Investment: The new package

After dozens of  initial versions were drafted, the Investment Charter has finally come into being. The draft framework law was adopted on Tuesday, July 19 by the Government Council meeting, the day before the Council of Ministers meeting on Wednesday which approved the draft law. A real parliamentary marathon was awaiting Mohsine El Jazouli. Indeed, the Minister Delegate for Investment, Convergence, and the Evaluation of Public Policies was expected to quickly convince the two chambers of Parliament to speed up the approval of the draft law, especially since this draft framework law, eagerly awaited by the business world, had been recommended by the King. This project intervenes within the framework of the implementation of the recommendations of the New Model of Development and in application of the content of the government program, according to the presentation note which accompanies this text of 42 articles. More than 26 years after the enactment of the old charter, it was imperative to carry out a reform of the Government’s policy as regards development and investment promotion. It is a matter of adapting the charter to the requirements of the New Model of Development and to the profound institutional, economic, social, environmental, and technological changes taking place at the national and international level. Moreover, this project is part of a range of reforms such as that of the CRIs (Regional Investment Centers) with the establishment of unified regional investment commissions, the creation of the Mohammed VI Fund for Investment, the development of the public-private partnership, and the overhaul of taxation. Added to this is the restructuring of the sector of state-owned enterprises (SOEs) and agencies, with the appointment of  Director General Abdellatif Zaghnoun as head of the new National Agency for the Strategic Management of State Holdings.
With a view to making investment the main engine of economic growth in Morocco, the draft framework law targets the fundamental goals of Government action in the area of development and investment promotion, in the prospect of establishing Morocco as an attractive continental and international hub for investment. It is undeniable that the implementation of these parallel reforms will not fail to strengthen the country’s attractiveness and increase the share of private, national, and foreign investment in the total investments made, marked by the predominance of public investments. The idea is to reverse the current trend in the distribution of these investments with a view to enabling the private sector to make two-thirds of the overall investment by 2035, and this in accordance with the content and ambitions of the New Model of Development, as explained by the presentation note that accompanies the draft framework law establishing an investment charter.
In addition to the creation of stable jobs and the reduction of disparities between the provinces in terms of attracting investment, the Government wants to direct investment towards priority sectors and professions of the future. On the menu is also the fostering of exports and the development of Moroccan companies internationally. The goal is to strengthen the economic influence of Morocco at the global level, particularly in Africa, in perfect harmony with the royal vision of this continent. Added to this is the incentive to substitute imports with local production, the improvement of the business environment, and the facilitation of investment.  

M. C.