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Morocco Launches Wide-Ranging Industrial Acceleration Plan


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© Business Wire 2014
2014-04-03 17:18:01 -

Moroccan Minister of Industry Moulay Hafid Elalamy unveiled on Wednesday “a national industrial acceleration plan" at a ceremony held under the chairmanship of King Mohammed VI and attended by hundreds of CEOs of Morocco and abroad.

The new strategy, which chiefly seeks to speed up the development pace of the industrial sector, provides for the creation of the “FDI”, a public industrial investment fund endowed with 2 billion euros. Mr.

Elalamy, who is also minister of Trade, Investment and Digital Economy, stressed in his presentation the importance of building on the achievements already made.

Morocco’s global businesses allowed the country to make a breakthrough particularly in the sectors of aeronautics, car industry and offshoring, which attracted world companies, leaders in their field,

such as Renault-Nissan, the Canadian Bombardier and others. These gains help the country to move towards more efficient ecosystems, strengthen its economic resilience and make it possible to eye a place among emerging countries.

The industrial acceleration program that will extend over the 2014-2020 period is expected to generate half a million jobs in the sector and substantially increase the share of industry in GDP from the current 14% to 23 %.

The changes to be introduced under the new plan will help diversify and expand the industrial fabric and institute a better coordination and deeper partnership between large companies and SMEs.

It also focuses on supporting the transition of the informal sector to the formal economy. In this respect, a series of incentives and tax measures will facilitate the integration of very small enterprises in the formal economy. Also, the plan grants utmost importance to human resources, the aim being to respond better to Moroccan and foreign enterprises’ requirements.

The plan provides for other measures to better exploit and optimizes industrial zones and makes them more accessible to operators.The plan on the other hand calls on all Moroccan economic operators to have “the Africa reflex” to upgrade Morocco’s partnership with African countries. Moroccan operators will build on the gains scored thanks to the personal involvement of King Mohammed VI, as evidenced by the Sovereign’s latest tour in some countries of West Africa, which confirmed the position of Morocco as a gateway for international investment in the continent.

In a nutshell, the plan seeks to build on the progress made thanks to a proactive policy of openness, to adapt the industrial sector not only to the needs of the labor market but also to the new situation of the country as an increasingly attractive destination for international companies and to take the most of its pivotal position between the Americas, Europe, the Middle East and Africa.

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