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Tangier-Tétouan-Al Hoceima's Investment Boom: A Catalyst for Morocco's Economic Growth
The Tangier-Tétouan-Al Hoceima region of Morocco is experiencing a remarkable surge in economic activity, with approved investments reaching an impressive 69 billion dirhams in the first nine months of 2024. This significant influx of capital positions the region as a key player in Morocco's economic landscape.
At the heart of this economic renaissance is the Unified Regional Investment Commission (CRUI), which has greenlit 618 projects, a staggering 131% increase compared to 2021. These initiatives are projected to create nearly 60,000 stable jobs, bolstering the local labor market and enhancing the region's economic vitality.
The investment distribution across the region showcases a balanced approach to development. Tangier-Asilah leads the charge with 48.65 million dirhams in investments, set to generate 29,268 jobs. Following closely is Fahs-Anjra, securing 9.8 million dirhams and creating 17,901 employment opportunities. Other provinces, including M'Diq-Fnideq, Tetouan, and Larache, also contribute significantly to the region's investment portfolio.
Efficiency in processing investment applications has seen a marked improvement, with the average time reduced to just 4.13 days in 2024, down from 10.4 days in 2021. This streamlined approach demonstrates the region's commitment to facilitating rapid investment inflows.
The economic resurgence extends beyond investments, with vibrant activity observed across various sectors such as industry, construction, agriculture, and information technology. By August 30, 2024, the region had witnessed the establishment of 6,881 new companies, with an average creation time of merely 1.55 days. This efficiency has catapulted Tangier-Tétouan-Al Hoceïma to the second position nationwide for new business creation.
As the region continues to attract substantial investments and foster a conducive environment for business growth, it solidifies its position as an emerging economic powerhouse within Morocco. The impressive figures and rapid development paint a picture of a region on the cusp of transformative economic progress, potentially serving as a model for other regions seeking to boost their economic profiles.