Productive investment is a lever for boosting economy, says King Mohammed VI
King Mohammed VI has laid out a roadmap for promoting productive investment as it constitutes a lever for boosting economy and creating jobs and growth, and called for removing the obstacles that still prevent a real take-off of domestic investment at all levels.
In a speech he delivered Friday at the opening of the Parliament fall session, the Monarch said today, Morocco counts on productive investment as a lever for boosting the economy and making sure the country engages in the promising sectors which provide job opportunities for young people as well as funding for various social and development programs.
“I expect the new investment charter to significantly enhance Morocco’s attractiveness as far as both domestic and foreign investment is concerned,” he said insisting on the need to remove the obstacles that still prevent a real take-off of domestic investment at all levels.
As to the role of regional investment centers, the King said these centers are expected to oversee the entire investment process; and should improve the efficiency and quality of the services they provide in terms of accompanying and guiding project holders until the actual achievement of their projects.
As regards the business environment, the structural reforms we have introduced have made it possible to improve Morocco’s image and standing in this respect, he recalled, noting however that despite the results achieved, further efforts are still needed to unlock the nation’s full potential, encourage private initiative and attract greater foreign investment.
In this regard, the King insisted on the need to implement the administrative devolution charter in full, simplify and digitalize procedures, facilitate access to real estate and green energies, and provide financial support to project holders.
To boost investor confidence in Morocco as a destination for profitable investment, the Sovereign called for enhancing the rules of fair competition and for restoring arbitration and mediation mechanisms in order to settle disputes in this area.
“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,” the King insisted, adding that the strategic goal is for the private sector to take its rightful place in the investment environment and be the real driving force behind the national economy.
The Sovereign urged Moroccan businesses and their national, regional and sectoral organizations to serve as a lever for the promotion of investment and entrepreneurship.
Similarly, he urged the national banking and financial sector to support and finance the new generation of investors and businesspeople, especially youths and small and medium enterprises, he said.
In this regard, 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.
To achieve the desired goals, I have 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.
The scheme aims to raise 550 billion dirhams for investment, and create 500,000 jobs between 2022 and 2026.