Summary of the Address of Speaker of House of Representatives at the National Symposium on “Funding National Economy: Towards an Integrative Development”

On the occasion of the national symposium on “Funding National Economy: Towards an Integrative Development,” held at the House of Representatives on Wednesday, January 29th, Speaker of the House of Representatives gave an address before the participants.

 The House’s speaker started his address by stating that the symposium comes following the dynamism initiated by HM King Mohammed VI in his speech on the opening of the legislative year, in which he urged the banking sector to more involvement in development. The symposium comes also following the launch of the Integrated Program to Support and Finance Enterprises and the conclusion of relative agreements under the chairmanship of HM King Mohammed VI. Mr. El Malki seized this opportunity to express his heartfelt gratitude for HM the King for granting the symposium His High Patronage. Speaker of the House also stressed the aim of the symposium, namely consolidating dialogue between the legislative branch, its executive counterpart, the banking sector, and the monetary authority to reach positive conclusions on means to promote funding the national economy. Mr. El Malki also commended the autonomy and strength of the national banking sector, and its contribution to the Kingdom’s economic policy in Africa.

Besides, Speaker of the House of Representatives Habib El Malki reiterated the creation of the “Fund to Support Entrepreneurship Financing” in cooperation between the government, Bank Al-Maghrib, and the Moroccan Banking Association. In the same respect, the House’s Speaker highlighted the current examination of a government bill relative to cooperative funding by the Finance and Economic Development Committee at the House of Representatives. He also stressed the importance of diversifying the sources of funding national economy through strengthening the taxation system via including informal economic activities to gain more profits, then investing these profits in activities that would generate more earnings. Mr. El Malki also shed light on utilizing loans from external institutions, a mechanism that he considered efficient, yet limited. The House’s speaker also questioned the possible impact of the prime lending rate on investors’ willingness to use loans as a source for funding their enterprises and projects.

Additionally, Mr. El Malki noted the call of HM King Mohammed VI concerning the support of investment initiatives launched by youth in rural areas, stressing the importance of including said areas in the new economic dynamism, primarily through supporting agriculture, which he considered both a vital economic sector and a long-standing tradition. He also noted the necessity of taking the extensive regionalization project into consideration while implementing these projects, through the creation of joint institutions gathering both the public and private sectors to follow-up the regional projects and investment initiatives more closely, recalling the leading roles of regional investment centers. The House’s speaker also highlighted the social perspectives of the new development model and their relation to supporting and funding investment initiatives. On this subject, he said that spending on social sectors, including projects and investment initiatives, is an investment that will generate significant profits, both financially and on the social level, through making citizens independent and involved in public affairs. On another note, Mr. El Malki called for more investment and support in communication and information technologies, considering the sector as the backbone of a modern economy.

As for the national banking system, Mr. El Malki noted that the latter has acquired enough growth and experience to participate in development through supporting micro, small, medium-sized enterprises and start-ups, but also corporate business via financial support, visions and ideas, and also via training young investors. The House’s Speaker highlighted that this would bring mutual benefit to the enterprises, the banking sector, and the Moroccan economy, noting that banks are at the very heart of the new economic dynamism. Speaker of the House of Representatives also stressed the worth of creating a favorable investment environment through simplified procedures, and legal regulation. About this, he recalled the adoption of two government bills relative to public-private partnerships, and to the simplification of administrative procedures. Additionally, he noted the engagement of the Parliament in this new dynamism through speeding up legislative procedures relative to its regulation, controlling and evaluating public policy, and formulating collaborative proposals relative to its improvement. The Speaker also noted the commitment of the House to accompanying and controlling all the programs whose implementation mechanisms were signed under the chairmanship of HM King Mohammed VI, through speeding up the adoption of any relevant legislative text.

Speaker of the House of Representatives Habib El Malki concluded his address by noting the importance of creating opportunities, utilizing assets and resources, and empowering citizens towards becoming productive, to consolidate the achievements of that the Kingdom has reached in many areas under the leadership of HM King Mohammed VI.