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Tuesday, May 21, 2024

Investment Charter Offers ‘Transparent’ Framework

The Minister Delegate in charge of Investment, Convergence and Evaluation of Public Policies Mohcine Jazouli said, Wednesday in Rabat, that the new Investment Charter offers a “transparent and clear” framework to the structured investor.

Speaking at the opening of a symposium organized by the Council for Development and Solidarity (CDS), on the theme “investment and role of the territorial State”, Jazouli said that the Investment Charter which came into being thanks to the High Directions of HM King Mohammed VI offers several schemes and instruments, especially after the adoption of the framework law 03-22, and the first decree of implementation of this new law.

In this sense, the Minister stressed that this framework law is based on 3 axes, namely: support mechanisms for investment, improving the business climate, and a unified governance and territorialized investment.

He also said that the new Investment Charter establishes a comprehensive support system through 4 schemes, including premiums up to 30% of the amount of investment, common premiums for investments in line with the Royal High Guidelines, the goals of the new development model (NMD) and the government program, as well as a territorial premium to encourage the least favored provinces, and a sectoral premium dedicated to priority sectors.

Jazouli also highlighted the arrangements for strategic projects through specific support measures, especially for projects with a sovereign character or with a capacity to attract ecosystems, adding that these strategic projects benefit from benefits negotiated on a case by case basis.

For his part, the Wali of Bank Al-Maghrib (BAM), Abdellatif Jouahri, stressed that this meeting addresses a central and topical issue for Morocco, especially in this post-Covid era where the unfavorable international environment and its uncertain prospects weigh on economic activity and inhibit private initiative.

He also noted that over the past two decades, the Kingdom has made a significant effort in terms of investment which reaches, according to data from national accounts, around 30% of gross domestic product (GDP), noting however that the same period, growth has averaged 3.8% per year, with a weakening of its pace from 4.7% between 2000 and 2010 to 2.8% between 2011 and 2021.

In this regard, he said that Morocco is making a significant and constant investment effort, but which so far gives rise to “an insufficient economic growth, downward trend, with an employment content increasingly low and whose benefits do not benefit equally to all regions.”

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