© EuroMed@Change 2013 1

© EuroMed@Change 2013 2

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Building EuroMed partnerships

This guide is a Doing business toolkit dedicated to

clusters, SMEs, or entrepreneurs interested in

developing business partnerships in the agri-food

sector in Morocco. It provides an overview of the

main opportunities available for the private sector, as

well as concrete and useful data to those interested

to go further (contacts, agenda of events, etc.).

References

The Mediterranean Business Guide, focus on Agri-

food in Morocco has been prepared by ANIMA

Investment Network under the EuroMed@Change

Project, a Preparatory Action initiated by the

European Parliament and implemented by the

European Commission (DG Enterprise and Industry).

EuroMed@Change proposes new dynamics for SME

and cluster internationalisation between Europe and 4

targeted partner countries: Morocco, Tunisia, Egypt

and Lebanon. It is managed by four organisations

from across Europe (ANIMA Investment network as

Project leader, the European Business Innovation

Centre Network, INNO AG and the Fondation Sophia

Antipolis as partners) and it coordinates with more

than 45 associated regional business, finance and

innovation networks.

Authors

This Business guide has been prepared by Monica Airoldi, with contributions from Manal Tabet (preparation, proofreading) Zoé Luçon (FDI section, proofreading), Amina Ziane Cherif (maps), and Lauriane Ammouche (Layout), ANIMA.

The author would like to warmly thank the Regional Investment Centre of Meknes Region (Issam Badreddine) for all information provided.

Disclaimer

This publication has been produced with the support of the European Commission. The contents of this publication are the sole responsibility of ANIMA Investment Network and can under no circumstances be regarded as reflecting the views of the European Union”.

Copyright

© EuroMed@Change May 2013. No part of this

publication may be reproduced without express

authorisation. All rights reserved.

List of acronyms

ANIMA-MIPO: Mediterranean Foreign Direct Investments and Partnerships Announcements Observatory implemented and managed by ANIMA

ADF: Agriculture development Fund

EU: European Union

FAO: Food and Agriculture Organization

FDI: Foreign Direct Investment

Ha: Hectare

MED 10 countries: Algeria, Egypt, Israel, Jordan, Lebanon, Libya, Morocco, Palestine, Tunisia, Turkey

NPEI: New Plan for Industrial Emergence

N.a. Non Available

1. Mediterranean overview...............................p.5

2. Market trends and opportunities...................p.7

3. Foreign direct investments..............................p.11

4. Key players..................................................p.14

5. Recent national policies.................................p.17

6. Selected programmes & initiatives...............p.19

7. Major business events..................................p.21

Table of contents

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© EuroMed@Change 2013 5

Mediterranean overview

An increased pressure which requires rapid

developments

Agri-food is one of the most strategic sectors in the

Mediterranean. The region is indeed facing a steady

rise in food needs as a direct consequence of the

rapid population growth and recent changes in

consumption patterns. If Turkey achieved a relative

self-sufficiency, the deficit continues to widen in the

other countries of the region (respectively 55% and

85% of food consumption was imported in 2011 in

Egypt and Lebanon for example), increasing their

dependence on volatile international markets. The

“Arab Spring” - which initially took the form of a

social unrest caused by a dramatic raise in food prices

- has highlighted the urgency of improving food

security as well as the necessity to achieve a more

integrated development of territories.

Stable investments trends

In light of the strong growth potential of

Mediterranean markets, foreign direct investment

(FDI) in agriculture and agro-industry has remained

relatively stable to date. 2011 was however a record

year, with major investments in Turkey (partial

acquisition of local brewer EFES by Britain’s SABMiller,

takeover of local alcoholic beverage producer Mey

Içki by TGP Capital) and large projects in Egypt

(Nestlé) and Morocco (Lesieur).

The sector is characterised by a predominance of

investments from multinational companies, mainly

European. Attracted by the size of the markets but

attached to their independence, the latter have so far

favoured traditional projects, either through the

establishment of local production facilities (dairy

products or biscuits in Algeria, Egypt, Tunisia and

Turkey for France’s Danone, fruits and vegetables in

Tunisia for Spain’s SanLucar, vegetal oil or sugar in

Algeria, Egypt, Morocco and Turkey for Saudi Arabia’s

Savola, etc.) or through the take-over or the

acquisition of a controlling stake in local businesses

(Turkish confectionery brands Balaban and Dogan,

and leading Israeli firms Osem, Materna and Tivall for

Swiss Nestlé, Tunisia’s producer of vegetal oil and

margarine Gias Ingredient for German Dr. Oetker,

etc.).

However, the sector attracts more SMEs year after

year (+ 30% between 2010 and 2011) interested in

the opportunities presented by business partnerships

(commercial and technological). Last but not least,

the recent entry of investment funds into the market

(TGP Capital, Investcorp, APAX Partners, Riverside,

Global Emerging Markets, Actis, Capital trust)

highlights the strong potential for growth of the

sector.

FDI and partnership announcements in agri-food in the MED 10 countries (nb of projects, ANIMA-MIPO)

19

20

3834

2927

27

40

39

30

3 3 42

7

5 57

6 7

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Nb. of investments Nb of partnerships

FDI project announcements in the agri-food sector by MED country (total 2003-2012, ANIMA-MIPO)

84

65

40

3027

1621

10 63 1

TR MA EG TN AL IL SY JO LB LY PS

6 © EuroMed@Change 2013 6

Major assets and promising value chains to develop The Southern rim of the Mediterranean has important

strengths to shine in the agri-food sector, to start

with its excellent culinary reputation, Lebanon,

Morocco and Syria in the lead. The MED countries are

gradually increasing the value added of their agri-

food sectors by developing the processing industry

and packaging for export development. The recent

creation of agro-clusters (Morocco, Tunisia), including

laboratories and R&D centres, can support the

modernisation of production equipments and the

development of typical products (prickly pear, camel

milk, etc.). Finally, a number of niches with high

growth potential remain largely untapped. This is

notably the case of ingredients and processes

constituting the Mediterranean diet (horticulture,

vegetable oils, processed vegetables, dairy products,

aromatic and medicinal plants, etc.), of pre-cooked

meals or organic farming.

SOME USEFUL LINKS

Food Security in the Mediterranean: a major geostrategic issue (2010), IPEMED http://www.ipemed.coop/en/publications-r17/les-notes-

ipemed-c48/food-security-in-the-mediterranean-a-major-

geostrategic-issue-a183.html

Mediterra 2012: the Mediterranean diet for sustainable regional development (2012), CIHEAM - Presses de Sciences-Po http://www.ciheam.org/index.php/en/publications/medite

rra-2012

Mediterra 2010: Atlas of Mediterranean agriculture, food, fisheries and rural areas (2010), CIHEAM - Presses de Sciences-Po http://www.ciheam.org/index.php/en/publications/atlas-

mediterra

CIHEAM’s quarterly Watch Letters, devoted to major issues in Mediterranean food and agriculture http://www.ciheam.org/index.php/en/publications/watch-

letters

CIHEAM’s Briefing Notes http://www.ciheam.org/index.php/en/observatory/study-

and-monitoring/81-notes-dalerte

MORE USEFUL LINKS

CIHEAM’s Analytical Notes

http://www.ciheam.org/index.php/en/observatory/stu

dy-and-monitoring/analytical-notes

OECD-FAO Agricultural Outlook

http://www.oecd.org/site/oecd-faoagriculturaloutlook/

Mediterranean Investment Map: sectoral guidebook

on public investment policies in the Mediterranean

(2010), ANIMA Investment Network

http://www.animaweb.org/uploads/bases/document/I

nv_MedInvestmentMap_ENG_Light_V2.pdf

Med opportunities: 25 niches markets in need of

investment (2009), ANIMA Investment Network

http://www.animaweb.org/uploads/bases/document/I

nv_25NicheOpportunities_ENWithCover_light_02-

2010.pdf

Overview of the agro-food sector in the Euro-

Mediterranean region (2005), ANIMA Investment

Network

http://www.animaweb.org/uploads/bases/document/

Agriculture_en.pdf

© EuroMed@Change 2013 7

Market trends and opportunities

A wide variety of resources

Morocco has a long agricultural and rural tradition. Its

production is extremely rich and varied, due to

extremely favourable geographical, climatic,

demographic and economic conditions. The sector

represents almost 19% of national GDP (15% for

agriculture, 4% for agro-industry) and 16% of total

exports. It employs about 80% of the rural labour force

and 21% of the industrial workforce. Its continued

progress is therefore crucial for the ongoing social and

economical development and strengthening of

territorial cohesion within the country.

The growth rate of agricultural production reflects the

positive effects of the government's public sector

policies in recent years. Such policies include the Green

Morocco Plan launched back in 2008, which has

contributed to an almost 40% increase in national

agricultural production, and the National Pact for

Industrial Emergence (NPIE), which focuses on the

agro-industry, a high potential sector currently

undergoing rapid transition. The Kingdom has also

introduced several measures to support the most

competitive export products: subsidies and incentives,

quality infrastructures, support for research and

development, irrigation and mechanisation.

The country's top export products are processed

fruit and vegetables (46% of agri-food exports, of

which 30% are shipped to the European Union), olive

oil (and in particular extra virgin olive oil; Morocco is

the world's fourth largest producer with 10.6% of

market share), argan oil, citrus fruit (32.5% of

production is for export markets), spices, aromatic

and medicinal plants and essential oils (exports

doubled between 2004 and 2009). Morocco also has

a strong fishing industry, which currently represents 2

to 3% of GDP, and as much as 12% of the country's

total exports.

95% of Moroccan businesses in the sector are SMEs,

whereas an increasing number of large companies as

well as several agri-food groups are currently rescaling

their domestic business activities. Many multinational

companies are strengthening their presence in the

Moroccan agro-industrial sector. They include the

giants Danone and Nestlé in the dairy industry and

Coca-Cola, which is taking advantage of the thriving

non-alcoholic beverage market by introducing its latest

range of fruit juices.

High value-added production

Morocco has a total 8.7 million hectares of land using

for farming and 16 different regions that provide a

range of opportunities to produce high value added

crops.

Olive trees are cultivated in many parts of the

country, accounting for 60% of arboricultural land and

5% of agricultural GDP. The Green Morocco Plan

includes olive oil cultivation as one of its national

priority sectors. Several projects aim to enhance the

MOROCCO: KEY FIGURES IN THE AGRI-FOOD

SECTOR (source : AMDI)

Agricultural area

Total cultivated area 8.7 million ha

Cultivated area 80%

Irrigated area 14%

Weight in the economy

Contribution to GDP 19%

Agri-food industry 4%

Agriculture 15%

Export share 15.8%

Contribution to the industrial sector

Production 29%

Exported products

Citrus fruit €250m

Vegetables €170m

Fresh tomatoes €150m

Fruit €150m

Conserved vegetables €134m

Imported products

Cereals €972m

Edible oils and oilseeds €410m

Sugar €294m

Milk derivatives €187m

8 © EuroMed@Change 2013 8

qualityand competitiveness of Moroccan olive oil, with

their goal being to help the sector better resist

against international agricultural competitors (Italy,

Spain and Greece). Efforts are being made to

modernise the sector,both centrally and in

cooperation with producer associations. The

establishment of the Olive Tree agro-park, which

groups several local producers and aims to pool

several scientific research projects and raise

awareness of technological progress in the industry, is

in this respect a true "success story" in the Meknès

region. Furthermore, the Green Morocco Plan plans

an increase in arable land by 76% in 2020. This

objective should bring about an explosion in the

sector, with a 260% increase in production according

to government estimates. The longstanding leader in

the Moroccan oilseed market, the Lesieur Cristal

group, 41% owned by the French companies Lesieur

and Castel, is one of the heavyweights in the region.

Four medium-sized companies also play an important

role: Aicha, Castel, Les Domaines and Sicopa, with

local SMEs completing the list of main stakeholders in

the sector.

Another key area of Moroccan agriculture is the

citrus fruit sector (clementines, navel oranges,

Maroc late and mid-season oranges). They are

popular on international markets and in particular on

European fruit stalls. This is a high value added type

of production that is becoming increasingly technical.

To optimise the potential of this major industry,

Morocco plans to invest €800m to increase arable

land area by 52% and increase citrus fruit production

by 70% by 2020. The main growing regions are

Souss-Massa-Draa (40%), Tadla-Azilal, the Gharb and

Oriental regions (47%). Industrial production relies

mainly on a number of medium-sized companies,

including Delassus, Domaines, GPA and the Agrisous

cooperative. Meanwhile, Agrumes Maroc and ASPAM

bring together the main producer associations.

Morocco also has a potentially strong medicinal and

aromatic plant sector: the country is home to 4,200

different varieties, including 800 endemic species

grown mainly in the Middle Atlas and Rif regions. This

industry offers a range of possible activities: medicinal

herbs, aromatic herbs and plants, essential oils,

perfumery and cosmetics, etc. The development of a

specific codex of aromatic plants and the introduction

of scientific research programmes have moved the

sector upmarket. Morocco is now the world's 12th

largest exporter of aromatic and medicinal plants.

Another promising niche is the Moroccan date palm,

totalling nearly 3% of world production. Several

varieties cultivated in the Ziz and Draa regions have

already obtained the Protected Geographical

Indication label (PGI). Morocco also produces a large

diversity of vegetables: tomatoes, peppers,

eggplant, courgettes, peas, broad beans, asparagus,

potatoes, carrots and watermelon etc.

9 © EuroMed@Change 2013 9

Vegetable farming represents an important share of

irrigated agriculture in terms ofemployment and

income generated by small-scale industry and services.

Production is concentrated in the Meknès-Tafilalet,

Tangier-Tétouan, Gharb and Sous Massa Draa regions.

Livestock represents another mainstay of the

agricultural economy, accounting for 1.8 million jobs. It

plays the essential role of raw material supplier to

several agro-industrial sectors (milk, meat, hides,

wool). Livestock breeding is carried out extensively and

production in the sector is becoming increasingly

intensive. Thanks to recent efforts by the government

to diversify production, Moroccan currently has nearly

25 million head of livestock: sheep, goats, cattle and

camels. Domestic demand is constantly rising and is

met largely by local production. Despite the enormous

potential for industrial concentration, the sector still

remains quite fragmented: there are approximately

fifty medium-sized companies, and a large regional

group, Koutoubia, the market leader in white meat.

With 3,000 kilometres of coastline, Morocco also has

rich fishing reserves, representing a true economic

windfall for the country. In 2009, the government

launched the Halieutis Plan and inaugurated the first

activity park dedicated to the fishing industry,

Haliopolis, located in Agadir. The aim is to improve the

management and sustainability of fishery resources

and enhance the country's competitiveness on

international markets via increased exports. Several

investment opportunities currently exist in the fish-

processing sector. Exports of preserved fish and fresh

fish increased in 2012 by 29.3% and 14.7%

respectively.

Sectors to be developed to meet domestic demand Different policies implemented by Morocco have

enabled the country to achieve food self-sufficiency

in many areas, including red and white meat

production, despite the sharp increase in consumption

due to population growth and rising living standards.

However, this is not the case for commodities such as

cereals, dairy derivatives and sugar, where

imports are still required to satisfy domestic demand,

while the country's population growth is expected to

lead to further rises in consumption (19% by 2015 for

cereals, for example). The development of these

sectors represents a genuine medium and long-term

challenge and this will be at the heart of future

Moroccan agricultural strategies to achieve food

independence.

Cereals are produced on 61% of agricultural land in

Morocco, accounting for 10 to 20% of agricultural GDP.

Cereal production suffers from the fact that arable land

is mostly divided up into small plots (80% of farms are

less than 5 ha in size). The sector is also highly

fragmented, with its 200 companies that all have

relatively low production capacity. To modernise the

sector, existing farms need to be grouped together,

Naturex, Mediterranean aromas taking on the world

Founded in 1992 in Avignon (Southern France),

Naturex, a company specialising in plant extracts,

has experienced rapid growth in its activities and strong development on international markets.

Its Moroccan subsidiary, also founded in 1992, is now actively involved in the production of plant

extracts for the food and nutraceutical industries (dietary supplements in the form of tablets, powder

or gel). Between 1999 and 2006, Naturex Morocco's

production capacity almost doubled, with increased

recruitment as a result of the group's success: low production costs (labour-intensive tasks) and

recognised quality supplies of aromatic plants (Mediterranean herbs and plants such as rosemary

and almond and apricot kernels used for cosmetics, etc.). In 2007, the company increased the

production capacity of its Nouaceur plant (in Greater Casablanca). The factory, specialising in

solvent extraction and steam distillation, now

extends over an area of 2,500m². Also in 2007, the French parent company increased its stake in its

Moroccan subsidiary to 96.35% by buying out the minority stake of Proparco (approximately 7%).

Today, Naturex SA is poised to become the world leader in natural specialty additives with a turnover

of €185m. The company is also expected to incorporate the ingredients division of the Spanish

company Natraceutical, and therefore further expand its activities in the agri-food sector.

10 © EuroMed@Change 2013 10

and industrial processing procedures need to be

improved. The national plan's objective for 2015 is to

cultivate approximately 4.4 million hectares of land

each year, representing an annual cereal production

of about 7 million tons.

In the dairy sector, while Morocco is able to meet

domestic demand for milk (milk production represents

2% of agricultural GDP), this is not yet the case for

processed products: cheese, butter and yoghurt,

for which domestic demand has been growing steadily

for several years. The sector also offers other

opportunities, for instance the development of camel

products in the southern provinces. This sector has

already attracted the attention of some foreign

companies, such as the German company Vitamol.

Finally, sugar production, which is highly regulated

and subject to price controls, currently satisfies only

38% of the needs of the Moroccan population. The

local group Cosumar has a virtual monopoly.

The growing importance of local products and organic farming Moroccan products are attracting greater interest

from international consumers who are increasingly

interested in "typically Mediterranean" products. The

country has therefore decided to introduce various

measures to promote local products, notably via the

Protected Geographical Indication label (PGI).

Products that are currently labelled include Tyout

Chiadma olive oil,

Meknes argan oil, clementines from Berkane, saffron

from Taliouine, Béni Guil lamb, Sefri Ouled Abdellah

pomegranates, prickly Pear from Aït Baâmrane, Kelâat

M’gouna-Dadès roses, Tafraout almonds, Zaqqoum

honey from Tadla Azilal, Boufkous dates and Aziza

dates from Bouzidi Figuig.

The success of organic products and fresh

vegetables on international markets (especially in

North America and Europe) illustrates the positive

impact of measures introduced by the National Pact

for Industrial Emergence to develop these areas of

activity. Organic certifications are currently managed

at ministerial level. The regulatory framework is

defined in the Programme for the Development of

Organic Farming agreed upon with the Moroccan

Association for Organic Production (AMABIO). This

programme plans to increase the acreage dedicated

to organic farming. The area currently represents

3,800 ha; the plan is for a total of 40,000 ha in 2020,

mainly in the Souss Massa Draa and Abda-Doukkala

regions.

AGROPOLIS, A DEVELOPING AGROPÔLE

The Meknes Agropolis was the first cluster to be created

as part of the "Green Morocco" and "Emergence"

Programmes. Its aim is to strengthen the position of the

Meknès-Tafilalet Region as a centre of agricultural and

agri-food excellence. This project is the subject of

framework and development agreements that include an

innovative monitoring system coordinated by the

Regional Investment Centre.

The first development zone, which extends over 130

hectares, includes an agro-industrial park, a logistics

area, a centre for R&D and quality control activities as

well as other nearby facilities.

To date, more than 40 projects led by Moroccan and

foreign investors have been granted permission to set up

operations in the Agropolis. Some of them have already

started work on developing their parcel.

« The Agropolis project in Meknès boosts the

potential of the "Meknes-Tafilalet region:

companies now have access to suitable

infrastructures, training and research"

Mr. Hassan BAHI, Director of the Regional

Investment Centre in Meknès-Tafilalet

11 © EuroMed@Change 2013 11

The need to modernise production techniques and distribution The Moroccan agri-food industry is now facing a major

challenge: how to modernise production and distribution

methods in various areas of activity and how to promote

agricultural resources better while limiting imports?

To achieve this, major investment in the sector's

infrastructures is required. The low levels of land use in

Moroccan agriculture and the strong dependence of

production on weather conditions mean that there is

great need for technical innovation and high

performance farming equipment. Now, "modern"

agriculture represents only 20% of cultivated land, the

remaining 80% of land is dedicated to a more traditional

form of agriculture, located in desert (oasis) and

mountainous areas. Meanwhile, irrigated agriculture

represents only 15% of cultivated land, although

irrigation is an important advantage for production.

Production with high export potential benefits from these

technical applications (for example citrus fruit, which

occupy 47% of irrigated land) and accounts for 75% of

total agricultural exports.

The Moroccan agri-food industry also needs to invest

significantly in innovation and modernisation of its

production and distribution processes. It needs to

develop an effective cold chain management system and

modernise slaughter methods.

Investments in these areas provide many

opportunities to improve the overall competitiveness

of the sector and are encouraged by several

measures, including the Fund for Agricultural

Development and the Industrial Food Processing

Platforms or Agro-Parks

.

THE DEVELOPMENT OF ORGANIC PRODUCTION: A 10-

FOLD INCREASE IN LAND AREA BY 2020

Morocco has a number of important assets that facilitate the development of organic" production:

A traditional know-how very similar to techniques

used in organic farming

uncontaminated land ready for production

soil and weather conditions that produce early and competitive products to satisfy foreign markets

several organic products exits, they simply lack certification before they can be commercialised.

The programme contract signed between the State and AMABIO (Moroccan Association for Organic Production) involves a total investment of €100m. It plans:

an increase in production from the 13,000 tons/year currently produced (vegetables, citrus fruit and processed products) to a total of 60,000 tons/year, with a production of 5,000 tons/year for white meat and 875 tons/year for red meat by 2020

an increase in organically cultivated land from 3,800 hectares to 40,000 hectares in 2020. By comparison, 32 million hectares are certified organic worldwide.

© EuroMed@Change 2013 13

Foreign Direct Investment

2011 and 2012: Record years for foreign

investment in the agri-food sector

Morocco is one of the most attractive countries in the

MED region for foreign direct investment (FDI) in agri-

food projects: since 2003, more than 60 FDI

announcements in the country have been recorded by

the ANIMA MIPO observatory, out of a total of 300

projects throughout the region. Nearly a third of these

projects were in 2011 and 2012 alone, representing a

total of €1 billion. The agri-food sector accounts

for nearly a third of total FDI announced in

Morocco across all sectors in 2011 -2012, an

unprecedented performance over the past decade.

This record figure is partly due to the move involving

the French food giant Danone, the leader in dairy

products and mineral water, which increased its stake

in Centrale Laitière, the top Moroccan dairy producer,

from 29.2% to 67%. Another major acquisition

exceeding €100m was in 2012, in the biscuit sector,

and involved the American Kraft Foods.

Europeans are responsible for the large

majority of these FDI announcements: they lead the

way with 70% of agricultural and agri-food

investments (the same proportion prevails in FDI

project rankings across all sectors in Morocco). The

Gulf countries and the United States run almost neck

to neck with about 10% of projects each, while

emerging countries are so far less active in the area -

a first Indian investment, however, was announced in

2011 in the fizzy drinks industry.

Beverages, fruit and vegetables and fishing projects lead the FDI table Three sub-sectors account for half of all agricultural

and agri-food FDI announcements: beverages

(alcoholic beverage projects are led by the French

companies Castel and Pernod Ricard for example,

while soft drinks are a segment where the American,

Coca Cola, is particularly active), fresh and processed

fruit and vegetables, (where French and Spanish

groups are largely represented) and fishery

products (conserved, frozen products and

aquaculture). Two other areas are also popular with

foreign investors: the dairy sector, where Morocco still

imports part of its domestic consumption of processed

products, and the production of oil, especially olive oil.

Some projects are taking place in promising niches,

they include mushroom production for local

consumption, horticulture, products made with

camel's milk as well as animal feed.

Morocco: Announced FDI projects and partnerships in

the agri-food sector (ANIMA-MIPO)

Morocco: Main investor countries in agri-food in

Morocco (no of FDI projects: ANIMA-MIPO)

0

2

4

6

8

10

12

0

100

200

300

400

500

600

700

800

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Invested amounts (€m) Number of FDI projects

Number of partnerships

21

1316

53

62 3

0

5

10

15

20

25

France Spain Other EU UAE Other

Gulf

USA MED Other

countries

© EuroMed@Change 2013 14

10 biggest FDI annoucement in the agri-food sector in Morocco (2003-2012, ANIMA-MIPO)

Investor Origin Date Type Project €m

Danone France 2012 Financial JV, partial acquisition

The world leader to increase its stake from 29.2% to 67% in Centrale Laitière, the country's front runner in dairy products

550

Imperial Tobacco / Altadis

France 2006

Financial JV, partial acquisition

French group Altadis to buy 20% stake in Régie des Tabacs (Morocco) for MAD 4bn

362,12

Castel France 2003

Financial JV, partial acquisition

The group buys for more than MAD 1.7 billion ONA's stakes in Brasseries du Maroc (54.29%), and Branoma (12.77%)

149,35

Sofiproteol / Lesieur

France 2011 Financial JV, partial acquisition

The company to acquire 41% stake in Lesieur Cristal, an affiliate of the SNI (ONA) holding, the Moroccan leading manufacturer of cooking oil

130

Kraft Foods USA 2012 Acquisition, total privatisation

The food giant to buy out the remaining 50% stake in Morocco-based cookie maker Bimo, from SNI, the King's investment holding company

116,4

Jaipuria / RJ India 2011

Acquisition, total privatisation

The bottling-to-real estate company engaged among other things in bottling operations in South Asia, to acquire Pepsi Cola's Moroccan subsidiary

75,9

Coca-Cola USA 2012 Brownfield

The soft drink giant to launch an investment plan in 2012 to set up a new plant in Nouasseur and to expand existing facilities in Oujda

72,7

Cobega Spain 2003 Greenfield Cobega spends USD 73 million for its 3rd bottling plant 64,53

Castel France 2007 Greenfield The group to invest in olive oil production, beer production, launching of Nicolas wine shops and to raise the capital of its subsidiary SVCM

40,8

Gulf Merchant Bank

United Arab Emirates

2011 Licenses and PPP

The Mediterranean Aquaculture Company, the subsidiary of the investment bank, to acquire a concession focused on shellfish farming and transformation

35

Morocco: FDI and Partnership project announcements

in agri-food (2003-2013, Source ANIMA-MIPO)

© EuroMed@Change 2013 15

Selected partnership announcements in the agri-food sector in Morocco (ANIMA-MIPO)

Investor Origin Date Type Project

General Mills / Yoplait France 2012 Commercial partnership

The yogurt brand, affiliate of the American group, to ink a franchise agreement for Morocco with Fez-based Société laitière centrale du nord (SLCN)

General Mills USA 2011 Commercial partnership

Yoplait, in which the group has a 51% stake, to ink a producion and distribution agreement for Morocco with local company SLCN

Yves Thuriès France 2011 Franchise, shop, etc.

The chocolate maker to open its first franchise store and choose Casablanca in order to exclusively distribute products under its trademark

Sodiaal / Candia France 2009 Franchise, shop, etc.

The dairy cooperative to sign a franchising agreement with local Bestmilk for the production and distribution of products under the Candia brand

Sodiaal France 2008 Franchise, shop, etc.

The dairy company to establish in Morocco thanks to a franchise agreement with local Best Milk

Nutrinvest / Sovena Portugal 2007 Development agreement

Soprolives, a group-local Somed partnership, to develop an integrated olive oil production project

Accor / Lenôtre France 2007 Franchise, shop, etc.

The French food caterer opens its second Moroccan shop in Casablanca after a first one in Rabat

V. de Lys France 2007 Franchise, shop, etc.

The French small-size firm to open a traditional sweets confectionery shop in Casablanca

Todolivo Spain 2007 Development agreement

The Spanish olive oil producer to operate 330 ha of fields with local partners, with 600 extra ha to be added soon

Patchi Lebanon 2007 Franchise, shop, etc.

Lebanese chocolate maker Patchi to open its first Moroccan shop in Oumayma Sayeh street, Casablanca

© EuroMed@Change 2013 17

Key players

Institutional stakeholders

The Ministry of Agriculture and Maritime Fisheries,

through its Department of Agriculture, is responsible for

developing the legal and regulatory frameworks for the

implementation of government agricultural policy. Its

areas of expertise include agricultural development, the

improvement and modernisation of infrastructures,

rationalising the use of water resources for irrigation, as

well as plant, animal and food safety assessment. The

ministry is supported in its activities by the General

Council for Agricultural Development, a permanent

body responsible for agricultural policy and integrated

rural development at local and regional levels. It is also

assisted by Regional Agriculture Offices, in charge of

agricultural land use planning at regional level.

The Ministry of Industry, Trade and New

Technologies, with help from the Department of

Foreign Trade, is in charge of the National Strategy for

the Development and Promotion of Exports, "Morocco

Export Plus".

Alongside the Ministry of Industry, the Ministry of

Agriculture co-chairs the Monitoring Committee in charge

of implementing measures detailed in the agri-food

component of the National Pact for Industrial Emergence.

The Agricultural Development Association (ADA) is

responsible for implementation of the Green Morocco

Plan: it provides government authorities with action plans

designed to support high value added agricultural sectors

and the building of partnerships with investors.

Federations and professional associations

The National Food Federation (FENAGRI) is a major

partner responsible for resolving various cross-sector

problems arising in the agri-food sector. It represents

and defends the common interests of different agri-food

industries, with the aim of promoting development within

the sector. FENAGRI is in charge of drafting the agri-food

industry programme contract expected in 2013.

Certification

The National Office for Food Safety (ONSSA) works

as a safety regulator in charge of supervising plants,

animals and food products, from the raw materials stage

to the end consumer. It also supervises the safety of

products used for animal feed.

The Moroccan Standards Institute (IMANOR) is

responsible for coordinating national standards and

certification. It is also in charge of granting trademarks

rights, labels and certificates of conformity based on

Moroccan standards and normative guidelines. It also

studies any general interest questions in the field of

standardisation and certification.

Technology centres

The Hassan II Institute of Agronomy and

Veterinary Sciences in Rabat is a multidisciplinary

polytechnic centre providing initial training and

continuing education courses for specialists in life and

earth sciences and technologies (engineers, veterinary

surgeons and doctors of agricultural sciences). It

contributes actively to efforts to modernise agriculture

through its innovative research programmes designed to

meet the expectations and needs of a constantly

changing agricultural world.

The National Institute for Agronomic Research is a

century old public body with a network of regional

centres that are in charge of carrying out research for

the scientific development of the agriculture sector.

Private sector

The two main fruit and vegetable exporting groups are

Fresh Fruit and Maroc Fruit Board. The agri-food sector is

dominated by three Moroccan giants: the ONA Group,

Holmarcom and Ynna Holding.

© EuroMed@Change 2013 18

Ministries and government agencies

Ministry of Agriculture and Maritime Fisheries

The Ministry is divided into two departments: the Ministry of Agriculture, in charge of the country's agricultural policy, and the Ministry of Marine Fisheries in charge of managing marine resources.

www.agriculture.gov.ma

www.mpm.gov.ma

Agricultural Development Agency (ADA)

ADA participates in implementation of the Green Morocco Plan. It provides government authorities with action plans designed to support high value added agricultural sectors and community supported agriculture.

www.ada.gov.ma

Ministry of Industry, Trade and New Technologies (Maroc Export)

Maroc Export, or the Moroccan Centre for the Promotion of Exports, is an operational body responsible for the implementation of government policy on export promotion.

www.marocexport.ma

Moroccan Agency for Investment Development (AMDI)

AMDI is a structure designed to offer services and assistance to investors. It also deals with cooperation and coordination of promotional activities both in Morocco and abroad.

www.invest.gov.ma

Regional investment centres (CRI) The role of these centres is to develop the potential of Morocco's 16 regions by providing information about the investment opportunities they offer. Within a single structure, they provide assistance for new entrepreneurs and services for investors.

http://www.cri.ma/

National Office for Food Safety (ONSSA)

ONSSA ensures that controls are carried out on foodstuffs and raw materials. It also supervises the protection of crops and veterinary checks.

www.onssa.gov.ma

Moroccan Independent Export Control and Coordination Agency (EACCE)

EACCE is responsible for ensuring that Moroccan food exports comply with international regulatory requirements.

www.web2.eacce.org.ma/

National Interprofessional Cereals and Pulses Board (ONICL)

ONICL oversees the domestic supply of cereals, pulses and derivatives. www.onicl.org.ma

Main professional organisations

National Food Federation (FENAGRI)

FENAGRI offers information, business networking and support services to companies in the agri-food sector. Its role is to represent and defend the common interests of the different agri-food sectors, with the aim of promoting development within the sector.

www.fenagri.org

Moroccan Organic Producers Association (A.MA.BIO)

AMABIO works on the development and promotion of organic products at national and international levels. Its aim is also to ensure compliance with the Moroccan organic label in the following three areas: health, sustainable development and fair trade.

www.amabio.org

© EuroMed@Change 2013 19

National Association for Land Improvement, Irrigation, Drainage and Environment (ANAFIDE)

ANAFIDE is an NGO with recognised public benefit status focusing on agricultural and rural development. It is Morocco's official representative on the International Commission on Irrigation and Drainage (ICID) and the International Commission of Agricultural Engineering (CIGR).

www.anafide.org

Association of Producers and Exporting Producers of Fruit and Vegetables (APEFEL)

APEFEL's role is to defend and protect the interests of professionals specialising in the production and export of fruit and vegetables.

www.apefel.com

Innovation stakeholders (Incubators, research centres etc.)

The Olive Tree Agro-Park The Olive Tree Agro-Park is a centre of excellence and innovation providing services in technology transfer and the development and promotion of the regional and national olive oil sector.

www.agropoleolivier.com

Agro-Technologies Association in Souss Massa Draa (Agrotech)

The Agrotech SMD cluster is home to companies and research/training institutions working in the agriculture and agri-food sectors.

www.agrotech.ma

National Institute for Agronomic Research (INRA)

INRA is a public institution for agricultural research with a network of research laboratories and experimental farms throughout the kingdom, including the experimental botanical garden in Rabat.

www.inra.org.ma

Hassan II Institute of Agronomy and Veterinary Sciences (IAV)

The IAV carries out R&D activities in the fields of agriculture and agricultural resources, rural development and land planning. It also performs research in fields such as agro-industrial processing, plant and animal biotechnologies and the use of microorganisms in such technologies. Finally, work is carried out in the field of veterinary public health and other agricultural production related services.

www.iav.ac.ma

National Institute for Medicinal and Aromatic Plants (INPMA)

INPMA is an academic institution for applied research in the field of medicinal and aromatic plants. www.usmba.ac.ma/inpma/

Haliopolis Park in Agadir The Haliopolis Park is a project dedicated to the seafood processing industry and is part of the develop

ent programme involving the fishing industry cluster in Agadir.

http://www.medz.ma/?Id=13&lang=fr&mod=1&RefCat=2&Ref=135&btn_back=1

Morocco agri-food business directory Directory supplied by the National Pact for Industrial Emergence (www.emergence.gov.ma) www.emergence.gov.ma/MMM/A

groalimentaire/Pages/AnnuaireAg

roalimentaire.aspx

© EuroMed@Change 2013 21

Recent national policies

An aggressive strategy to boost agriculture and territories Since 2008, the Kingdom of Morocco has embarked on

ambitious incentive policies to boost the agriculture

and agri-industry sectors. It aims to provide an

adequate response to growth in domestic demand,

reduce dependence on international markets and

support integrated territorial development. To achieve

this, the country now has an Agricultural

Development Agency (ADA) responsible for

proposing action plans to support high value added

agricultural sectors and building partnerships with

investors. Their various activities are part of two major

programmes designed to support the sector: the Green

Morocco Plan and the National Pact for Industrial

Emergence.

The Green Morocco Plan is an agricultural reform

launched in 2008 including plans to invest €10 billion

by 2020 to improve productivity within the sector.

There are two cornerstones of reform:

1. The development of a more productive and

modern agriculture system in areas with high

agricultural potential, supported by private investment

and the Agricultural Development Fund (ADF). This

cornerstone plans the creation of 700 to 900 projects

with a total investment of €900 to €1,350m per year.

2. Community-based support for small-scale

agriculture through projects designed to intensify and

professionalise production, funded by national and

international funds as well as the ADF. In 2012, the

Ministry of Agriculture also launched a land

consolidation strategy for small farms. This cornerstone

represents a total investment of €450m per year to

develop between 300 and 400 projects that could have

an impact on 600,000 to 800,000 farms.

This ambitious reform is presented in the form of 16

Agriculture Plans. They identify for each region, the

sectors and priority investments according to the

opportunities and natural, social and economic

constraints of each region.

The National Pact for Industrial Emergence

(NPIE) was also launched in 2008 and aims to

consolidate agricultural businesses and encourage

investment in the agri-food industry. This programme

focuses on sectors with high export potential as well

as target markets. The Morocco Export Plus

strategy targets two product segments in particular:

preserved foods and olive products. Meanwhile, the

Morocco Investors programme aims to attract more

foreign investors and also focuses on sectors with high

export potential such as citrus fruit, olives, fruit and

vegetables. The launching of 6 Agri-Food Industrial

Platforms (Agro-Parks) in the regions of Meknès,

Berkane, Souss, Gharb, Haouz and Tadla aims to

provide modern infrastructures and logistics to

businesses in the sector, making the six major

The Green Morocco Plan (source : ADA)

Outlook for 2020

Investments €10 billion

Jobs + 1.5 million

GDP + €6-8 billion

Exports + €90-350m

Initial results (2008-2012)

Agricultural production + 40%

Contribution to GDP + €15 billion

Mechanisation rate + 27% / 1,000 ha

Drip irrigation + 30,000 ha

22 © EuroMed@Change 2013 22

agricultural regions more attractive. Such parks seek to

combine industrial investment and technological

research in order to promote the agricultural sectors of

the future. The first Agro-Park project will be

operational in June 2013 in the Meknès region.

A range of incentive measures

Reducing the number of small and scattered parcels of

agricultural land, (or aggregation) is a condition for

access to various investment support measures for

agri-food projects implemented by the Moroccan state.

These measures are based on public-private

partnerships, financial aid and tax relief.

In terms of land policy, several incentives to promote

public-private partnerships provide the opportunity

for national and international investors to lease publicly

and collectively owned land for a period of 40 years

(renewable for an additional 17 years) to develop large

projects. In 2011, 560 investment projects benefited

from these measures; nearly 100,000 ha were made

available by the State for major projects, representing

a total investment of €2.2 billion and creating nearly

55,000 new jobs.

The financial aid system, based on the reform of the

Agricultural Development Fund, encourages

private investment by subsidising hydro-agriculture

development projects (localised irrigation systems: well

drilling, water pumps, pool construction, filtration and

water distribution, with grants of up to 80% ). It also

funds purchases of agricultural equipment (subsidies

between 30% and 60% for purchases aimed at

increasing agricultural competitiveness such as

cultivating and manure spreading equipment), land

improvement, creation of orchards, acquisition of

seedlings, laboratory testing and the installation of

recovery units.

As far as the agro-industry is concerned, Article 17 of

the Investment Charter stipulates that government

can participation in the costs of land purchases,

external infrastructures and training up to 20%.

Subsidies can also be granted by the Investment

Promotion Fund. The Emergence Pact also provides

banking support for five institutions: Crédit Agricole

(€1.8 billion), Attijariwafa Bank (€2.3 billion), Banque

Populaire (€1.8 billion), SGMB (€310m) and Crédit du

Maroc (€280m). Investment incentives are granted on

preferential terms: 5% interest rate on short-term

loans, 5.5% on medium and long-term loans.

A wide range of products and services are also

available to farming professionals: production loans,

assistance with marketing, investment, exports or

imports as well as business guidance. These support

measures are also aimed at intermediate sectors, for

which the Pact provides financial assistance to

businesses.

As far as taxation is concerned, the main incentives

for the agricultural sector include:

Agricultural investments incentives (source AMDI)

Principal measures and subsidies

Hydro-agriculture development (localised irrigation systems)

100% aggregation projects - 80% without aggregation

Farming equipment purchases

30-70% (aggregation) – 20-50%

Land improvement 30-50%

Plantations (creation of orchards)

Olive trees: €317 - €544 / ha

Citrus fruit: €1,089 / ha

Acquisition of seedlings 80%

Laboratory tests 50%

Recovery units 10%

Fixed amount for aggregation projects

Plant sector €23 - €454 / ha

Animal sector €25.4 - €32 / head

Incentives for agri-food investments

(source AMDI)

Principal measures and subsidies

Land purchases 20%

External infrastructures 5%

Training 20%

Conditions

- Investment of at least $24m (€19m)

- Creation of 250 jobs

- Guaranteed technology transfer

- Contribution to environmental protection

© EuroMed@Change 2013 23

reduction in import taxes (2.5%) for the majority of

agricultural products and materials;

exemption from VAT for the majority of agricultural

products and materials;

Articles 92 and 123 of the Investment Charter also grant

businesses in the agri-food industry a reduction on

import duties and VAT exemptions for amounts

exceeding a minimum $24m (approximately €19m),

subject to signature of an agreement with the State and

subsequent approval by the Investment Committee.

An increasingly liberalised and attractive market for foreign investors

The free trade agreement between the EU and

Morocco for agricultural products and fisheries,

which came into force in 2012, resulted in an increase in

Moroccan exports of fruit and vegetables to the

European market and reduced customs duties on both

sides. Morocco has reduced customs duties by 45% for

agricultural products (this figure will rise to 67% in

2022), 92% for agri-food and 90% for fishing. Europe

agreed to reduce customs duties by 56% for agricultural

products (this will increase to 67% in 2017), 98% for

agri-food and 100% for fishing. In terms of FDI,

Morocco does not discriminate between domestic and

foreign investment in almost any sector. Foreign capital

represents a significant part of overall investment. With

the adoption in 2005 of the Investment Charter,

Morocco has restructured its tax system and taken steps

to provide all the necessary guarantees to investors.

They are guided in their projects by the Regional

Investment Centre (ICC) concerned.

Agriculture: a bottom up approach to a regulatory update Programmes to develop and promote Moroccan food

production that were initiated by the Emergence Pact

included the adoption of regulations on food

traceability. The latter include rigorous origin criteria

and a strict labelling system that indicates a product's

geographical origin and quality. The recognised labels

ensure better recognition and better protection of local

products.

The creation of the National Office for Food Safety

(ONSSA) and its regional network of research

laboratories in 2009, ensure that the necessary

infrastructures are available and capable of controlling

quality. To certify the methods of quality control used in

different structures (central, regional and local), the

ONSSA uses the NM ISO 9001, NM ISO 17020 and NM

ISO 17025 standards as well as standards set out by the

OIE and the Codex Alimentarius. In 2011, the

foundation of the Moroccan Standards Institute

IMANOR led to the development of a national

certification system for services and products offered by

Moroccan companies and organisations that complies

with international standards.

MOROCCAN HALAL LABEL

Following the example of several leading countries in this area (Turkey, Malaysia, France, Belgium), Morocco recently created an official halal label. This label is intended to promote the Moroccan and international halal industry and meet the needs of a market that is growing at a rate of 10% per year. With a world population of 1.3 billion Muslims, the halal market accounts for 16% of the global food industry. There are 17 million consumers in Europe alone.

The aim of the halal label is to enable Moroccan and international companies to win consumer trust by improving traceability and manufacturing ethics. Its creation, following request from Moroccan exporting businesses, was handled by the Moroccan Standards Institute (IMANOR). The Moroccan standard NM 08.0.800 outlines the requirements for Halal foods, based on the guidelines set out by the Organisation of Islamic Cooperation (OIC).

© EuroMed@Change 2013 25

Selected programmes & initiatives

Acc

ess

to

fin

ance

UNIVERSAL AID SYSTEM

Period: Underway

Budget: n.a

Funding: Ministry of Agriculture and Maritime Fisheries

Target / opportunity: Financing schemes

Lead Executing Agency: The Ministry of Agriculture and Marine Fisheries and the Ministry of

Economy and Finance (Single Points of Contact at Provincial Departments of Agriculture and

Regional Offices for Agricultural Development)

Objectives: The Universal Aid system aims at promoting investment in the Moroccan agricultural

sector. The system addresses in particular hydro-agricultural and mechanization projects.

Information: http://www.agriculture.gov.ma/pages/regime-des-aides-universelles

IMTIAZ

Period: Underway

Budget: n/a

Funding: Ministry of Industry and Commerce

Target/ opportunity: Financing schemes

Lead Executing Agency: National Agency for the Promotion of SMEs

(ANPME)

Objectives: The Imtiaz Fund provides support to companies with strong

growth potential. It can grant €0.4m per company (donation by the State) or

20% of required financing including VAT

Information : www.anpme.ma

Acc

ess

to

fin

ance

OCP INNOVATION FUND FOR AGRICULTURE

Period: Underway

Budget: n.a.

Funding: OCP GROUP

Target / opportunity: Financing schemes , Incubation

Lead Executing Agency: OCP Group

Objectives: The OCP innovation Fund promotes innovation and entrepreneurship in the

agriculture and agro-industry sectors. The fund can grant up to €0.223m / €0.892m for start-up

projects or projects under development; €1,338m / € 3,568m for infrastructure or structuring

projects

Information : http://www.ocpgroup.ma/pages/ocp-innovation-fund-agriculture

NABETOU FUND

Period: Underway

Budget: . € 23 m

Funding: Azur Partners

Target / opportunity: Financing schemes , Incubation

Lead Executing Agency: Azur Partners

Objectives: Nebétou Fund is dedicated to finance enterprises developing high

added value products, labels and brands belonging to the heritage and natural

resources of the Moroccan soils.

Information : http://www.azurpartners.ma/nebetou-fund

© EuroMed@Change 2013 26

© EuroMed@Change 2013 27

Major business events

Agr

icu

ltu

re

INTERNATIONAL AGRICULTURAL SHOW IN MOROCCO (SIAM)

Sector: Agriculture and agri-food, international trade

Number of editions: 8

Organiser: Ministry of Agriculture and Fisheries

Focus: International trade fair, thematic conferences, BtoB

Participation 2012: 600,000

Next event: April 2014 (annual)

Information : www.salon-agriculture.ma

ANNUAL HALIEUTIS TRADE SHOW

Sector: Sea fishing, aquaculture, seafood promotion

Number of editions: 6

Organiser: Commissioner of the Halieutis Trade Show

Focus: International trade fair

Participation 2012:

Next event: February 2014

Information : www.salon-halieutis.com

A g r i c u l t u r e

Nic

he

mar

kets

EXPO HALAL INTERNATIONAL

Sector: halal food industry, market trends, changes in consumer habits

Number of editions: 2

Organisers: Maghreb Centres de Contacts

Focus: Mediterranean trade show, conferences, competitions

Participation: n/a

Next event: 26-27 September 2013

Information : www.expo-halal-international.com

TERROIRS EXPO

Sector: Agriculture, Maghreb crafts and local Maghreb products

Number of editions: 3

Organisers: Office of Fairs and Exhibitions in Casablanca (OFEC), Clic

Events

Focus: Regional trade fair

2012 Participation: n/a

Next event: n/a

Information : www.terroirsexpo.ma

28 © EuroMed@Change 2013 28

Agr

o-I

nd

ust

ry

CARREFOUR DES FOURNISSEURS DE L’INDUSTRIE ALIMENTAIRE (CFIA) Sector: Agri-food

Number of editions: 3

Organisers: GL Events Exhibitions

Focus: expertise and innovative technologies in the agri-food sector

Participation 2012*: 3,600 visitors

Next event: 2014 (biannual)

Information : www.cfiaexpo.com/cfia-maroc

SIFEL TRADE SHOW AGADIR

Sector: Fruit and Vegetables industry

Number of editions: 10

Organisers: International Exhibitions and Conferences (IEC)

Focus: International trade fair

Participation 2011*: 46,424 (3 days)

Next event: 2014 (annual)

Information : www.fr.sifelmorocco.com

Agr

o-I

nd

ust

ry

MAGHREB FOOD EXHIBITION 2013 (MAFEX)

Sector: Food ingredients, packaging, agro-industrial processes, finished products

Number of editions: 2

Organisers: IEC, IFW EXPO

Focus: conferences and specialist workshops

Expected participation 2013*: 10,000 visitors

Next event: 7-9 November 2013

Information : www.mafex-morocco.com/en/

CREMAI

Sector: Hotel industry, restaurants, bakeries

Number of editions: 6

Organisers: OFEC

Focus: International trade fair, conferences, national and

international competitions

Participation 2012*: 17,623 visitors

Next event: 2015

Information : www.cremai.ma

29 © EuroMed@Change 2013 29

30 © EuroMed@Change 2013 30

This guide is a Doing business toolkit dedicated to clusters, SMEs, or entrepreneurs

interested in developing business partnerships in the Agro sector in Morocco. It provides an

overview of the main opportunities available for the private sector, as well as concrete and

useful data to those interested to go further.

It has been prepared by (name of the task leader) under the EuroMed@Change Project, a

Preparatory Action initiated by the European Parliament and implemented by the European

Commission (DG Enterprise and Industry).

EuroMed@Change proposes new dynamics for SME and cluster internationalisation

between Europe and 4 targeted partner countries: Morocco, Tunisia, Egypt and Lebanon. It

is managed by four organisations from across Europe (ANIMA Investment network as

Project leader, the European Business Innovation Centre Network, INNO AG and the

Fondation Sophia Antipolis as partners) and it coordinates with more than 45 associated

regional business, finance and innovation networks.