Morocco: 15 private investment projects totaling €2.27 billion approved by the state.
12 June 2015
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The Moroccan government's Investment Commission has approved 15 projects worth €2.27 billion. Two-thirds of these commitments come from partnerships with foreign companies. In total, these 15 projects should create nearly 4,000 direct jobs.
24.77 billion dirhams, or €2.27 billion. This is the amount of "15 projects of agreements and amendments to investment agreements" approved by the Interministerial Investment Commission chaired this Tuesday, June 9 in Rabat by Abdelilah Benkirane, Head of Government, according to a press release published at the end of the meeting.
The approval of these projects is part of the procedures for state support for investment. Companies whose investments have been validated by the State benefit, through the signed agreements, from various tax advantages or subsidies, for example, within the framework of the Hassan II fund. In return, project leaders commit to investment amounts and hiring.
On this subject, Hamid Ben Elafdil, director general of the Moroccan Agency for the Development of Investments (AMDI), recalled during the post-meeting press conference that the approved investment projects would benefit "either from customs exemptions, or from tax exemptions, or from subsidies from the investment fund [FDI created this year Editor's note]"
The commission created in 1998 generally examines investments whose amounts are greater than 200 million dirhams (approximately €20.7 million). It can also rule on any administrative blockages.
It is within this framework that the 15 project agreements are included, which should generate 3,985 direct jobs. At the end of 2014, the interministerial commission had already validated 32 investment projects for a value of €1.4 billion.
Of all the projects announced this June, the energy sector accounts for two-thirds of the approved investments with 16.52 billion dirhams, or 67%. The tourism, real estate and leisure sector is far behind with 6.5 billion dirhams, 26% of the projects and 1250 jobs. The details of the projects, including the names of the companies involved, were not communicated for confidentiality reasons.
In terms of jobs created at the sectoral level, with 6% of investments, commerce, a major provider of jobs, accounts for nearly 2,500 positions, 63% of the forecast job creation.
Moulay Hafid Elalamy, Minister of Industry, also acknowledged in a statement to the Moroccan press that there are "projects that generate few jobs, but high added value". This is the case for the energy sector.
The distribution of investments shows that two-thirds of the approved investments come from partnerships with foreign countries in the form of joint ventures with nearly 16.5 billion dirhams representing 67% of the approved investments.
100% Moroccan projects represent 29% of investments with an amount exceeding 7 billion dirhams.
The remaining 4% goes to Saudi Arabia with 3% of the investments with nearly 550 direct jobs ahead of the unexpected Netherlands (1%) and 125 direct jobs.
By geographical region, Souss-Massa-Drâa (Agadir region) concentrates 87% of total investments, or 21.6 billion dirhams. This percentage can be explained by the probable presence in the pool of 15 projects of the Noor solar power plants in Ouarzazate managed by Masen in association with the Saudi group Acwa Power.
Other regions such as Marrakech-Tensift-Al Haouz (4%), Tangier-Tetouan (3%) and the Oriental (1%) are far behind in attracting investments.
As a reminder, last year, inward foreign direct investment in Morocco amounted to 34.28 billion dirhams, or €3.14 billion.
Nasser Djama
Usinenouvelle.com
Published June 11, 2015.
Posted online June 12, 2015.
24.77 billion dirhams, or €2.27 billion. This is the amount of "15 projects of agreements and amendments to investment agreements" approved by the Interministerial Investment Commission chaired this Tuesday, June 9 in Rabat by Abdelilah Benkirane, Head of Government, according to a press release published at the end of the meeting.
The approval of these projects is part of the procedures for state support for investment. Companies whose investments have been validated by the State benefit, through the signed agreements, from various tax advantages or subsidies, for example, within the framework of the Hassan II fund. In return, project leaders commit to investment amounts and hiring.
On this subject, Hamid Ben Elafdil, director general of the Moroccan Agency for the Development of Investments (AMDI), recalled during the post-meeting press conference that the approved investment projects would benefit "either from customs exemptions, or from tax exemptions, or from subsidies from the investment fund [FDI created this year Editor's note]"
The commission created in 1998 generally examines investments whose amounts are greater than 200 million dirhams (approximately €20.7 million). It can also rule on any administrative blockages.
It is within this framework that the 15 project agreements are included, which should generate 3,985 direct jobs. At the end of 2014, the interministerial commission had already validated 32 investment projects for a value of €1.4 billion.
Of all the projects announced this June, the energy sector accounts for two-thirds of the approved investments with 16.52 billion dirhams, or 67%. The tourism, real estate and leisure sector is far behind with 6.5 billion dirhams, 26% of the projects and 1250 jobs. The details of the projects, including the names of the companies involved, were not communicated for confidentiality reasons.
In terms of jobs created at the sectoral level, with 6% of investments, commerce, a major provider of jobs, accounts for nearly 2,500 positions, 63% of the forecast job creation.
Moulay Hafid Elalamy, Minister of Industry, also acknowledged in a statement to the Moroccan press that there are "projects that generate few jobs, but high added value". This is the case for the energy sector.
The distribution of investments shows that two-thirds of the approved investments come from partnerships with foreign countries in the form of joint ventures with nearly 16.5 billion dirhams representing 67% of the approved investments.
100% Moroccan projects represent 29% of investments with an amount exceeding 7 billion dirhams.
The remaining 4% goes to Saudi Arabia with 3% of the investments with nearly 550 direct jobs ahead of the unexpected Netherlands (1%) and 125 direct jobs.
By geographical region, Souss-Massa-Drâa (Agadir region) concentrates 87% of total investments, or 21.6 billion dirhams. This percentage can be explained by the probable presence in the pool of 15 projects of the Noor solar power plants in Ouarzazate managed by Masen in association with the Saudi group Acwa Power.
Other regions such as Marrakech-Tensift-Al Haouz (4%), Tangier-Tetouan (3%) and the Oriental (1%) are far behind in attracting investments.
As a reminder, last year, inward foreign direct investment in Morocco amounted to 34.28 billion dirhams, or €3.14 billion.
Nasser Djama
Usinenouvelle.com
Published June 11, 2015.
Posted online June 12, 2015.
