Morocco: After Sweeping Political Reforms, Time for Economic Boost
PERSISMA – After widely approved constitutional reforms and the organization of fair and transparent legislative elections, now it’s time to boost the economy and respond positively and concretely to Moroccan’s demands for economic prosperity. Being a visionary and always close to his people’s aspirations, King Mohammed inaugurated on February 9 the vast industrial complex in Tangier launched by Renault in 2008. The new site, located on a plot of 300 hectares, in the Special Economic Zone of Tangier will include an assembly plant with access to the Port of Tangier Med. The new site’s main mission is to supplement the manufacturing of economic Renault vehicles. It is set to give a new impetus and a significant boost to the Moroccan economy.
Arab and international media have praised – and continue to do so- King Mohammed’s intelligent and peaceful approach in dealing with the Arab Spring and for being quick to respond to events and promptly initiating major political reforms. King Mohammed knows for sure that political reforms, no matter how important they are, should definitely be accompanied by major economic opportunities that will have direct positive impact on Moroccans. He has always been focused on economic development and job creation, especially for young Moroccans. Therefore, this mega project initiated by Renault will impact positively the Moroccan employment market and will create thousands of direct and indirect jobs. It is worth noting that the French company would have never risked such major investment if it was not sure of the stability and the important geostrategic position of a country like Morocco.
“Morocco is a stable and secure country with many attractive facilities for any serious potential investors. Moreover, the proximity of Tangier Med and its logistic capabilities were a key factor in location of the plant in Melhoussa,” said Renault spokesman. ”The plant will generate both inbound and outbound traffic flows, with engines and other parts of components imported and finished vehicles exported to markets in Europe but also Turkey, across the African continent and South America, the spokesman added. Many economic observers praised Morocco for taking quick and smart business incentives to attract world investors. This strategy initiated by King Mohamed VI will quickly jump-start economic growth.
The constitutional reforms- adopted by a popular referendum- will help boost Morocco’s economic growth. Morocco is now perceived as one of the most stable countries in the region and it proved to be so when protests of the Arab Spring started. The International Monetary Fund predicts political reforms will help Morocco’s economy to grow 4.6 percent this year. Thanks to sound macroeconomic policy and political reforms, Morocco was well-equipped to respond to the social unrest in such a challenging environment. Undoubtedly, Morocco has performed well economically and has seen its social indicators improve. Certainly, foreign investors now prefer to invest in Morocco rather than in any other country in the region, and shortly we will witness an increasing number of world known investors eager to initiate mega projects in the Northern African kingdom.
