As announced by the Moroccan Royal Cabinet in a statement, King Mohammed VI chaired a working commission at the royal residence in Bouznika to discuss the new investment pact.
The meeting was attended by the Moroccan Prime Minister, Aziz Akhannouch; the King's advisor, Fouad Ali El Himma; the Minister of the Interior, Abdel-Wafi Laftit; the Minister of Economy and Finance, Nadia Fattah Al-Alaw; the Minister of Trade and Industry, Riad Mazour; and the Prime Minister's deputy minister in charge of Investment, Convergence and Evaluation of Public Policies, Mohsen Jazouli.
This project, which is part of the New Development Model, aims to change the current trend in Morocco with regard to the investment model.
Currently, private investment represents around one third of the total, while public investment represents two thirds, according to Moroccan media reports. For this reason, the Kingdom seeks to increase the share of private investment to two-thirds of total investment by 2035.
In addition to increasing private investment, the new project presented by Mohammed VI will promote job creation, boost egalitarian development and identify key sectors of the Moroccan economy. It will also support certain strategic plans, such as the defence industry and pharmaceuticals.
On the other hand, small and medium-sized enterprises will receive support to promote their investments abroad. There will also be funds to encourage investment in the most vulnerable regions and to revive promising sectors.
However, in order to achieve these objectives, it is essential that Moroccan political authorities meet and dialogue with members of the private sector. For this reason, the monarch Mohammed VI has urged the government to involve key players in this area, such as the General Confederation of Moroccan Enterprises and the Professional Group of Moroccan Banks.
In addition, Mohammed VI recalled that the project and the measures must be regularly monitored in order to bring a new dynamism to private investment and make the Kingdom a "privileged place for investment at regional and international level".
For several months, Rabat has been developing plans to revive the national economy, which has been hard hit by the pandemic. In this sense, the Kingdom has announced projects aimed at supporting certain sectors damaged by the effects of the coronavirus. Morocco has also presented its five-year plan for 2025 to attract foreign investment.