The Investment Committee, an entity of the Government of Morocco, has just approved 16 new projects worth $2.8 million (USD).
Saidia property benefiting from government investment
It is hoped the invested funds will create 5,767 jobs, according to a press release from the cabinet office of the Prime Minister.
Prime Minister, Mr. Abbas El Fassi, who is chairman of the committee, emphasised the importance of the projects in strengthening the country’s position in North Africa. Much of the new investment resources are being ploughed into infrastructure projects related to tourist sector and the King’s Vision 2010 initiative which is continuing to attract massive inward investment from purchasers of Moroccan properties.
In recent years, Vision 2010 developments such as the vast Mediterrania Saidia property project in Eastern Morocco have benefited greatly from government backed infrastructure projects.
Mr. El Fassi is reported as stating that total investments sanctioned by the committee represented 31% of the Gross Domestic Product (GDP) in 2007 compared to just 25% in 2002.
Since its inception in 1999, the Investment Committee has approved 421 investment projects, worth in total $ 38.5 billion (USD), which in turn has created more than 175,000 new jobs. Projects and investments have touched many sectors of the Moroccan economy, including, tourism (36%), industry (15%) and energy and mines (10.5%).
Morocco Property Report 29th July 2008