Rabat - New investments will bring 60,000 new jobs to Morocco by 2020 as foreign companies begin offshoring to the kingdom, according to new contracts signed by the minister of industry, trade and investment, Moulay Hafid Elalamy on Thursday in Rabat.
Rabat – New investments will bring 60,000 new jobs to Morocco by 2020 as foreign companies begin offshoring to the kingdom, according to new contracts signed by the minister of industry, trade and investment, Moulay Hafid Elalamy on Thursday in Rabat.
The “eagerly awaited” contracts – which launched Morocco’s offshoring industry’s ecosystem – will generate MAD 18 billion in new export revenues through MAD 1.5 billion worth of investments. The time period over which the new revenues would be generated has not been specified.
The new ecosystem authorizes foreign companies to offshore operations to the country in five different sectors: customer relations (CRM), business processes (BPO), information technology services (ITO), engineering services (ESO), and data mining and knowledge analysis (KPO).
Once the new ecosystems have been implemented, Morocco will be more economically competitive worldwide and harbor new, high value-added sectors, according to Elalamy.
The signing of the contracts coincided with the introduction of new incentive programs to further attract new businesses to the country. New legal provisions will also support the training of the domestic labor market to fit the needs of the new corporate actors, allow foreign companies access to larger land properties and ensure the protection of their data on servers.
Elalamy said the kingdom’s technology startups would also benefit from special programs, which will run in partnership with the National Agency for the Promotion of Small and Medium Enterprises.
The new ecosystems ensure “balanced and equitable” regional development, the minister said, adding that only 20 percent of the investments will go to established industrial centers, such as Casablanca or Tangier.