Emmerson_PLC lack of act fast for mining companies29 May 2024 15:35
Https://youtu.be/TE49udOI5Io?si=KPb2B4o3Vb474kKf
In Morocco, and in order to encourage investments, both local and foreign, the government today is focusing on promoting investment. The investment charter, which has received significant royal attention, aims to stimulate Morocco's economy and provide job opportunities to address the issue of unemployment.
Unfortunately, we are facing significant delays in this area due to the government's performance. We see many projects involving foreign companies that are stalled. Despite Morocco's significant mineral resources, which are very encouraging for foreign investment and capable of attracting substantial foreign capital and strong projects, particularly in the mining exploration sector, the government's performance in this regard has been disappointing. Instead of advancing these initiatives, the delays are hindering investment.
For example, in the heart of Morocco, in the capital Rabat and its surrounding region of Rabat-Salé-Kénitra, we have a distressed area, the Khemisset Province, which possesses significant potash reserves. A major British company, in partnership with a local company, has identified this mineral. However, this major project, instead of being encouraged, faces obstacles.
The Khemisset Province, which covers almost 40% of the geographical area of the Rabat-Kénitra region, lacks any foreign investments. In Khemisset city, there is no industrial zone, no companies, and no investments, resulting in a high level of unemployment despite its proximity to the capital. Unfortunately, this British company, despite having an exploration license and awaiting environmental approval, faces prolonged delays and procrastination, which hinders investment and deters foreign investors from investing in Morocco.
This company's investment is valued at $2.5 billion, with a duration of 19 years, and is expected to create 2,000 jobs. If the government considered the significant drop in job opportunities, which has set us back 20 years, it would have expedited this project to create some balance. Creating 2,000 jobs is very important and would raise the employment level in this region, providing a glimmer of hope for the youth who are struggling to find jobs.
Instead of accelerating investments and making Morocco an attractive hub for foreign capital, the government's actions are driving investors away to other more attractive regions with democracy, investment conditions, and profitability. Capital is cautious, and investors seek successful and profitable conditions. The current obstacles, unfortunately, raise questions and suggest dissatisfaction from the administrative circles. We hope for fairness and to correct this situation.
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