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Tuesday, December 6, 2022

HM the King Calls for Collective Mobilization and Responsible Attitude to Promote Investment Sector

His Majesty King Mohammed VI called for the mobilization of all institutions and actors of the private sector, and a responsible attitude to promote investment as a vital sector for the development of the Kingdom.

“Since investment concerns all institutions as well as the private sector, I wish to insist on the need for everyone to be mobilized and commit to a keen sense of responsibility in order to promote this sector, which is of critical importance for our country’s development,” said HM the King in a speech delivered Friday at the opening of the first session of the second legislative year of the 11th Parliament.

The Sovereign indicated, in this regard, that the strategic goal is that the private sector takes its rightful place in the field of investment, that of a real driving force of the national economy.

HM the King also said that Moroccan businesses and their national, regional and sectoral organizations are called upon to serve as a lever for the promotion of investment and entrepreneurship.

For its part, the national banking and financial sector is expected to support and finance the new generation of investors and businesspeople, especially youths and small and medium enterprises, the Sovereign added, emphasizing the importance of investments by Moroccan community abroad.

“(…) I invite you, once again, to pay particular attention to the investments made and the initiatives undertaken by the members of the Moroccan community abroad,” said HM the King.

To achieve the desired goals, HM the King instructed the government to make sure, jointly with the private and banking sectors, that the commitments made by each party are fulfilled under a national investment contract scheme, noting that the latter aims to raise 550 billion dirhams for investment, and create 500,000 jobs between 2022 and 2026.

The Sovereign also stressed the importance of productive investment as a lever for boosting the national economy and “making sure our country engages in the promising sectors which provide job opportunities for young people as well as funding for various social and development programs”.

Despite the results achieved, however, further efforts are still needed to unlock the nation’s full potential, encourage private initiative and attract greater foreign investment.

“I expect the new investment charter to significantly enhance Morocco’s attractiveness as far as both domestic and foreign investment is concerned,” said HM the King, stressing that “this requires removing the obstacles that still prevent a real take-off of domestic investment at all levels”.

The regional investment Centers (CRI) are therefore called upon to oversee the entire investment process and improve efficiency, said the Sovereign, noting that the CRI are also responsible for ensuring better support services and supervision for the benefit of project holders, until their actual achievement.

In return, all the stakeholders concerned should provide regional investment centers with the support they need, both at the central and regional levels, affirmed the Sovereign.

As regards the business environment, HM the King noted that “the structural reforms we have introduced have made it possible to improve Morocco’s image and standing in this respect”.

Despite the results achieved, however, further efforts are still needed to unlock the nation’s full potential, encourage private initiative and attract greater foreign investment, the Sovereign pointed out.

In this regard, HM the king insisted, once more, on the need to implement the administrative devolution charter in full, simplify and digitalize procedures, facilitate access to real estate as well as to green energies, and provide financial support to project holders.

To boost investor confidence in Morocco as a destination for profitable investment, HM the king called for “the rules of fair competition to be enhanced and for arbitration and mediation mechanisms to be resorted to in order to settle disputes in this area.”

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