In recent years, Morocco has been extremely successful in attracting a consistent flow of foreign capital to the country. But how has this been achieved? We caught up with Chief Executive Officer, Abdellah Bakkali to find out…
“Over the past decade Morocco has focused on developing human capital and a labour force capable of working on major industrial projects,” says Abdellah.
“In recent years, successive governments have implemented strategies in building a successful business environment capable of attracting foreign investments and developing internal market economy. These strategies are culminated in putting in place infrastructure that facilitates and allows businesses to produce goods at low costs thus providing an added competitive advantage when exporting abroad”.
The economy is growing quickly in Morocco, as are the housing, health and education sectors. However the number of products currently being imported is a cause for concern. Developing products in Morocco to lessen the need for importing large quantities is something Abdellah is keen to see in the near future.
“Every challenge is a business opportunity,” he says. “Morocco is still importing a large volume of goods and the challenge is to ensure that these goods are produced within the country. Morocco is now producing its own trains but whilst the gap is reducing, the demand for goods is changing.”
Being just one of several law firms in Morocco, Abdellah believes the firm should always be one step ahead of their competitors in order to thrive as a company. In addition he takes the view that forming a strong team, possessing the correct levels and areas of expertise will mean that the firm are always the go-to people for legal matters.
“In order to succeed as a law firm, we have to be a step ahead of our competitors,” says Abdellah. “We always strive to do better and go a mile further for our clients. In every instruction or assignment, we endeavour to make available to our clients the best team that money can buy. Our lawyers are experts in their field with a varied background and many years of experience”.
Law firms, like any other business, are always looking to improve, but what is it like to work in the industry at the present time?
“It is very competitive as there is always someone who would try to copy what we do. However, in our business model, we believe in spending time in understanding our clients’ businesses and needs and in forging relationships and extending our network of contacts, as they are key to business development”.
Over the last 12 months, Bakkali Law Firm has seen a number of notable success stories, but what have the company’s biggest achievements been?
“We were successful in enforcing the first ever English Court’s judgement in Morocco and appealing against the enforcement of financial instruments by a creditor,” says Abdellah. “We also advised a multi-national and a foreign investor on a major project (construction and infrastructure) relating to building phase one of a new city. Our work covered everything needed, but more importantly ensured that the legal framework for foreign investment - in particular tax issues - and the necessary structures are properly dealt with.”