House of Representatives Adopts Government Framework Bill 03.22 Operating as Investment Charter

The House of Representatives adopted, on Tuesday, October 18, 2022, Government Framework Bill 03.22, operating as Investment Charter. The adoption occurred during a legislative plenary sitting chaired by the Speaker of the House of Representatives, Hon. Rachid Talbi El Alami, and attended by the Minister Delegate to the Head of the Government in charge of Investment, Convergence, and Evaluation of Public Policies, Mr. Mohcine Jazouli, and the Minister Delegate to the Head of Government in Charge of Relations with the Parliament and Government Spokesperson, Mr. Mustapha Baïtas.

The Government Framework Bill comes as part of implementing the royal directives included in the speech of His Majesty on the Opening of the First Session of the Second Legislative Year of the 11th Legislative Term, where His Majesty called for implementing a “new and encouraging investment charter” at the earliest convenience. The Framework Bill aims mainly at “pushing private investments to reach the ratio of two-thirds of general investments by 2035, following the recommendations included in the New Development Model.”

In the same respect, the goals of the Framework Bill are to create stable job positions, decrease gaps between the provinces and prefectures of the Kingdom in attracting investments, orient investments towards priority sectors and future professions, ameliorate the business climate, facilitate investment procedures, consolidate the Kingdom’s attractiveness to make it a regional and international pole for direct foreign investments, promote exports and the presence of Moroccan enterprises at the international level, and promote the substitution of imports with local products.

The provisions of the new investment charter are transparent and inclusive of all investors, regardless of their nationalities, place of residence, or investment volume, taking into consideration the regional aspect in approving agreements. The provisions also stipulate a special grant for the territorial element and the possibility of combining the incentives outlined in this Charter with those granted by the Regional Councils. As for Moroccan expatriates, the Charter includes an adequate and effective support mechanism for 5.8 million of them to raise the volume, portion, and investments of the Moroccan community and their ability to bring added value and create job opportunities. T

his Law may be a turning point in advancing development and ameliorating the situation of the country and its economic positioning at the regional and continental levels, as it is one of the primary legislative texts intended for the implementation of the new development model and reinforcing the bases of a strong economy that is part of the global economic chain and a locomotive of local production.