Casablanca – In a session held in Rabat, Prime Minister Aziz Akhannouch presided over the fifth meeting of the National Investment Committee. This meeting culminated in the approval of 22 investment project agreements and 5 annexes, amounting to a substantial investment of $794 million. These projects are projected to create approximately 7,000 jobs, encompassing 5,300 direct and 1,700 indirect positions.

One of the highlights of this session was the endorsement of a groundbreaking project in the electric mobility sector in the Rabat-Salé-Kénitra region. This initiative, supported under the special strategic investment system, involves a massive investment of $12.8 billion and is anticipated to generate 17,600 jobs, both direct and indirect.

Most of the investments approved(89%) under the Basic Investment Support System are to be executed by Moroccan companies. This strategic move ensures that these projects will be spread across 19 provinces and prefectures within seven regions, promoting a fair geographical distribution.

The chemical and semi-chemical industries have emerged as the leading sectors, securing 56% of the total investment funds. Following this, the automotive industry has garnered 7%, and construction materials have received 6%. Other sectors benefiting from these investments include the food industry at 4%, with health, aquaculture, textiles, aviation, and biotechnology each receiving 1%.

The automotive sector is set to be the largest contributor to job creation, expected to provide over 30% of the new job opportunities. It is followed by the tourism sector at 21% and the textile sector at 16%.

During the meeting, Prime Minister Akhannouch reiterated that supporting private investment and creating decent job opportunities are paramount priorities for the government and all relevant stakeholders. This commitment is crucial for sustaining the current economic momentum under the new Investment Charter, which has been driven by the directives the  Moroccan King.

This session, the third held in 2024, underscores the dynamic nature of private investment in Morocco and highlights the positive impact of the new Investment Charter.

The meeting saw the presence of several key government officials, emphasizing the collaborative effort to enhance Morocco’s investment environment, create jobs, and promote economic growth across various sectors and regions.