Morocco attracted largest foreign investments in southern mediterranean in 2001

Morocco attracted 3.2 billion Dirhams (about US$ 278.26 million) worth of foreign investments in 2001, said Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou.

Oualalou who was moderating here Wednesday an information meeting on decentralized management of investments said the amount is the largest poured in the Southern Mediterranean area in 2001 and marks a noteworthy evolution compared to the nineties, when foreign investments did not exceed 100 million dollars.

The official explained the rise by the various measures initiated by the alternation government-come to power in March 1998- to give incentives to investments and by the good performance of some sectors such as tourism, textile and electronics.

Oualalou told the attending economic operators and members of the Casablanca chamber of commerce, industry and services

that the inter-ministerial investment commission, chaired by the Prime Minister, gave the green light to 57 investment conventions worth 43 billion DH (nearly US$ 3.73 billion). These conventions enabled to generate 55,000 jobs, he said.

Deploring that domestic investments remain weak and that Moroccan economic growth rate depends on weather, Oualalou stressed the need for public powers and economic operators to free Moroccan economy from climatic hazards through the promotion of sectors having a strong value added and the encouragement of wealth and job generating investments.

Oualalou also explained the impact of the decision made by King Mohammed VI to set up single investment desks at the level of each region, saying this decentralized management of investment will ease administrative procedures and lower down obstacles to investments. This decision bestows an economic dimension on the new concept of authority advocated by the sovereign, Oualalou said before expounding the provisions of the decision and the impact it will have on investment in the Kingdom.