“Morocco is a bright spot in the region,” said the Minister of Finance Mohamed Boussaid in his visit to London, according to the Financial Times Website.

The regional revolutions in 2011 affected Morocco with a massive fiscal deficit in the gross domestic product (GDP) reaching 7.4% in 2012. However, such deficit had decreased by 5.5% in 2013 with a goal set to reduce it more this year depending on how Rabat slashes subsidies and reforms its economy.

Boussaid added that numbers of tourists increased by seven percent in 2013. Meanwhile, a huge surge in car exports reached 70% Y-o-Y in the same year.

Moreover, earlier in 2014, Morocco sold EUR 1 billion Eurobonds; its first euro-dominated bond in four years.

Furthermore, Boussaid noted that this year witnessed low agricultural yields and weak growth in Europe; Morocco’s main export market. However, the International Monetary Fund (IMF) expects GDP will grow by around 4.7% in 2015.

Additionally, trade rose to an average of around $1 billion per year and Moroccan investment outflows to Africa jumped by more than 40% over the past decade.

The Minister highlighted that private sector has already settled in west and central Africa as Maroc Telecom has become the main telecoms provider in francophone Africa, with over 30 million subscribers.

On the banking sector level, Banque Marocaine du Commerce exterior (BMCE) expanded in 17 African countries through its Bank of Africa Group. A future goal for Morocco set to become a platform for production and export to African countries through Casablanca Finance City (CFC), a new regional finance hub.

Boussaid added that 60 companies have CFC “status”, giving them lower income tax, simplified immigration procedures and a package of other incentives, hoping for expanding them to 100 companies by 2015. Such companies include multinational banks, such as BNP; insurance companies, including AIG; professional services, private equity, asset management and law firms.