Little attendance of deputies accompanies the voting session and approval of the Investment Charter

On Tuesday, the Chamber of Deputies approved the bill 03.22 as an investment letter; This was during a legislative session chaired by Rachid Talbi Alami, in the presence of Mohsen Jazouli, Minister for Investment, Convergence and Public Policy.

The president of the House of Representatives lamented “the weak presence of deputies in the voting session of an important text that took place after a real speech”, since 159 deputies voted affirmatively, two deputies abstained and 234 deputies were absent. Al-Talbi Al-Alami said before adjourning: “Do we need a House of Representatives made up of 395 people, two of whom were absent and only one third attended?” and he asked to overcome the confusion in the administration after the parliamentarians protested that they had not received the reforms to the aforementioned bill within the legal deadlines.

According to the final version of the letter, modified by the Finance and Economic Development Committee, reached by Hespress, the discharge of public policies in the field of development and investment and their activation at the national or territorial level is carried out by the authorities. competent. government authorities in the matter of investments, institutions and corresponding public contracts and by a ministerial committee that has been foreseen and its functions in article 34 of this Law.

It is also established in this version of the bill that the State is obliged to take measures for the benefit of very small, small and medium-sized companies in the field of access to public orders, the strengthening of productive capacities, the improvement of competitiveness, training and support.

Article 21 of the law stipulates that the State establishes a purely subsidy system in order to encourage the presence of Moroccan companies at the international level.

Article 23 establishes that the State will guarantee that investors have access to real estate that can be easily mobilized at competitive prices; To this end, the State will take the necessary measures to promote the creation of areas of activity in the fields of industry, logistics, commerce, tourism and services that respond to the needs of investors and ensure their development and exploitation. , and the valuation of the land destined for value-added investment projects and updated for permanent jobs.

To improve the competitiveness of companies, the State is obliged to take the necessary measures to reform the energy sector and promote the use of renewable energies.

The state works in partnership with the private sector to promote research and development activities, encourage creativity and innovation, and facilitate access to modern information and communication technologies.

According to the same document, the State undertakes to continue with the process of simplifying the administrative procedures associated with making and digitizing investments in accordance with current legislative and regulatory texts.

Article 31 of the modified version of Bill No. 03.22 of the Investment Charter establishes that individuals, Moroccans established abroad and foreign legal entities or legal persons, residing or not in Morocco, who make investments financed in foreign currency for Said investments, benefit from the Transmissible system that guarantees total freedom to transfer net profits without limitation of amount or term, transferring all or part of the product of the alienation or liquidation of the investment, including capital gains.

The bill establishes that investment agreements may include clauses stipulating that an amicable solution of any investment-related dispute that may arise between the Moroccan state and the investor will be carried out, before filing any claim or resorting to arbitration. .

In his speech during the legislative session, Mohsen Jazouli, Minister of Investment, Convergence and Public Policies, stressed that the current economic situation is implacable, since the pandemic and the geopolitical tensions known in the world, added to climate change, have caused production shortages. .

The minister pointed out that despite the challenges facing Morocco, there are multiple new opportunities that can be exploited and used in the new location of the production chains, given the Kingdom’s geostrategic qualification, and on the other hand, these challenges They open up promising prospects in light of the high demand for renewable energy and the trend towards decarbonization by most trading partners.

Jazouli stated that Morocco is not alone in the world competition, especially in this exceptional circumstance; For this reason, it is urgent to adopt an attractive legal framework to be on time and take advantage of the available opportunities, and this is reflected in the Investment Charter, which adds: “We are living in a historic moment thanks to the reforms led by King Mohamed VI; A tour of Africa will allow us to realize that all eyes of the world are on Morocco, a country that is on the way to becoming a promising regional power”.

The Minister of Investments, Convergence and Public Policies summarized the main objectives of the new investment letter in the creation of permanent jobs, the reduction of the differences between the regions of the Kingdom and the workers in attracting investment, the orientation of investments in priority sectors and future professions, improving the business climate and facilitating the investment process, fostering sustainable development and increasing the attractiveness of the Kingdom from To turn it into a continental and international hub for foreign direct investment, encourage exports and the presence of Moroccan companies at the international level, and promote the substitution of imports with local production.