Ambassador Benmoussa details Morocco's new growth path

Morocco has recently announced a new development model aimed at driving inclusive growth and economic transformation within the kingdom. In a visionary and active approach to shaping the future of the country, His Majesty the King initiated a review of the existing model a few years ago. A commission was established two years ago to work on this new model, which is built on a shared ambition that engages all stakeholders and incorporates a new organizational doctrine and strategic choices. The goal of this model is to mobilize collective intelligence to address systemic issues, promote economic growth, reduce inequalities, and meet the expectations of citizens. As the world continues to grapple with the challenges posed by the Covid-19 pandemic, Morocco is striving to chart a path towards recovery and growth. However, the pandemic remains a looming risk that could hinder these plans. Despite this, Morocco is confident in its assets and potential to achieve substantial growth. To realize these objectives, the country must undergo a significant transformation of its economic landscape by making it more sophisticated and competitive while aligning it with the most advanced economies. This transformation involves modernizing the economy, enhancing productivity, fostering innovation, increasing local value addition, and promoting export activities, with a focus on empowering the private sector as the engine of growth. One of the key aspects of Morocco's new development model is its emphasis on enhancing trade, both within the continent and beyond. The pandemic has underscored the importance of building true independence and strengthening intra-African trade. Morocco, with its historical ties to African nations, is keen on improving relations and leveraging trade and investments to unlock the continent's potential. By fostering mutually beneficial relationships, the country aims to enhance economic specialization, promote regional value chains, and drive growth in sectors such as agribusiness, textiles, automotive, and industry. Morocco's commitment to regional economic integration was exemplified by its early ratification of the free trade area deal. The country believes that the deal will play a pivotal role in combining the strengths of African nations, boosting confidence in their potential, and fostering partnerships that enhance independence. This approach is not limited to intra-African collaboration but extends to forging partnerships with other regions, including Europe. In order to catalyze economic growth and development, Morocco is actively inviting the private sector to engage in various sectors such as agriculture, tourism, healthcare, and education. The country recognizes the critical importance of private sector investment in driving innovation, creating employment opportunities, and spurring growth across key industries. Incentives are being designed to encourage private sector participation in these sectors and to facilitate their contribution to the country's economic transformation. With the recent elections witnessing significant citizen participation and a renewed appetite for change, Morocco is poised to implement its new development model with the support of political parties, economic actors, and civil society. The government is optimistic that stakeholders from all sectors will mobilize to bring the envisioned transformation to fruition, marking a new chapter in Morocco's growth journey.