The new support mechanism for Very Small, Small, and Medium Enterprises (VSMEs) is fully in line with the broad and integrated dynamic of deep economic reforms undertaken by Morocco under the leadership of King Mohammed VI, said Head of Government Aziz Akhannouch on Tuesday in Errachidia.
Speaking on the sidelines of a national meeting dedicated to the official launch of the new VSMEs support mechanism, Akhannouch added that this initiative reflects the vision of the monarch, which aims to promote investment as a key driver of national economic revitalization, ensure inclusive and sustainable development, and create jobs – particularly for young people.
“Very small, small, and medium enterprises are the engine of the national economy, representing more than 90% of our country’s entrepreneurial fabric and acting as a genuine source of wealth and job creation,” said Akhannouch.
In this regard, he noted, the new VSMEs support mechanism is designed to assist this vital category of enterprises through a set of support tools that take into account the economic specificities of each region, with the aim of ensuring social and spatial equity.
He further emphasized that the program’s distinct feature is its regional approach, meaning that all procedures will be carried out at the regional level – from the submission and review of applications by the Regional Investment Centers (CRI) to the selection and approval of shortlisted projects, followed by the signing of agreements by local authorities and the disbursement of financial support to the beneficiary projects.
Akhannouch also stressed that since the adoption of the new Investment Charter, the government has been working at an accelerated pace to ensure its effective implementation, particularly through three key mechanisms: the base investment support mechanism, the support mechanism for strategic investment projects, and the support mechanism for VSMEs.
He added that since the framework law of the Investment Charter came into effect in March 2023, the National Investment Commission has held nine meetings, during which it approved 250 investment projects with a total value of MAD 414 billion ($41.4 billion), expected to create 179,000 direct and indirect jobs.
Akhannouch recalled that the approved projects span all regions of the country and cover 34 economic sectors, including tourism, agri-food, automotive, textiles, energy, construction materials, pharmaceuticals, chemicals, and transport.
Within this same context, the chief executive stated that the government has been implementing a set of measures aimed at improving the business climate through the 2023-2026 roadmap, citing among them the simplification of investment procedures, the facilitation of online business creation, the activation of digital platforms such as CRI-Invest, the implementation of a structural and ambitious tax reform, and the reduction of payment delays.
He concluded by noting that the new VSMEs support mechanism provides access to three types of investment aid: aid for the creation of permanent jobs, territorial aid designed to boost the attractiveness of certain regions for investors, and aid for priority activities intended to steer investments toward promising sectors and future-oriented industries.
This support may cover up to 30% of the eligible investment amount, with the possibility of combining it with additional regional incentives.
MWN with MAP
