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Investment Charter: Gov’t Completes Legal Arsenal on Support Mechanisms

The Government has completed, within the set deadlines, the legal arsenal relating to the main support mechanism for investment and the specific support mechanism applicable to strategic investments, the Department of the Head of Government said in a statement.

“The Head of Government, Aziz Akhannouch signed the bylaws relating to the implementation of the main mechanism to back investment. The government will have enacted all the regulatory texts relating to the implementation of the main support mechanism for investment and the specific support mechanism applicable to strategic investment projects, subject to Decree 2.23.1 adopted by the Government Council dated January 26, 2023 and published in the Official Gazette dated February 23, 2023,” the same source said.

These bylaws are part of the government’s compliance with the provisions of Article 40 of the new Investment Charter, which states that “the State undertakes to enact the necessary texts for the implementation of the main support mechanism and the specific support mechanism applicable to investment projects of strategic nature, within a period not exceeding three (3) months from the date of publication of the framework law in the Official Gazette,” recalled the statement.

In addition, the statement notes that the framework law 03.22 forming investment charter, aims primarily to “increase private investment to two-thirds of overall investment by 2035, in accordance with the recommendations contained in the new development model.”

According to the statement, the goals of this charter relate to creating stable jobs, reducing disparities between provinces and prefectures in terms of investment attraction, directing investment towards priority sectors and trades of the future.

It is also about improving the business environment and facilitating the investing, strengthening Morocco’s attractiveness to establish it as a continental and international hub for foreign direct investment, encouraging exports and development of Moroccan companies internationally and encouraging the substitution of imports by local production.

 

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