Bank of Morocco: Supporting the Private Sector is Key to Stimulating Growth and Creating Job Opportunities
Mohamed Taimouti, Director of Economic Studies at the Bank of Morocco, emphasized that enhancing investment is a fundamental challenge for various countries, noting that achieving this goal first requires establishing basic conditions, chief among them being political and economic stability.
During his participation in a national seminar on "Investment, Employment, and Structural Transformation in Morocco," held on Wednesday, June 11, at the House of Councillors, he stated that Morocco has managed to achieve this foundation by maintaining financial balances and a low inflation rate, which equip the country with significant assets to attract investment.
Taimouti pointed out that the primary challenge currently lies in enabling the private sector to take the initiative and effectively contribute to the dynamics of investment, growth, and job creation, while also highlighting the need to ease the burden on public finances.
He considered this direction faces real difficulties primarily associated with the weakness of the national production framework, especially due to unfair competition imposed by the informal sector, a point supported by data from 2023 indicating that 22% of companies consider this sector a major obstacle to their activities.
Taimouti also addressed the financing challenge, which remains one of the most significant hurdles for businesses, explaining that the Bank of Morocco attaches special importance to this aspect by working on various related domains, including support and assistance.
He highlighted that field meetings conducted by the bank with several companies revealed a substantial lack of information, particularly at the local level, which limits the ability of very small businesses to benefit from available opportunities.
In this context, he announced the launch of a new program by the Bank of Morocco aimed at supporting bank financing directed towards very small enterprises. Additionally, a special charter for this category is being prepared in coordination with the relevant partners, aiming to simplify procedures and facilitate access to support, particularly non-financial assistance.
Taimouti stressed that investment remains a core issue in Morocco, serving as a fundamental tool for generating wealth and creating job opportunities, adding that employment itself is a pillar for social cohesion and a prerequisite for ensuring a decent living standard for large segments of the population.
He noted that the discussion around investment and employment issues takes on heightened significance in light of the current international context, marked by profound changes and an unprecedented level of uncertainty due to the repercussions of the COVID-19 pandemic, the ongoing war in Ukraine, and the announcement of new trade policies in the United States at the start of 2025.
