- Morocco: According to an OECD report on investment in Morocco, thanks to reforms carried out since the 1990s, the country has been able to attract inflows of FDI. Since 1995 it has been the biggest recipient of FDI in North Africa and the fourth biggest in the whole of Africa with a net flow of €2.9 billion. Given the country's investment potential CNUCED* experts call for modernisation of the regulatory framework and the creation of an investment promotion agency. They also underline the importance of attracting investment in R&D. Morocco's attractions are many: strategic position, a certain macro-economic stability, availability of skilled labour, as well as good integration into the global economy. The adoption of an investment charter and a privatisation programme for the Moroccan economy (begun in 1989) has also had a positive impact on the overall business climate. As for other North African countries, Europe is the main source of FDI to Morocco. Investment from Europe from 1997-2004 grew to 90%. The main sources of investment come from France: 42%; followed by Spain, Switzerland and Portugal. However, these figures should be put into perspective given that French and Spanish companies actively participated in the privatisation operations begun by the Moroccan state. Main investment is into the services sector (particularly telecommunications). Spanish investment was mainly in the industrial sector (tobacco, telecommunications) and tourism (according to CNUCED statistical data for 1997-2004). (*CNUCED: examination of investment policy for Morocco)