head of Saudi Arabia 62nd .Oman 68th, Jordan 75th, Qatar 77th Tunisia 78th Kuwait 83rd and Egypt 114th.
On the African continent the report points out that Morocco maintains its third spot behind Mauritius which is 13th placed in the world ,Rwanda 38th and ahead of Kenya placed at 56th south Africa 84th Senegal 123rd and Nigeria 131st .
“Morocco’s positive score in this new world ranking is due to the adoption of a series of important measures and reforms related to the business and activities of Moroccan companies ,and which are part of the work program of the national committee on the business environment (CNEA),” the statement said.
Furthermore the country ranked 16th in the world in terms of building permit index by launching a new version of the electronic platform for digital management of building permits.
The World Bank report said that in Morocco made “paying taxes less costly by reducing the corporate income tax rate.”
Morocco’s measures to reduce taxes attract international and local investors to promote certain sectors, including the automotive and aeronautics sectors.
