The House of Representatives approves by majority the draft framework law forming the Investment Charter

The House of Representatives approved, on Tuesday during a legislative session, draft framework law N° 03-22 forming the Investment Charter, by 159 votes, with two abstentions, and without any opposition.

Presenting this text, the Minister Delegate in charge of Investment, Convergence and Evaluation of Public Policies, Mohcine Jazouli, indicated that “the adoption of a legal investment framework that is transparent, attractive, competitive and clear, has become urgent for us to be there to seize the opportunities available to us, and this is precisely what the new Investment Charter provides”.

Jazouli underlined that this structuring text aspires to “reverse the current distribution between public investment and private investment, in accordance with the content of the New Development Model, so that private investment, which currently constitutes a third of overall investment, reaches the two-thirds by 2035”.

The new Investment Charter has eight objectives: the creation of permanent jobs, the reduction of disparities between the provinces and the prefectures of the Kingdom in the attraction of investments, the orientation of investments towards priority sectors and trades future, improving the business climate and facilitating the investment process, he noted.

It also aims, the Minister continued, to promote sustainable development, strengthen the attractiveness of the Kingdom in order to make it a continental and international center for foreign direct investment, the promotion of exports and the presence of Moroccan companies at international market, as well as encouraging the substitution of imports by local production.

To achieve these objectives, the draft framework law is based on three axes, namely support mechanisms, improvement of the business climate and unified governance, he added.

Moreover, the interventions of most of the deputies on behalf of the parliamentary groups during the discussion of the content of the text, focused on the need for good management of public and private investments to contain the repercussions of the world economic crisis and achieve economic recovery.

The deputies also welcomed the content of the King’s speech on the occasion of the opening of the 1st session of the 2nd legislative year of the 11th legislature, which called in particular for the improvement of the investment climate and its development in strengthening the attractiveness of Morocco for national and foreign private investments and facilitating their realization.

In this context, they called for strengthening the roles of Regional Investment Centers and supporting project leaders, as well as promoting the investments of members of the Moroccan community abroad.