Tangier-Tétouan-Al Hoceima region witnesses surge in investment activity

Tangier-Tetouan-Al Hoceima: A Thriving Investment Hub in Morocco’s Northern Region

The first half of 2023 has seen an impressive surge in investments in the Moroccan region of Tangier-Tetouan-Al Hoceima.

According to data gathered by L’Economiste, the Unified Regional Investment Commission (CRUI) has held a total of 108 meetings during this period, approving a significant number of 416 projects.

These approvals account for approximately 62% of all proposals submitted within the same time frame, reflecting a substantial increase of 86.5% compared to the previous year.

The total value of the investment plans sanctioned for 2023 amounts to an impressive 23.7 billion dirhams. This substantial funding is expected to lead to the creation of around 70,000 new stable jobs in the long term.

The CRUI’s assessment is that the northern Moroccan region is fast becoming a highly desirable investment destination, supported by a conducive business environment and promising future prospects.

The investments are primarily targeted at the industrial sector, with projects worth Dh5.38 billion, constituting 38% of the total approved projects. These industrial initiatives are estimated to generate over 26,000 jobs in the long run.

Following closely, the tourism sector secured 4.46 billion dirhams in investment and is projected to create more than 14,000 jobs. The services sector is set to benefit from 2.4 billion dirhams in investments, while the construction sector received 1.2 billion dirhams.

Together, the latter two sectors are anticipated to generate 10,000 jobs. The trade sector, though representing 6% of the approved projects, still accounts for a significant investment of 7 billion dirhams, expected to result in over 7,100 new job opportunities.

The Tangier-Tetouan-Al Hoceima region’s impressive surge in investments is attributed to its favorable business environment and promising economic prospects. As the region continues to attract substantial investments across various sectors, it strengthens its position as a thriving hub for economic growth and development.

Source : Hespress