Denver – Morocco’s Investment Committee announced a new program featuring 23 separate investments into the Moroccan labor market.
The plan was announced Friday by the Minister of Industry, Moulay Hafid Elalamy. Elalamy stated that the new investments are projected to create “7,987 direct and indirect jobs.” The $1.085 million investment will be spread across Morocco’s most vital industries.
This will include investments into standard education, higher education, tourism, entertainment, and jobs in the energy sector. According to Elalamy, these industries represent about 39% of jobs in Morocco.
Morocco’s employment sectors have been forced to weather the storm during the pandemic, with losses seen across the board as global economies slowed and businesses struggled. However, recent government reports indicate that the country may be ready to bounce back from the detrimental effects of COVID-19.
Recently, the government launched a series of initiatives to promote job growth post-COVID. Through these programs, Morocco appears intent on getting its economy revitalized as quickly as possible.
The country is also seeking to pivot its economy into the increasingly globalized world. These efforts haven’t gone unnoticed, and many large companies have begun to view Morocco as a viable future manufacturing hub.
Higher than average agricultural returns from this year’s harvest is also a positive sign for many officials. In a recent report, the Moroccan Higher Commission for Planning estimated that agricultural revenue alone experienced a 19.3% increase in added value to the industry, while the national economy has increased by 12.6% since the start of 2021.
