The new investment charter in Morocco contributed to attracting investment projects worth 150 billion dirhams ($15 billion) one year after its adoption, which supports achieving its main goal of raising the share of private investment in the Kingdom from one third currently to two-thirds by 2035.
The new charter came into effect in March of last year, and stipulates the provision of financial grants that may reach 30% of the total amount of investment if certain conditions are met, including creating greater job opportunities, especially for women, and investing in value-added sectors, and outside cities. The big one. While the maximum financial support before the law was issued did not exceed 10% of the project value.
During the first year of the charter, the National Investment Committee approved, from March 1, 2023, until March 1, 2024, investment projects worth 150 billion dirhams, which are expected to provide 70,000 direct and indirect job opportunities, and most projects are expected to begin operation within three years on average.
The approved investment projects also benefited from total grants of approximately two billion dirhams. Industry was the largest sector that attracted investments under the new charter.
Within this sector, the chemical industry, thanks to the investment program of the “Office Chérifien des Phosphates” (OCP) group, and the automobile industry, especially electrical, were the most represented industries. Investments also included other sectors such as energy, seawater desalination, tourism, education, health, and culture.
Morocco relies primarily on mobilizing investments from local investors, which has already been achieved, as more than 70% of the projects approved during the first year came from Moroccan investors, according to the Director General of Investment and Business Climate.
Before the adoption of the new investment charter, the annual rate of investment was around 30 billion dirhams, and 11 thousand jobs were created. This means that investment in the first year of the new investment charter increased 5 times compared to the pre-2022 average, while created jobs increased 7 times compared to the same period.
Figures on new investments reveal Asian interest in Morocco, as a quarter of the projects approved last year came from Japan and China, and were mainly focused on renewable energy and electric cars.
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