Not a free zone but rather a financial zone according to the international nomenclature and definition
Casablanca Finance City is progressing well in its continental vocation. Since 2012, about 75% of Morocco’s investments in Africa pass through this structure. At the end of March, the special place set up in the heart of Casablanca to support Moroccan and international investors to Africa counted 150 companies established covering 46 countries of the continent.
“These are all companies that cover Africa and invest from Casablanca,” said Manal Bernoussi, Director Strategy, Marketing and Communication of Casablanca Finance City in an interview with Financial Afrik in late March in Abidjan, in the margin of the Africa CEO Forum.
It should be noted that 70% of the companies with the CFC label are international and 30% Moroccan. “All have an African vocation. Because to obtain the CFC label, you must first submit an application to a commission. Among the decisive conditions, the candidate company must realize a substantial part of its business plan in Africa in the next five years, “says Manal Bernoussi.
The companies thus approved benefit from a certain number of advantages, including fiscal ones. However, Casablanca Finance City is not defined as a free zone but rather a financial zone according to the International nomenclature and definition. “Just like the City of London, CFC enables onshore and offshore activity. This is not the case for example Dubai Free Zone exclusively for offshore activities. CFC is truly a business community focused on Africa, “says Manal Bernoussi at Financial Afrik.
Does this mean that the CFC model is in competition with Mauritius? This is not what the marketing director thinks, which speaks rather of complementarity. “For us, there is no competition in Africa. There are partnerships. We need union and complementarity “in a continent where, after all, there are very few places dedicated to investment compared to Europe. “As shown by the latest international ranking in this area, CFC is leading alongside other places like Johannesburg and Mauritius. In my opinion, there are very few financial centers in Africa “.
Of course, the recent signing of the Continental Free Trade Area (ZLECA) has a positive impact on CFC and inter-African trade in general.
“From my personal point of view, I think these integration initiatives are generally beneficial. In the eyes of international investors, every African country taken apart is too small on the international stage. An integrated area would be a big step forward. For global investors accustomed to Asian or American markets, a ticket to Morocco or Nigeria is too small. The ZLECA brings critical mass. All initiatives to harmonize the various African regulations and to present a united front internationally are necessarily beneficial. ”
The CFC package in brief
In concrete terms, the Casablanca Finance City status offers Doing Business support. CFC members can start their business in less than 48 hours, benefit from the foreign contract that allows them to recruit abroad without restriction, as well as a number of administrative facilities and the right to repatriate their invested capital and dividends .
In addition, SWC offers access to African expertise through 14 partnership agreements signed with national investment promotion agencies such as the Nigerian Export Promotion Council (NEPC) or the Center for Investment Promotion in Côte d’Ivoire ( CEPICI).
The goal, says Manal Bernoussi, is to sign exchanges of information and data. “We regularly produce country files with news. The added value of CFC is also to help promote Africa at the global level by bringing investors into contact with key people in the recipient countries of their investments. “
