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7.5 Billion MAD investment in industry
07/20/2016 - Général

The momentum started by the industrial acceleration plan has begun to bear fruit, Morocco is becoming ever more attractive to investors.  Many, for the most part sub-contractors for the aeronautics and automotive industries, have begun to set up shop in Morocco or are in the process of strengthening their existing presence in the country. During a ceremony presided by the King, thirty investment contracts for a total of 7.5 billion MAD were signed. The signing of these contracts, which are expected to generate 29,000 jobs, was organised around the launch of the "new investment reform plan" from the Ministry of Trade and Industry.

Among those involved, were the North American groups Delphi, Linamar as well as Simoldes, a specialist the manufacturing of moulds and plastic injection for cars, with the key investment of 650 Million MAD. Twelve other projects to a total of 1.5 billion MAD, expected to create 4,000 jobs, were launched by the automotive industry.

In textiles, a contract was signed with Decathlon for the development of a purchasing platform and sales network across Morocco. This will involve the investment of 163 Million MAD and lead to the creation of 10,900 jobs and 2 billion MAD in local sourcing. The brand expects to open 26 new shops in Morocco and to expand its warehouse located in the Tanger Free Zone. Eight other investment contracts were signed around the same ceremony, totalling 425 Million MAD of investment. The Aeronautic industry was also very active.  Four new industrial units are to be built for a total investment of 261 million MAD and the creation of 564 jobs. Alcoa Fixations Casablanca, Labinal Maroc, Latsima and Stelia Aerospace Maroc all signed agreements.

In addition to these agreements, a partnership was agreed upon between the Ministry for Trade and Industry and the OCP, the first of its kind according to the Minister M. Elalamy. It involves setting up an "OCP Industrial Ecosystem" around four big companies and SME sub-contractors. The ecosystem will be created in the Jorf Lasfar, Khouribga, Safi, Gantour and Laâyoune areas. Several subsidiaries will be involved, in particular those working in industrial maintenance, industrial construction, chemistry, mines, etc.

To build on this momentum and to further improve the attractiveness of Morocco for local and international investors, a new reform investment plan was presented by the Ministry for Trade and Industry. The measures anticipated include exemption on corporate tax for five years for "creation industries" and the development of at least one free zone per region. Another measure is for what the Minister calls "the big exporting industries" that will benefit from advantages within the free zones, even by merely changing geographic area. What is more, sub-contractors will get the status of indirect exporters, a measure that has been requested for many years by industrial companies, which directly supply exporters. This plan also works to strengthen regional development through the implementation of measures to encourage investors to work there.

Source: la Vie Eco