The Moroccan Economy in Brief: Wednesday, April 7, 2021
IMF favors a global minimum corporate tax rate:
The International Monetary Fund (IMF) said Tuesday it favors a global minimum corporate tax rate, a measure advocated the day before by U.S. Treasury Secretary Janet Yellen. "We have long supported the idea of a common global minimum tax," IMF chief economist Gina Gopinath said at a press conference to mark the release of the IMF's World Economic Outlook report. "We are very concerned that there are a lot of tax gaps, tax evasion, countries sending money to tax havens, which reduces the tax base from which governments can raise revenue and make necessary social and economic expenditures," Gopinath said.
Investment: Employers and CCME want to mobilize Moroccan skills:
The Council of the Moroccan Community Abroad (CCME) and the General Confederation of Moroccan Businesses (CGEM) are cooperating to mobilize Moroccan skills based abroad to encourage them to invest in Morocco. The two bodies have concluded an agreement in this sense, Tuesday. "This collaboration aims to work closely to mobilize the skills and Moroccan entrepreneurs abroad to invest in Morocco, contribute to the economic development of their country, "it says. It is also the identification and management of profiles of Moroccans in the world.
Exclusive / Fez: MAD 110 million for the extension of the Alstom plant:
Inaugurated in October 2020, the Alstom plant, located in the Industrial Zone of the former Cotef, will be expanded. Indeed, the Unified Regional Investment Commission (CRUI) has just approved the granting of 3 lots of land with a total area of 15,000m2. This land will be used for the extension of Alstom to set up an electronic transformers factory. The estimated investment for this project amounts to more than MAD 110 million (10 million euros). Note that the project provides for the creation of over 100 direct jobs. As a reminder, the French manufacturer is present in Fez since 2012.
Côte d'Ivoire: OCP Africa and ITFC join forces to boost agriculture:
OCP Africa and the International Islamic Trade Finance Corporation (ITFC) are supporting agriculture in Côte d'Ivoire. The Group's African subsidiary has just joined forces with ITFC to boost agricultural production in Côte d'Ivoire and develop the skills of 20,000 farmers. This alliance is part of the Arab African Trade Bridges (AATB) program, a multi-organization program led by ITFC. This partnership will support the "Agribooster" program, particularly Ivorian rice farmers and improve agricultural value chains in the country.
Souss-Massa: The validated investments on the rise:
In 2020, the Regional Investment Center (CRI) of the Souss-Massa region has approved 236 investment files for a projected amount of MAD 13.96 billion, according to the annual report unveiled by the CRI. In total, these validated investments will create 16,199 jobs. Despite the difficult economic context related to the Covid-19 pandemic, the amount of validated investments recorded a strong increase. It rose from MAD 4.4 billion in 2019 to MAD 13.96 billion in 2020, a growth of 68.5%. In terms of projected employment, an increase of 27.5% has also been recorded.