Morocco Approves 56 New Economic Projects, Injecting 134 Billion Dirhams into Economy

Rabat, Morocco – In a significant move to bolster economic growth and reduce unemployment, the Moroccan government has approved 56 new economic projects with a total investment of 134 billion Moroccan dirhams. This initiative, announced today by the National Investment Commission under the leadership of Prime Minister Aziz Akhannouch, is expected to generate approximately 28,000 new jobs across various sectors.

The projects span a diverse range of industries including chemicals, tourism, automotive, and renewable energy, highlighting Morocco’s commitment to diversifying its economy. The largest share of the investment is directed towards the chemical and parachemical sector, which alone accounts for 56% of the allocated funds, followed by tourism at 22%. Other sectors like automotive, building materials, agrifood, healthcare, aquaculture, textiles, aeronautics, and biotechnologies are also beneficiaries of this investment wave.

This economic surge comes at a critical time when Morocco is actively seeking to recover from the economic impacts of global challenges, including the lingering effects of the COVID-19 pandemic and climate-related issues. By fostering such substantial investments, Morocco aims not only to stimulate economic activity but also to enhance its global market position in sustainable and high-tech industries.

The Prime Minister emphasized the role of these projects in creating not just jobs but also in promoting sustainable development. “These investments are a testament to our vision for a robust, inclusive, and sustainable economic model,” Akhannouch stated during the announcement. He further noted that these projects would be spread across 19 provinces and prefectures, ensuring a balanced regional development.

The approval of these projects also reflects the effectiveness of Morocco’s new investment charter, which has streamlined processes to make the country more attractive to both local and international investors. The charter has been instrumental in facilitating quicker decision-making and providing incentives that encourage investment in strategic sectors.

Critics and analysts alike have welcomed this development, although some stress the importance of ensuring these investments translate into long-term job stability and environmental sustainability. “While the immediate job creation is commendable, it’s crucial that these investments lead to enduring employment opportunities and respect for environmental standards,” commented economist Dr. Fatima El Hassani.

The Moroccan government, through its investment agency, is committed to monitoring the implementation of these projects to ensure they meet their job creation and economic growth targets. The projects are also expected to boost Morocco’s position as a hub for industrial and technological innovation in Africa and the Arab world.

This significant investment drive is part of a broader strategy to achieve economic resilience and growth, showcasing Morocco’s proactive approach to leveraging its strategic location and rich resource base for sustainable development.

For more information on the specifics of these projects, further details will be released by the Ministry of Industry and Trade in the coming weeks.