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d intended for capital investment.

As an additional incentive measure, Morocco simplified the country's customs schedule, applying two flat-rate tariffs on all imported machinery, parts, equipment, capital goods, and accessories bought into Morocco to expand a business.

The Charter also shields foreign investors from paying value added tax (VAT) on imported equipment, materials, and goods; and exempts start-up firms from license fees, corporate taxes, and general income taxes for five years. Thereafter, new businesses are required to pay a tax that is deeply discounted.

Labor Laws
Morocco has also reformed many of its labor laws and clarified employment rules. The government is improving the country's pool of skilled labor by stepping up funding for public learning institutions that offer vocational training.

Economic

Morocco geographical location is Northern Africa, neighboring the North Atlantic Ocean and Mediterranean Sea, between Algeria and Western Sahara. For the major resources of Morocco economy are agriculture, phosphates, and tourism. Beyond that, the others important also are sales fish and seafood.

In the industry and mining are contribute about one- third of the annual GDP. Morocco is the third-largest producers of phosphates. That was after the United States and China. On the international market the price fluctuations of phosphates are greatly influence Morocco's economy.

Agricultural have plays an important role in the economy, accounted for 15 to 20 percent of GDP, but is depending on weather conditions, owing to its dependence on rainfall for watering; and the unceasing problem is unpredictable rainfall, which produces drought or sudden floods.

The Morocco economy are characterized by macroeconomic stability, high growth rates over the past several years; the production of textiles and clothing is a part of growing manufacturing sectors that accounted for approximated 34% of total exports in 2002, employing 40% of the industrial workforce. The largest provider to the GDP is services sector in the economy. The developed and rapidly changes of Tourism and services sectors accounted for 52 percent of the GDF therefore the employed are 35 percent of the labor forces in years 1999. In exports industry there are include textiles, shoes, clothing, and the most important is raw phosphates processed products, and also including phosphoric acid and fertilizers for agricultural use. Morocco is the world's largest exporters of raw and processed phosphates, but the phosphates sector just only 3 percent to the GDP.

For the exchange rate in Morocco, from side to side a foreign exchange rate anchor and management policy, Morocco has grip inflation rates to industrial country levels over the past decade. Inflation fell in 2008, mainly due to the fall of world and local food prices. Result of rising international commodity prices. Regardless of criticism among exporters that the dirham had become badly overvalued, the country maintained an account surplus, to transfers from Moroccans resident abroad, tourism revenue, and foreign investment. Morocco has since run a slight deficit, but foreign exchange reserves remain strong.

In the Business cycle of the main finding show that, Morocco has witnessed since beginning of the eight complete business cycle and a ninth one not yet finished.