Marruecos encumbra la inversión privada
Morocco has stepped up its activities, with the new Investment Charter coming into force, driven by the desire to increase the contribution of private investment so that it can play its full role and finance major projects. This proposal aims to give a new impetus to domestic investment. The first impact of the memorandum's approval will be to improve the business environment, thus facilitating private investment, which will shift investment in Morocco, reversing the trend of the first two-thirds private sector and one-third public investment by 2035.
Thus, the first legal texts were adopted to implement this charter as soon as possible, in particular after the adoption of the framework law 03-22, and the first decree implementing this new law. Systematise around three axes of the investment support mechanism, improve the business climate and unified investment management, by territory. This ambitious project will boost economic growth and finance the major projects that will be implemented to lay the foundations of the welfare state.
In addition, the latest statistics from the Bureau de Change show that the net inflows of Foreign Direct Investment (FDI) are 20.97 billion dirhams in 2022, an increase of 8.3% compared to the previous year 2021 with an increase in FDI inflows of 20.5% to more than 38.44 billion dirhams by the end of 2022. For its part, the Executive expressed a strong desire to implement this project and is persevering to develop a new roadmap to improve the business environment by 2026 with the collaboration of all public and private sector stakeholders. One of the main drivers of FDI growth in Morocco is its location.
Morocco is strategically located at the crossroads of Europe, Africa and the Middle East, making it an ideal location for international companies looking to expand into new markets. In addition, Morocco has a well-developed infrastructure, including a strong transport network, ports and airports, which makes the country an attractive location for companies involved in the import and export of goods. Another factor contributing to the growth of FDI in Morocco is the government's interest in developing key sectors such as tourism, automotive, aviation and renewable energy.
This means launching a package of reforms related to simplifying and digitising administrative procedures, improving access to land, industrial parks and public procurement, and developing financial instruments for innovation, as well as fostering innovation and entrepreneurial culture. The role of Regional Investment Centres (RICs) also continues to play an important role in moving beyond the traditional approach of processing investment applications to attract investors based on services, high quality work and reasonable procedures to invest and create value.
In an interview with MAP, economist Mohamed Jadri explained that Morocco has been undertaking major business environment projects for more than 20 years, in this regard, recalling the huge work that has been done in both infrastructure and human resources training, in addition to various forms of taxation. While steps have been taken to improve the business environment, much remains to be done, especially in terms of administrative simplification and digitisation, as well as efforts in the judicial sector to protect investors' rights. The Economist also emphasises the importance of encouraging the banking sector to focus on financing projects, not people.
As for the new Investment Charter, Jadri explained that it will aim to promote private initiatives at home or abroad, adding that it is based on sectoral, territorial and general sectoral subsidies and should focus more on productive investments made by workers. The Investment Charter comes at a time when the country's economy needs a boost to emerge from the upcoming crisis, and will undoubtedly pave the way for a better business environment, creating a favourable ecosystem to mobilise investment for growth.
