Investment Charter: Adoption at a steady pace

Mohcine Jazouli is already rubbing his hands. The Minister of Investment, for whom this is the first parliamentary exercise, succeeded in having his draft framework law relating to the Investment Charter adopted last Wednesday within the Finance Committee of the House of Representatives, and this, without having to resort to an extraordinary session as MPs had wished to hold after the close of the ordinary spring session.

This week is marked by the opening of the autumn session by the King, which will allow the House of Representatives to schedule the draft legislation in a plenary session before transferring it to the House of Councillors. In the meantime, the majority and opposition groups presented 152 amendments, but since it is a framework law, the Minister of Investment, Convergence, and Evaluation of Public Policies, overwhelmingly rejected the amendments. The Minister retained only those relating to the form, which gave the impression to many MPs that the Government was in a hurry to have the law enacted just like it was approved in the Council of Ministers chaired by the King. For Mohcine Jazouli, this approval comes in the wake of royal guidelines to quickly provide the country with a new Investment Charter. For a source familiar with the matter, one of the essential goals of the Charter is the creation of jobs and in particular of long-term ones for the sake of young people. Morocco has a pool of talents and skills just waiting for the opportunity to rise to the challenge. “It is thanks to this human resource that we now have a competitive automotive industry and an aeronautics industry meeting international standards. This investment charter will allow us to go further with an unprecedented incentive bonus system to attract and increase the share of the private sector in private investment, whether it’s national or international”, continues the source. Indeed, the implementation of a system aims to improve the business climate and facilitate the act of investing. The territories are at the heart of this charter. The regions will regain their calling as leaders of economic development with greater force, in accordance with the organic law of 2015, it is being said. This charter will consolidate the efforts made by state and private actors. It will strengthen the dynamics of economic recovery and perpetuate the investment system for an inclusive and sustainable economic environment, as is the case with the proposal made by MP Hassan Lachgar to add a carbon neutrality premium, especially since more than 60% of Morocco’s trade is with the European Union, which plans to introduce a carbon tax in June 2023. If nothing is done by then, this risks penalizing our exports. However, such a premium will serve to encourage investors to move towards decarbonization. However, this is a criterion which can make it possible to grant a premium, but this amendment was rejected by the Minister, which makes the socialist MP say that everything relating to the environment, sustainable development, and better management of natural resources is not mentioned in the investment charter. However, Morocco has shown itself to be a pioneer in terms of commitment to climate.

Mohamed CHAOUI