The Authenticity and Modernity Group in the House of Representatives in favor of Framework Bill No. 03.22, serving as the Investment Law, expressing its welcome of this strategic and important legislative initiative aimed at establishing a new legislative framework to stimulate investment in our country, given that investment is a fundamental mechanism for comprehensive and sustainable economic and social development and for improving the lives of citizens.
In a statement delivered on behalf of the parliamentary group during the legislative session held on Tuesday, October 18, 2022, Representative Aziz Al-Labar congratulated the government on its efforts to expedite the passage of this bill in accordance with the high directives of His Majesty, may God assist him, in this regard, and for the engagement and responsiveness to the important and constructive debate held in the Finance and Economic Development Committee by all members of parliament, whether from the opposition or the majority, which underscores the significance this initiative holds for all components of the national political landscape.
Deputy Al-Labar viewed this initiative as an embodiment of the strategic vision that His Majesty the King, may God assist him, has sought to accelerate in numerous speeches and royal messages, with a view to improving the business climate and creating a conducive environment for investment. This is to be achieved through the adoption of a modern, integrated, and comprehensive legal framework designed to enhance the private sector’s role in the country’s development, and making private initiative and entrepreneurship a key driver of economic and social development.
The member of parliament explained that this reform comes at a delicate and critical juncture in the international arena, as foreign direct investment in our country has declined—a situation marked by the repercussions of a number of economic and social shocks that have negatively impacted the investment climate and economic and social stability. This is in addition to a number of structural challenges that hinder the optimal realization of investment benefits.
The member of parliament said, “An assessment of the investment climate in our country confirms that the current framework has reached its limits, and all indicators and figures show that our country’s investment system is suffering from a range of structural and systemic imbalances; This does not mean that we deny the relatively good results achieved since the beginning of the millennium in key strategic economic sectors, particularly the automotive and aerospace industries…and others; however, these achievements fall short of Morocco’s aspirations to join the club of emerging nations, despite the significant investment efforts made by the state.”
“In terms of the numbers,” adds Representative Al-Labar, “the state of investment in our country demonstrates that there are difficulties and structural imbalances that the current legislative system has been unable to overcome.”
The Member of Parliament continued, “The context in which this framework bill is being introduced—a bill that, upon reading, clearly reveals the Moroccan state’s clear commitment to adopting far-reaching reforms, drawing lessons from past experience, and looks confidently toward the future to meet its many challenges by establishing solid foundations, the most important of which are the conclusions and recommendations of the new development model and its objectives, which are primarily aimed at making our country a continental and international hub for investment.”
As part of its efforts to improve this strategic legislative text, Representative Al-Labar stated that the majority parties collectively submitted a series of amendments, to which the government responded very positively, and a significant number of them were accepted.
The member of parliament emphasized that, as far as the Authenticity and Modernity Party is concerned, we must move forward with determination and resolve to implement the reforms necessary to attract investment and improve the business climate, promote the principles of full transparency at all levels and in all transactions, and establish solid foundations for combating monopolistic practices and the rentier economy, and all forms of practices harmful to the national economy.
Al-Labar also stressed the need to expedite the approval of the organic law governing strikes and to reform the Labor Code in a way that establishes the necessary and objective balance between the rights of employees and employers.
Representative Al-Labar called for efforts to enshrine legal protection for patents and copyrights, as well as to accelerate administrative reform, digital transformation, and the use of modern technology; to define responsibilities and establish penalties; to streamline and standardize procedures and processes; and to address the informal sector…etc., as essential conditions for bolstering the confidence and trust of investors and economic and financial actors, thereby creating the conditions for the success of this ambitious and strategic project.
Edited by: Khadija Al-Rahali / Photography by: Abdul-Rafi' Al-Qusair
