Once upon a time, the investment charter …

Me’Current events at home (pandemic, drought) and international (Ukraine / Russia conflict) have somewhat crushed the problems of the new investment charter. … A proceeding in dispute for more than a quarter of a century – the previous proceeding dates back to 1995. However, no major progress has been made in this regard, with five companies following each other. We must acknowledge the achievements of the Government of Afnauchi for including this file in our research program last October and for appearing to be working on it today. It must be said that the sovereign has given a firm direction. Evidence of this is a working session he chaired on February 16th.

New benefits

Until now, investment charters that are still in effect have been limited to a series of land-related tax and other measures. There is no more. We needed to bring order by giving this system more coherence and globality. In this way, a dedicated department entrusted to Mosin Jazzoli was created for the new executives, and a deputy minister responsible for investment, convergence, and public policy evaluation was appointed. What is your goal? Increase private investment to total investment from just one-third to two-thirds by 2035. From this point of view, the axes that are retained are: Creating jobs, promoting fair development in the region, prioritizing promising sectors National economy.

In detail, you need to resign according to a specific system. A system of key support systems with common premiums eligible for the purpose of the new development model and the priorities set by the government. In addition, it benefits from encouraging investment in the most disadvantaged states and provinces (Al Hoceima, Belkane, Bouder, Chefchaouen, Essumara, Guelmim, Laayoune, Larache, Nador, Wedeeddahab, Uzidaangad, Tangier-Ashira). Fahs-Bni-Makada, Tan-Tan, Taunart, Taourirt, Tata, Taza, Tetouan); It’s also a sector bonus in the direction of the buoyant sector. It is still offered on the basis of exclusive support measures for projects of strategic nature (defense and pharmaceutical industries). Finally, that of SMEs and SMEs. To this, we need to add a mechanism for developing foreign investment abroad. In detail, the first batch of benefits is linked to the creation phase: registration fees, tariffs, VAT, variable tax abolition, 0% corporate tax (IS) on the industry under construction for 5 years. The second covers additional benefits such as payment of certain costs (land acquisition, external infrastructure, vocational training, investment promotion funds, land reserves, etc.). Other incentives, especially at least one free zone per region, will be considered and given free zone status. Development of major export industries outside the free zone, indirect export status of subcontractors.


However, many questions remain about the expected optimization of the new Charter. First, what are we doing for the informal sector, which produces more than 30% of GDP?It can only help in one case We will carry out restructuring. And to do that, you need to think innovatively. This evolution towards a gradual integration into a formal economy cannot be proclaimed. To push the world of informal work in this direction, we must be able to modify our behavior and overcome rigidity. communication. Also, be aware that these workers are encouraged to take the plunge … they must stick to it, convinced that they can only get from it. Second, is there a specific system for Moroccan start-ups? The problem in the first place is that large companies and public institutions are opening partnerships with start-ups. These are the means of economic recovery and the vectors.

The Covid-19 pandemic has contributed to companies reviewing organizations and internal processes for agility in a constantly changing context for two years. Start-ups are certainly learning new technologies. They know how to leverage data to suggest operational challenges. Therefore, deploying an innovative solution for remote management has potential implications. Since it is true that synergies are important, it is useful that the new charter is concerned with opening the bridge between research centers and the startup ecosystem. this is, We need to provide incentives in this area (appropriate regulatory framework, favorable tax system, etc.). Caisse Centrale de garantie has begun this path as part of the InnovInvest program. It needs to be significantly expanded to sectors such as fintech, agritech, mobility and inclusion. Don’t forget to predict and deploy this policy on the continent where there is a great opportunity.


Finally, the public-private partnership equation: how to extend and integrate it? Today, there is talk of the nation refocusing on the sovereign sector and major work. The investment budget is about 240 billion DH, which is one of the highest rates in the world. Still, it doesn’t produce strong growth or so much work. What should I do ? More involvement of the private sector, which can only be energized if favorable conditions are provided-this is a market economy with laws based on the quest for maximum profit. The new Charter takes this concern into account in various incentive measures. It remains to identify and implement the method of capillarity between the public and private sectors. The first investment could be the second catalyst. Creation of added value: That is the creed. And in this process, employment will occupy that place. The 1995 vision was primarily financial and even more limited. In 2022, it’s about something else. Reprioritizing investments across all sectors and regions and in a coordinated manner. Currently, the proposals being proposed are clear and there are important means to enhance Morocco’s appeal and enable productive equipment to seize more opportunities.

All of this cannot eliminate productivity issues in the new incentive framework. This means fixing the economy well to the international circuit. From this point of view, it goes without saying that the digital strategy will be reviewed. The Maroc Digital 2020 program has been applied and is subject to dedicated agency and e-government policies. This shift towards accelerating digital transformation must continue. How many SMEs, especially VSME, can access it today? A mediocre rate, in the range of 10/20% at most … Therefore, it needs to be more integrated into a globalized economy that can only benefit investors and provide more economic opportunities. Digital, in the final analysis?

A true means of inclusive growth. It facilitates administrative procedures for citizens and economic operators-; reduces the digital divide, which emphasizes social cohesion. Ultimately, Morocco will be positioned as a regional hub and even as the first digital hub in Africa. Therefore, we welcome the new investment charter. It is within the framework of the axis of the new development model. This will be added to the July 26, 2021 Tax Framework Act, issued more than two years after the Third Tax Conference in May 2019. Will this charter be finalized as a framework law? If so, when? And what about the enforcement order? Well then, diligence. Government charge …

Mustafa Sehime

Law professor, political scientist