The Moroccan government reaffirms its commitment to combating unemployment through investment, despite persistent economic challenges. During the press briefing following the Government Council this Thursday, June 6, Mustapha Baitas, government spokesperson, highlighted the efforts undertaken to boost investment in Morocco and respond to the increase in unemployment, which has reached 13% at the end of 2023 according to data from the High Commission for Planning.
The government revised the Investment Charter in record time, underlined Mustapha Baitas. “ This law, or what was called the Investment Charter, lasted about 20 years. This government knew that one of the major answers to solving the employment problem in our country was found in this legal framework, which will be reinforced by the law relating to Regional Investment Centers, which the government has also approved . Parliament will now begin to discuss it“, he explained.
This new legal arsenal aims to improve the business climate and stimulate public policies and strategic sectors to create employment opportunities. Since the entry into force of this charter, investment in Morocco has diversified and is no longer concentrated in specific regions.
Mechanisms introduced to support investment in remote regions are starting to bear fruit. The national commission recently met under the chairmanship of the head of government and approved 27 draft conventions.
The same day, a strategic investment agreement was signed between the Sino-European group GOTION High-Tech and the Moroccan State for the creation of an electric battery gigafactory in Kenitra. This investment of 12.8 billion dirhams aims to create 17,000 direct, indirect and induced jobs, including 2,300 with high qualifications, Baitas said.
The government spokesperson also stressed that this project, which represents the first gigafactory in the Middle East & Africa region, is a major step for Moroccan industry. It includes the creation of a complete industrial ecosystem for the manufacturing of electric batteries, with an initial production capacity of 20 GWh, which can be extended to 100 GWh for a total investment of 65 billion dirhams.
“ Today, there are significant investments which will have a positive impact on unemployment“, he concluded.
Morocco: Future global hub for batteries for electric vehicles
Morocco has many assets to become a world leader in the production of batteries for electric vehicles, including geographic, political, and economic advantages, adequate natural resources, and an energy positioning oriented towards solar and wind power. These advantages, combined with a mature chemical industry and state and private support, were the focus of debate at the International Chemistry Forum 2024.
The choice of Morocco by GOTION High-Tech for the establishment of this Gigafactory reflects confidence in the Kingdom’s ability to attract major investments. Morocco has established itself as a privileged hub for industrial ecosystems that create jobs and added value, thanks to the enlightened vision of His Majesty King Mohammed VI. Over the past twenty-five years, the Kingdom has become a benchmark in the complex automotive and aeronautics sectors, increasingly integrating international value chains.
The signing of the agreement brought together several senior Moroccan officials and the president of the GOTION High-Tech group, Zhen Li, testifying to the strategic importance of this investment for Morocco.
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