Morocco After a decline during the global recession, FDI flows to Morocco increased over 2013-2015, exceeding USD 3 billion each year. However, according to UNCTAD’s World Investment Report 2020, FDI flows to Morocco decreased by 55% to USD 1,6 billion in 2019. FDI stock reached USD 66 billion in 2019, a rise of more than USD 20 billion when compared to 2010 level. According to data from the Moroccan Foreign Exchange Office, France, the UAE, Spain, and Luxembourg have the majority of FDI stocks. This was mostly due to the acquisition of the Moroccan insurance firm Saham by the South African Sanlam via its Ireland-based asset fund for USD 1 billion. Consequently, the insurance sector had the lion’s share of FDI in recent years. Nevertheless, manufacturing has the highest share of FDI stocks, followed by real estate, trade, tourism and transportation. Morocco launched a vast project of economic modernization programme (Industrial Acceleration Plan 2014-2020) to attract more FDI. Casablanca in particular aims to become an international financial center. The construction of Ouarzazate Solar Power Station, expected to become the largest solar plant in the world with a total capacity of 510MW upon completion, is one of the largest infrastructure investments, not only in Morocco but in the whole of Africa. Quantum Global ranked Morocco as the most attractive country for foreign investment in Africa in its Africa Investment Index 2018. Furthermore, Morocco is ranked 53rd out of 190 economies by the World Bank in its Doing Business 2020 report, gaining seven spots compared to 2019, and up by 40 spots from 2012. This improvement has been made thanks to better access to electricity (generalizing online applications for new connections and expanding the use of prebuilt transformers). Dealing with construction permits has also been eased by improving the dedicated online platform.