Free Trade Agreements and Foreign Direct Investment: Institutional proximity as attractiveness factor The case of banks and telecoms in Morocco (In French)

Malika HATTAB-CHRISTMANN (lereps-Gres)

Cahiers du GRES (2002-2009) from Groupement de Recherches Economiques et Sociales

Abstract: As all the Southern and Eastern Mediterranean countries, Morocco has been engaged into euro-mediterranean agreements to increase international investors trust. Another objective was to influence Multinational firms localisation choices,, as these firms are seen to be the main way to develop industries, employment, technology transfert and to reach an important growth level. In this paper, evolution of the foreign direct investment flows and their sectorial affectation since 1996 allowed us to conclude that euro-mediterranean agreements as well as world trade organisation agreement could be seen as last step of Structural Adjustment Plans. Indeed, they allowed to depeen reforms, essentially with the openness to competition of several own-stated sectors. Evolution path of foreign greenfield investment did not radically change but the important movement of mergers and acquisitions has been translated in a modification of domestic firms shareholding, especially in the banking sector and telecom. Therfore, Free Trade Agreements could be seen as the mean to fasten institutional change.

Keywords: foreign direct investment; Free Trade Agreements; euro-mediterranean partnership; shareholding; banks; telecoms; Morocco; institutional change (search for similar items in EconPapers)
JEL-codes: F15 F21 F23 O16 O19 (search for similar items in EconPapers)
Date: 2007
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