King Mohammed VI presided a working session this Wednesday, February 16, an investment working session, which will benefit a variety of fields in the country.
The sovereign was presented with the investment charter’s main lines yesterday, which provides for an increase in the share of private investment to two-thirds of the total investment in Morocco by 2035.
The draft of the new charter, following the guidelines and ambitions of the New Development Model, aims to reverse the current trend where private investment represents only about one-third of total investments in the country.
Public investment represents two-thirds of overall investments in the country and was recently proven to be “unproductive,” due to its low return on investment and weight on the state’s budget.
The major objectives assigned to the new investment charter are the creation of employment, the promotion of equitable development of the country’s regions, and the prioritization of the carrier sectors for the benefit of the national economy.
To this end, the draft of the new charter includes a main support system consisting of firstly, common premiums, in support of private investments.
Second, an additional territorial bonus is allocated to such investments, aimed at encouraging investment in the least favored provinces in Morocco.
Lastly, a sectoral bonus will be granted for certain sectors, to create additional incentives to boost emerging industries.
The project also provides for exclusive support measures for projects “of a strategic nature,” such as those pertaining to defense or pharmaceuticals.
Mechanism and substantial investments were also allocated to very small, small, and medium-sized enterprises, in addition to a mechanism for the development of Moroccan investments abroad.
The Sovereign stressed the role that the national private sector should play in this project, inviting the government to actively involve private operators, including the CGEM and the GPBM, in the process of implementing the charter.
The King also recalled that the renovation of legal and incentive schemes remains dependent on their proper implementation and regular monitoring of their implementation on the ground, to give a new dynamic to private investment and to establish the Kingdom as a privileged land of investment at the regional and international levels.
The working session was attended by Head of Government Aziz Akhannouch, King’s Advisor, Fouad Ali El Himma, Minister of Interior, Abdelouafi Laftit, the Minister of Economy and Finance, Nadia Fettah Alaoui, the Minister of Industry and Trade, Ryad Mezzour, and the Minister of Finance, Abdelouafi Laftit.
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