The Moroccan government has approved 26 investment projects for a total of $2.8 billion in various sectors. According to the communiqué issued by the government's chief of department, these projects are divided into 12 agreement initiatives and 14 amendments.
The Moroccan Minister of Industry and Trade confirmed that his department is strongly involved in this project. According to Ryad Mezzour, Morocco will attract local and foreign investment to achieve these objectives.
The projects carried out by local and foreign investors are expected to generate many jobs: between 3,735 direct jobs and 23,182 indirect jobs.
In the jobs to be created, the higher education sector stands out, as it exceeds the commercial and real estate sector. It is a relevant sector as it is the main supplier with some 1,560 direct jobs. The teaching-related work is one of the most sought-after.
The National Investment Commission found that most of the 26 projects are concentrated in higher education, followed by industry and tourism.
However, capital projects accounted for 96% of the planned investment, equivalent to some 27.7 million Moroccan dirhams.
Business and investment in Morocco is what dominates the country's economy, highlighting the sectors that bring profits. The North African country has benefited from the fact that political stability has prevailed in the country over the years and has begun to introduce significant tax exemptions to attract business. In 2020 there was growth, but, however, if we compare with 2022 we see a drop of 6.3% which was driven by the aftermath of COVID.
In 2022 there was a growth of up to 3.2% and a radical growth is expected in 2023 in the Moroccan economy with its new investments.
Morocco is in a very good spot, and therefore many of the businesses are going to take advantage to enter this market, as the jobs depend a lot on the economy and the competitiveness of the companies.
Some of the Moroccan companies are performing very well in Africa, such as the Moroccan Popular Bank group, the pharmaceutical company Pharma 5 or Oulmes Mineral Waters, which have performed well and have obtained very good investment, thus highlighting the national potential.
Aziz Akhannouch, head of the Government of the Kingdom of Morocco, recalled the importance of national political reforms in promoting investments and the need to adapt them to the profound changes taking place in the nation, thus applying high guidelines so that investments become the engine of society and socio-economic development.
The projects promoted by the Moroccan government will bring benefits, such as the reduction of unemployment, as there will be between 3,735 direct jobs and 23,182 indirect jobs, as well as a reduction in youth unemployment.
According to the Moroccan Ministry of Labour and Social Economy, the aim is to improve the employment rate, taking into account that the labour market in Morocco is characterised by informal employment and low productivity, which are objectives to be improved.
Rates have increased because the working age has been raised from 15 years and, although the employment rate remains below the pre-pandemic level, there have been positive increases both nationally and in terms of women's employment. These projects will go a long way in combating the scourge of unemployment, especially for women, who are the ones who really suffer from unemployment along with the youngest.