Morocco works towards a new investment charter
King Mohammed VI of Morocco has chaired a working session which is devoted to a new investment charter that focuses on the creation of employment, the promotion of an equitable development of the territories and the prioritisation of the career sectors for the country’s national economy.
It is in line with the spirit and ambition of a New Development Model and seeks to reverse the current trend where private investment represents only about one third of total investment, with public investment representing two-thirds.
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“It thus intends to increase the share of private investment to two-thirds of total investment by 2035”, a highly placed source told the Daily Graphic.
This working session which took place at the Royal Residence of Bouznika, came in the wake of the High Royal Directions contained in the opening speech of the country’s Parliament, calling for the adoption, as soon as possible, of a new competitive investment charter.
During this session, the source said a presentation of the main lines of the project of the new investment charter was presented to the Sovereign by the Minister Delegate to the Head of Government in charge of Investment, Convergence and Evaluation of Public Policies.
Exclusive support
The charter also provides for exclusive support measures for projects of a strategic nature such as the defence or pharmaceutical industries, within the framework of the National Investment Commission, as well as a specific support mechanism for very small, small and medium-sized enterprises, in addition to a mechanism for the development of Moroccan investments abroad.
The King commended the government for the work done, and gave His High Instructions for the preparation of the implementation details of the new investment charter.
The Sovereign also emphasised the role that the national private sector should play in this project and invited the government to actively involve private operators.
Incentive schemes
His Majesty the King also recalled that the renovation of the legal and incentive schemes remained dependent on their proper implementation and regular monitoring of their implementation on the ground, in order to give a new impetus to private investment and to enshrine the Kingdom as a privileged land of investment at the regional and international level.
According to the source the working session was attended by the Head of Government, Mr Aziz Akhannouch; the Advisor to His Majesty the King, Mr Fouad Ali El Himma; the Minister of Interior, Mr Abdelouafi Laftit; the Minister of Economy and Finance, Ms Nadia Fettah Alaoui; the Minister of Industry and Trade, Mr Ryad Mezzour, and the Minister Delegate to the Head of Government in charge of Investment, Convergence and Evaluation of Public Policies, Mr Mohcine Jazouli".
Agricultural sector
Meanwhile, the King also received the Head of Government, Mr Aziz Akhannouch, and the Minister of Agriculture, Fisheries, Rural Development and Water and Forests, Mr Mohamed Sadiki.
The discussion is part of the High Royal solicitude of the King for the rural population and all components of the agricultural sector, especially at a time when the agricultural season was experiencing a large deficit of rainfall.
The national average rainfall of the country has reached 75 mm, recording a deficit of 64 per cent compared to a normal season.
The meeting, therefore, called on the government to take all necessary emergency measures to cope with the impact of the deficit of rainfall on the agricultural sector, in the hope that God will shower his mercy on their country and fill it with beneficial rains.