Economic DevelopmentResearchRegional Investment Centers: The Need for “Reforming the Reform”

The reform of the Regional Investment Centers (RICs) has led to a noticeable improvement in regional investment indicators; however, the persistence of various issues necessitates the adoption of a new generation of measures to “reform the reform.”

 

 

Introduction

The issuance of Law No. 47.18, concerning the reform of Regional Investment Centers and the establishment of Unified Regional Investment Committees, was part of an effort to overcome the structural obstacles that had hindered decentralized investment management policies as established in 2002. This law, along with subsequent texts and measures, aimed at a comprehensive revision of the regulatory and functional framework of the RICs. These reforms have resulted in a qualitative leap in regional investment dynamics, with gradual improvements in the processing times for investment requests and a growing volume of investments at the regional level.

However, practical challenges remain, some of which are due to the reform’s frameworks not being updated and adjusted in response to the evolving landscape of regional investment. Other challenges stem from a lack of alignment between the approaches adopted for implementing decentralized investment management and the particularities of the business world. These and other factors can no longer be overlooked, especially given the connection between regional investment and the new public management projects, such as implementing the Investment Charter, meeting new equity demands following the 2017-2023 period, reforming public institutions and enterprises, advancing administrative decentralization, and reforming state territorial management in light of the new development model’s goals.

This paper seeks to answer the central question: to what extent has Law No. 47.18 and the subsequent reforms enhanced the effectiveness of the RICs? The paper examines this subject by observing indicators related to the administrative performance of the RICs and their influence on strengthening decentralized investment management, as well as by exploring ways to overcome the obstacles that hinder the governance and effectiveness of regional investment.

Motivations and Goals for Reforming Regional Investment Centers

Since their establishment in 2002, the Regional Investment Centers (RICs) have contributed to building a proximity-based approach for managing investment files. This structure consisted of two service desks—one for investor support and another to assist in business creation. Thanks to the authority granted to the regional governors overseeing the territorial dimension of decentralized investment policy, the RICs helped stimulate regional investment dynamics compared to centralized management, which led to stark disparities in investment distribution across the national territory.

However, these dynamics soon lost momentum as the RICs faced the same issues plaguing public administration, such as slow procedures, complex processes, as well as weak tracking and support mechanisms [1]. Additionally, the centers’ mandates became increasingly misaligned with the trajectory of advanced regionalization as established by the 2011 Constitution and Organizational Law No. 111.13 concerning regions [2]. These and other discrepancies necessitated a revision of the structural and functional frameworks of the RICs to strengthen their role in overseeing investment processes [3]. To this end, Law No. 47.18 was enacted, targeting the reform of RICs and the creation of Unified Regional Investment Committees. This law, along with subsequent reforms implemented from 2019 to 2023, aimed to achieve multiple goals, including updating the legal framework of the centers, refining their operational methods, and modernizing their intervention tools.

The new guidelines for decentralized investment management transformed the RICs from “independently managed state departments” (SIGMA) to public institutions with legal personality and financial autonomy. These centers were granted extensive powers to assist investors and businesses across all phases, from receiving and processing investment files to post-implementation advisory and support. They also provide investors and entrepreneurs with information related to public land assets, incentive systems, reception facilities, human resources, as well as financing opportunities and partnership possibilities. Additionally, their role in economic stimulation and territorial promotion was specified such that investment project banks wereprepared and made available to investors, and regional investment promotion plans were developed in coordination with public and private actors. The RICs also serve as mediators for the amicable resolution of disputes between administrative bodies and investors [4].

At the institutional level, successive reforms have aimed to improve the governance of regional investment oversight by establishing a Ministerial Steering Committee tasked with monitoring the RICs, resolving difficulties, and addressing disputes. Given the centrality of this role, this committee is expected to transform into a National Appeals Committee under the proposed amendments to Law No. 47.18 (Project Law No. 22.24) [5]. At the territorial level, each RIC is overseen by a Board of Directors responsible for managing financial and administrative procedures [6], while the Unified Regional Investment Committees (CRUI) handle investment file processing and conduct pre-project evaluations from environmental, economic, urban, and social perspectives, also determining the eligibility of projects for state-granted incentives [7]. Furthermore, new committees were created within the framework of the National Decentralization Charter, such as the Regional Coordination Committee, which includes the RICs along with various decentralized services, all mandated to support the centers in their function as a single point of contact for investor assistance at the local level [8].

In terms of structure, significant efforts have been made to align the organizational framework of the Regional Investment Centers (RICs) with the specificities of the business world and the needs of project promoters. This includes the creation of two main divisions: the Investor’s House as a one-stop shop to simplify processes and facilitate procedures related to obtaining permits, establishing, and supporting businesses, and the Economic Incentives and Territorial Offering division, which is tasked with enhancing regions’ attractiveness to investors. Additionally, the oversight system has been modernized, subjecting the RICs to state financial monitoring, conducted by a government delegate who attends meetings and reviews accounting and administrative documents. Annual assessments are also carried out by a dedicated auditing firm which provides a comprehensive evaluation of the center’s achievements based on quantitative indicators such as the average processing time for investment files, the number of jobs created, the total value of approved investment projects, the number of supported businesses, and the number of proposals aimed at simplifying procedures and promoting investments [9]. To enhance the managerial capacities of the centers, provisions have been made to diversify mechanisms for mobilizing human resources, such as secondments, contracting with experts and consultants for specific tasks, and granting them authority to sign agreements with any public or private entities to leverage relevant experience and expertise [10].

Midterm Results of Decentralized Investment Management

The performance of the RICs between 2019 and 2024 shows promising signs compared to previous periods. Investment requests submitted by project promoters have increased by nearly half, reaching approximately 3,500 submissions annually to the Unified Regional Committees, which now process files more efficiently thanks to regular meetings and improved management governance. The national acceptance rate is around 60 percent, with some regions surpassing this threshold—for instance, the Marrakech-Safi region reached nearly 90 percent by the end of 2023, up from 66 percent at the beginning of 2022. The investment approval rate for the Tangier-Tetouan-Al Hoceima region surpassed 87 percent as of August 2024 [11].

Comparing pre- and post-reform periods, there has been a noticeable acceleration in processing times for investment files. The time required for decisions on investment projects dropped from roughly 100 days in 2016 to 27 days with the initial implementation of Law No. 47.18, eventually decreasing to an average of five days nationally by the end of 2023. The comparison reveals even faster processing in some regions, including emerging investment destinations such as Laayoune-Sakia El Hamra (half a day) and Guelmim-Oued Noun (3.7 days), as well as leading investment hubs like Rabat-Salé-Kénitra (4.4 days) and Tangier-Tetouan-Al Hoceima, which saw significant improvements, reducing processing times from 10.4 days in 2020 to 8.8 days in 2021, stabilizing at around 4.9 days in subsequent years [12].

Overall, approximately 8,800 projects were approved by the Unified Regional Committees between 2020 and 2023, with an investment volume of approximately 800 billion dirhams and over 900,000 jobs created, considering cumulative and indirect impacts of these investments. Simultaneously, unprecedented job creation has been recorded in industrial regions such as Rabat-Salé-Kénitra (142,000 jobs) and Tangier-Tetouan-Al Hoceima, which set a record with 72,000 jobs in 2023 alone [14]. This dynamic is expected to increase with the structural impact of investment agreements aimed at implementing the new Investment Charter, which provides exceptional incentives and preferences for high-employment projects [15]. The initial signs of this impact were observed in 2023, with the Tangier-Tetouan-Al Hoceima Unified Investment Committee approving 44 investment agreements totaling around 18 billion dirhams, promising the creation of over 10,000 permanent jobs [16]. Additionally, the Laayoune-Sakia El Hamra Regional Unified Committee approved more than 214 next-generation investment projects with a financial volume of approximately 112 billion dirhams, expected to create over 18,000 jobs by 2030 [17].

The regional entrepreneurial landscape has experienced similar development, with a marked increase in the number of businesses established thanks to the efforts of regional centers and unified regional investment committees. This period saw a qualitative leap in business creation across most regions of the Kingdom, although disparities exist among regions due to the dynamics of their productive fabric and the quality of their investment reception infrastructure in terms of market access and attractiveness of investment opportunities. For instance, Fez-Meknes (8,200), Rabat-Salé-Kénitra (7,400), the Oriental region (3,200), Guelmim-Oued Noun (920), and Laâyoune-Sakia El Hamra (900). Additionally, the new approach to decentralized investment management has stimulated the business climate, with over 86,000 businesses created in 2024, most of them concentrated in the regions of Casablanca-Settat (37%), Rabat-Salé-Kénitra (12.7%), Tangier-Tetouan-Al Hoceima (11.8%), and Marrakech-Safi (11.5%)[18].

Regarding business support, the performance of regional investment centers has significantly improved due to a stronger institutionalization of this role. This includes center directors overseeing regional committees for the local implementation of the National Integrated Program for Business Support and Financing, established under the 2020 Finance Law[19]. While awaiting final evaluation reports, estimates indicate that during the period under study, more than 70,000 businesses and project holders received support. Some regional centers advanced their support activities by establishing specialized structures. For example, the Casablanca-Settat Regional Center implemented a unified “phygital” virtual counter to assist with financial structuring and economic modeling of projects, helping over 20,000 businesses in the region[20]. Other centers adopted proximity-based approaches, such as the Marrakech-Safi Regional Center, which set up entrepreneurial support centers and local economic development initiatives in most provinces and districts within the region. Similarly, the Fez-Meknes Regional Center supported over 1,800 businesses last year with specialized support programs like “My Business Lady,” “Entrepreneur Horizon,” and “Waves”[21]. The Tangier-Tetouan-Al Hoceima Center also assisted over 4,300 businesses in 2023 through innovative virtual counter mechanisms, particularly the Investangier Academy[22].

The Role of Regional Investment Centers in Strengthening Regional Investment Governance

The quantitative outcomes of the regional investment centers reflect a substantial improvement in decentralized investment governance compared to the pre-2019 phase, with centers becoming more disciplined in good governance practices and more integrated into the institutional investment management system:

• Strategic Planning: Most centers have transitioned from fragmented measures to strategic plans that prioritize regional investment over a medium-term horizon. For example, the Fez-Meknes Regional Center’s 2024-2026 plan prioritizes investment projects from the Moroccan diaspora, supports value-added and job-creating investments, develops support mechanisms for young entrepreneurs, and professionalizes dispute mediation and settlement mechanisms[23]. Concurrently, the Beni Mellal-Khénifra Regional Center has launched a multi-year program encompassing initiatives to foster entrepreneurship, improve the business climate, and innovate new support mechanisms for investors and project monitoring, as well as digitizing services to promote territorial offerings. The regional centers have also strengthened their role in regional planning by contributing to the development of sectoral and local land use plans and supporting regions in the preparation and implementation of their plans. They also work alongside specialized agencies to conduct preliminary studies for the development of industrial zones and activity areas[24].
• Digitization of Investment Procedures: In line with efforts to shorten processing cycles and expedite study and decision times, a dedicated platform (cri-invest) has been developed for the digital management of investment files. This online space enables investors to create a virtual account to track their investment files from submission to final decision, with electronic signatures by the unified regional committee[25]. The platform’s launch coincided with the COVID-19 pandemic, providing an optimal tool for remote investment management. Within a year, 3,800 accounts were created for representatives of regional administrative bodies involved in investment, with 220,000 logins recorded at an average of 425 investors daily[26]. The platform’s information architecture has been improved to facilitate the filing, monitoring, and handling of investor disputes with the administration. In addition to this central information system, several regional centers have developed their own digital solutions to facilitate communication with businesses and project holders. For instance, the Casablanca-Settat center offers an E-Business Plan platform to assist investors in structuring their projects. Other regions, like Tangier-Tetouan-Al Hoceima, provide digital platforms to manage requests and complaints, and the Souss-Massa region has developed a mapping tool for exploring investment offerings and real estate opportunities. Furthermore, the “Prosper” program’s platforms offer support to project holders[27].
• Institutionalization of Incentive Roles: Best practices in regional investment promotion have emerged across centers. For example, the Oriental Regional Center established an Investment Observatory to conduct specialized market studies and provide reliable information on incentives and investment opportunities, along with a territorial attractiveness index based on 74 indicators covering demographic, social, economic, urban, and environmental aspects[28]. Other initiatives focused on digital marketing, such as the Rabat-Salé-Kénitra center, which created a digital investment observatory in early 2024. This interactive platform provides over 30,000 data points on investment collected from 30 entities across 200 field surveys. The Drâa-Tafilalet region is implementing a territorial marketing strategy launched in early 2023, in partnership with the regional council, to harness digital platforms in creating investment opportunities and showcasing the region’s assets and potential[29].
• Strengthening Public Efforts Convergence: A joint directive (No. 30/13) was issued by the Ministry of Interior and relevant government sectors to enhance the regions’ ability to support businesses, involving regional investment centers in the formulation and implementation of regional business support strategies. In this context, some participatory practices have emerged, such as the creation of an investment fund in the Rabat-Salé-Kénitra region in 2022 through a partnership between the regional council and the investment center, and Beni Mellal-Khénifra’s reallocation of its financial contributions to an investment support fund, establishing a one-stop-shop for services offered to investors and businesses[30]. At the central level, governance reforms of regional centers have been initiated, transferring oversight from the Ministry of Interior to the ministry responsible for investment, policy alignment, and public policy evaluation[31]. Consequently, the decree implementing Law No. 47.18 was amended, transferring oversight of regional investment centers from the Ministry of Interior to the Prime Minister, in coordination with the Ministry of Finance[32].
• Support for Major Projects: The implementation schedule of Law No. 47.18 aligns with other stages of public management reforms in Morocco, with a priority on simplifying and digitizing procedures[33]. In the investment field, key provisions of Law No. 55.19 have been executed, including halving the required documentation for investors and exempting them from various procedures during investment application preparation, utilizing simplification techniques such as eliminating documents and substituting others with templates or declarative information, while administrative bodies retrieve documents on behalf of investors through inter-agency data sharing[34]. The National Committee for Administrative Procedures and Formalities has streamlined 22 administrative decisions through regional investment centers’ digital platforms, reducing the number of documents most frequently requested from investors by 45%[35]. Similarly, Framework Law No. 32.22 outlines strategic goals for investment development, including promoting regional equity, creating job opportunities, directing investments towards future industries, and fostering sustainable development, with regional centers and unified regional committees playing a key role in implementing investment policies[36]. Consequently, the unified regional investment committees have been tasked with approving investment agreements valued at or below 250 million dirhams, while the National Investment Committee, chaired by the Prime Minister, oversees agreements exceeding this threshold[37].

Administrative Challenges Facing Regional Investment Centers and the Need to Reform the Reforms

Despite the gains achieved, there are numerous risks looming over the administrative performance of regional investment centers that could counteract the new objectives of enhancing investment and maximizing its economic and social impacts. This necessitates new responses to establish a new generation of decentralized investment management.

• Accelerating Decentralized Investment Management: The National Charter for Administrative Decentralization stipulated a set schedule for transferring powers and resources from ministerial departments to their local branches. However, the four-year assessment of the decentralization decree indicates that investment procedures remain centralized due to the slow implementation of decentralization plans. According to the latest annual report by the Court of Accounts, as of September 2023, only 15 out of the 44 responsibilities meant to be delegated to decentralized authorities have been transferred, due to various factors, including the difficulty of abandoning a centralized approach, delays in approving related legal and regulatory texts, and delays in establishing joint administrative representations for ministerial sectors at the regional level[38]. This calls for accelerating the transfer of investment management powers from central authorities to regional and local representations. While the amendment introduced by Law No. 22.24 to place the regional investment centers’ boards of directors under the Prime Minister’s leadership might enhance the alignment of central and territorial investment policies, it could also lead to a re-centralization of regional investments, especially with the Prime Minister now holding powers previously assigned to regional unified committees, such as approving exceptions in urban planning decisions[39].

In this context, there is an urgent need to develop a unified framework for managing investments, which are still distributed among several ministerial sectors and public institutions[40]. A permanent mechanism should be created to coordinate between different stakeholders involved in promoting and managing investment. Additionally, the institutional framework for territorial investment management should be reviewed, both in its decentralized aspect to facilitate the emergence of regional decentralized entities that can partner with regional centers in overseeing investment processes, and in its devolved aspect, by involving local governments, especially the regions, more actively in the governance of local and regional investment.

• Addressing the Spatial Distribution of Investments: Despite ongoing efforts, regional investment distribution remains imbalanced, with most public investments still concentrated in the three regions along the Tangier–El Jadida corridor[41]. This exacerbates the disparity between regions in contributing to national wealth. According to the 2024 Finance Law, approximately 60% of the national GDP originates from the Casablanca-Settat (32.2%), Rabat-Salé-Kénitra (16%), and Tangier-Tetouan-Al Hoceima (10.5%) regions[42]. Moreover, disparities persist within regions, as seen in Fès-Meknes, where only 24% of investment projects reach five provinces, with the bulk focused in the main cities, Fès and Meknes[43]. The continuation of these disparities questions the effectiveness of decentralized investment management if it cannot ensure balanced investment distribution across the national territory. Achieving spatial equity in the distribution of infrastructure, logistics, and facilities within and between regions is imperative. This includes implementing affirmative measures to stimulate investments in vulnerable areas[44] and addressing factors deterring investment, such as complex land situations, isolation indicators, market access difficulties, and inadequacy of economic activity zones.
• Enhancing Regional Investment Efficiency: Regional investment exhibits a striking paradox: the increase in investment volume has not yet yielded the desired developmental dynamics, either economically, in terms of boosting local economies and territorial competitiveness, or socially, by addressing the limited employment impact of investment projects[45]. A notable paradox here concerns the overall incentives provided for private investments. Despite investments comprising 30% of the GDP, their social impact remains limited, with only 89,000 direct jobs created annually against an increase of 380,000 in the active population. This widening gap calls for a reassessment of the governance of public efforts to develop regional investment, in light of structural challenges hindering the effectiveness of existing measures, such as limited coordination among stakeholders and inadequate monitoring of ongoing projects. Efforts related to tracking the economic and social impact of provided support and ensuring that project owners meet their obligations in exchange for incentives often lag, turning these incentives into economic rents. To mitigate this paradox, it is essential to link incentive measures to specific requirements, including commitments from beneficiary projects to adhere to equity, employment generation, environmental protection, corporate citizenship, and focus on areas with low human development indicators.

The reform of regional investment centers under Law No. 47.18 has helped enhance their role in project design by establishing a broad foundation of project banks in each region. However, beyond quantitative assessments, many projects remain disconnected from the economic and social reality due to limited reliance on a participatory approach in their development. Additionally, the lack of regular updates and adaptation of project banks renders them inadequate to meet the needs of Moroccan and foreign investors, particularly young people and Moroccans residing abroad[46].

• Standardizing Incentive Packages: In addition to the benefits provided by the regional centers, regional councils offer various incentives to investors, with their support totaling approximately 300 million dirhams between 2019 and 2022. This duplication could become more problematic, as the Investment Charter does not specify any mechanism to incorporate regions into support systems or any provisions to clarify the criteria for encouraging regional entrepreneurial ecosystems[47]. Several initiatives have emerged to institutionalize this role, such as the Tangier-Tetouan-Al Hoceima Regional Council’s establishment of the Northern Investment and Development Fund (Nordev) to support businesses, attract investment, and integrate people into the job market, offering additional grants of up to 30% of the investment amount[48]. Legally, such initiatives fall within the scope of the regions’ mandate, as defined by Organic Law No. 113.14, which grants them authority to attract investment, improve the territorial attractiveness of the region, and enhance its economic competitiveness[49]. However, in practice, this situation suggests the persistence of functional duplication or even negative competition between two entities that should be aligned and collaborative in creating an investment-friendly environment.

In light of this, incentive packages for project holders must be standardized to align the benefits offered by Law No. 47.18, the local authorities’ organic laws, and the general support framework, focusing on maximizing the expected economic and social impacts of regional investment[50]. Regional centers should take a leading role in driving local efforts to promote investments in accordance with the Investment Charter, especially regarding territorial grants that encourage investments in underserved areas based on the level of need in these regions[51]. This requires advancing the reform of regional investment centers by updating their territorial incentive strategies and intervention mechanisms, strengthening their position in the new investment governance framework[52] and aligning them with the national investment strategy’s goal of raising private investment to 50% of total investments, with an anticipated budget of 550 billion dirhams and the creation of half a million jobs by 2026[53].

Conclusion

Law No. 47.18 has breathed new life into regional investment dynamics by enhancing the institutional model for decentralized investment management as well asstrengthening the powers and tools available to regional investment centers and unified regional investment committees. However, challenges that limit the economic and social impact of decentralized investment management have intensified due to weak coordination among stakeholders overseeing regional investment, insufficient measures to boost project effectiveness and sustainability, compliance with sustainable development goals, and spatial justice. These issues highlight the need to transition to a “third generation” of decentralized investment management that would empower regional investment centers to respond to investor needs with greater speed and efficiency. In this context, we recommend the following:

• Strengthening the role of regional investment centers in shaping and implementing national investment promotion strategies to meet the expected objectives, primarily those related to implementing the new Investment Charter.
• Accelerating the agenda for implementing the Administrative Decentralization Charter, particularly concerning the transfer and delegation of investment management powers, while revising the composition of the boards of directors of the centers and unified committees to bridge the relationship among the various regional investment stakeholders.
• Developing permanent territorial incentive mechanisms in partnership between regional investment centers and elected regional councils, such as establishing specialized observatories, project banks, and shared databases to showcase regional development assets and highlight investment opportunities.
• Addressing bureaucratic obstacles that hinder the effective establishment of a unified regional investment window, by easing procedural burdens on project holders, speeding up the processing of requests, resolving disputes, and institutionalizing business support functions.

Footnotes

[1] Annual Report of the Court of Auditors for the Year 2015: Evaluation of the Experience of Regional Investment Centers, Court of Auditors, Rabat, 2017, p. 72.

[2] Geographic Distribution of Public Investment in Light of Advanced Regionalization, Opinion of the Economic, Social, and Environmental Council, Referral No. 2015/17.

[3] Évaluation de l’expérience des Centres régionaux d’investissement, Cour des Comptes, Rabat, 2017, pp. 12-13.

[4] Article 41 of Law No. 47.18 on the Reform of Regional Investment Centers and the Establishment of Unified Regional Investment Commissions, enacted by Dahir No. 1.19.18 on February 13, 2019, Official Gazette No. 6754-15 (February 21, 2019).

[5] Law No. 22.24 Amending and Supplementing Law No. 47.18 on the Reform of Regional Investment Centers and the Establishment of Unified Regional Investment Commissions, approved by the House of Representatives on July 25, 2024, but not yet published in the Official Gazette.

[6] Jawad Ben Said Amrani, “Impact du foncier immatriculé et le rôle du CRI pour accompagner les investisseurs à s’installer dans la Région Tanger-Tétouan-Al-Hoceima,” Revue Française d’Économie et de Gestion, Volume 2: Issue 2, 2021, p. 79.

[7] Article 29 of Law No. 47.18.

[8] Articles 31 and 37 of Decree No. 2.17.618 issued on December 26, 2018, as the National Charter for Administrative Decentralization, Official Gazette No. 6738 – December 27, 2018, p. 9787.

[9] Article 1 of Ministry of Interior Decision No. 474.21 issued on June 14, 2021, defining the performance evaluation indicators for Regional Investment Centers, Official Gazette No. 7027 – October 4, 2021, p. 7406.

[10] Articles 4 and 19 of Law No. 47.18.

[11] Tawfiq Elyaoui, “Approval of Investment Projects Worth Over 40 Billion Dirhams in the Northern Region,” EcoPress, August 2, 2024. Accessed on 22/08/2024, at: https://bit.ly/4dEfbsr

[12] Khadija Taouil, “The Regional Investment Center of Tanger-Tétouan-Al Hoceima Celebrates the Achievements of 2023,” Atalayar, February 13, 2024, https://bit.ly/3YUxjtw

[13] Zaina Jnina, “Investment: Key Figures of the CRI’s Performance,” Hespress, January 21, 2024, accessed on 28/08/2024. URL: https://urlc.net/wQIw

[14] Abdellah Benahmed, “Tanger-Tétouan-Al Hoceima: Here Are the Sectors That Create Enterprises!” LesEco.ma, February 27, 2024, accessed on 11/08/2024. URL: https://cuts.top/BsXN

[15] Khadija Taouil, “Morocco Relies on Its Citizens Residing Abroad to Attract Creative Investments,” Atalayar, November 8, 2023, accessed on 13/08/2024. URL: https://urlc.net/vxSJ

[16] “Tanger-Tétouan-Al Hoceima: 709 Investment Projects in 2023 Worth Over 73 Billion DH,” Le Matin, February 12, 2024, accessed on 22/08/2024. URL: https://bit.ly/4dE1lGw

[17] “Launch of a New Generation Project Bank in the Laâyoune-Sakia El Hamra Region,” Laayouneinvest.Ma, March 2023, accessed on 19/06/2024. URL: https://cuts.top/BlFv

[18] Bulletin of Industrial and Commercial Property in Morocco, Moroccan Office of Industrial and Commercial Property, December 2023, p. 3.

[19] “A New Chapter Begins,” French Chamber of Commerce and Industry of Morocco, February 20, 2020, accessed on 10/05/2024. URL: https://cuts.top/BiPV

[20] Zaina Jnina, “Investment: Key Figures of the CRI’s Performance,” op. cit.

[21] Chaima Aberni, “Fès-Meknès: Positive Report for the CRI at Its 12th Board of Directors Meeting,” Lebrief.ma, June 5, 2024, accessed on 16/06/2024. URL: https://bit.ly/4dDFRcy

[22] “Tanger-Tétouan-Al Hoceima: Investments Up by 41% Compared to 2022,” LesEco.ma, May 2, 2024, accessed on 29/05/2024. URL: https://bit.ly/3XkuYa0

[23] “Revival of Investment in the Fès-Meknès Region: The CRI Unveils Its Strategic Plan 2024-2026,” LesEco.ma, December 5, 2023, accessed on 30/05/2024. URL: https://cuts.top/Bl9p

[24] “Reforming Regional Investment Centers: Implementation and the First-Year Results,” Prime Minister’s Office, July 2021, p. 43.

[25] Yassine Saber, “Agadir Souss-Massa: The CRI Launches Its New Portal,” LesEco.ma, March 12, 2024, accessed on 14/06/2024. URL: https://cuts.top/Blit

[26] “Digital Platform of CRIs: The Processing Time for Files Has Reduced from 130 Days to 20 Days,” Ecoactu.ma, January 21, 2021, accessed on 17/07/2024. URL: https://cuts.top/DaWK

[27] Youssef Yaacoubi, “For Investors, Companies, and Administrations… The Regional Investment Center of Beni Mellal Launches Digital Services,” Magazine of Moroccan Industry, October 26, 2021, viewed on 29/08/2024, at: https://bit.ly/3AEIVXB

[28] “The Regional Investment Center of the East Holds Its Ninth Board of Directors Meeting,” EuroMaghreb, April 12, 2023, viewed on 09/06/2024, at: https://cuts.top/BiNG

[29] Nour Eddine Fakhari, “Communicative Meeting to Present the Digital Marketing Strategy for the Drâa-Tafilalet Region,” Al Maghribiya Al-Mustaqilla, March 12, 2023. Viewed on 27/08/2024, at: https://almostakilla.ma/68031.html

[30] Court of Auditors, “Advanced Regionalization Activation: The Legal and Institutional Framework, Mechanisms and Resources, and Competencies,” October 2023, p. 60.

[31] Article 1 of Decree No. 2.23.414 issued on May 15, 2023, delegating the exercise of state oversight over regional investment centers. Official Bulletin No. 7196, dated May 18, 2023, p. 4820.

[32] Article 1 of Decree No. 2.23.310 issued on May 12, 2023, amending and supplementing Decree No. 2.19.67 relating to the implementation of Law No. 47.18. Official Bulletin No. 7196, dated May 18, 2023, p. 4820.

[33] Alame Filali, “The Investment System in Morocco: Between the Question of Modernization and the Implementation of Decrees – A Review of the Developments in Framework Law 03.22,” Your Law Magazine, Issue 16, June 2023, p. 379.

[34] Ismail Idrissi, “Government Reduces the Number of Documents Required from Investors by 45%,” Al-Amq Al-Maghribi, February 25, 2023, viewed on 15/06/2024, at: https://al3omk.com/821844.html

[35] Response of the Head of Government, Aziz Akhannouch, to the Questions of Senators Regarding the Key Question: “The Administrative Decentralization Charter and the Challenge of Territorial and Social Justice,” in the General Session of the House of Councillors, held on June 20, 2023. Government Website, viewed on 15/10/2024, at: https://www.cg.gov.ma/ar/node/11300

[36] Article 1 of Royal Decree No. 1.22.76 issued on the 14th of Jumada I 1444 (December 9, 2022), implementing Framework Law No. 03.22, known as the Investment Charter. Official Bulletin No. 7151, dated December 12, 2022, p. 7905.

[37] Decree No. 2.23.1 issued on the 25th of Rajab 1444 (February 16, 2023), regarding the activation of the basic investment support system and the specific support system applied to strategic investment projects.

[38] Annual Report of the Court of Auditors for the Years 2022-2023, Court of Auditors, Rabat, 2023, p. 131.

[39] Report of the Finance and Economic Development Committee of the House of Representatives on Bill No. 22.24 amending and supplementing Law No. 47.18 relating to the reform of regional investment centers and the creation of unified regional investment committees, pp. 146-147. Viewed on 12/10/2024, at: https://bit.ly/3U5ZHFG

[40] Public Investment in Morocco: A Strategic Lever for the Sustainable Development of the Country, OECD, Paris, 2024, p. 14.

[41] “For Inclusive and Harmonized Development of Territorial Areas: Key Approaches for Change,” Economic, Social, and Environmental Council, Self-referral No. 2023/69, p. 13.

[42] Ilham Lamrani Amine, “PLF 2024: The Executive Faces the Challenge of a More Balanced Spatial Distribution of Investments,” Lematin.Ma, October 23, 2023, accessed on 10/07/2024. URL: https://cuts.top/BnxZ

[43] “Regional Entrepreneurial Dynamics,” Fès-Meknès Regional Investment Center Magazine, Issue 21, 2023, p. 38.

[44] Zair, Tarik. Decentralized Management of Economic Development in Morocco. Paris, L’Harmattan, Mediterranean History and Perspectives Series, 2007, p. 307.

[45] Ismail Saraoui, “Investment Dynamics: The New CRI Plan,” Challenge.ma, February 14, 2024, accessed on 14/07/2024. URL: https://cuts.top/Bl4v

[46] “For Inclusive and Harmonized Development of Territorial Areas,” op. cit., p. 20.

[47] “Advanced Regionalization Activation,” op. cit., pp. 59-60.

[48] Younes Saoury, “What You Need to Know About NorDev, the New Investment Fund of TTA,” Le Desk, October 2, 2023. Viewed on 25/08/2024. URL: https://cuts.top/BnDw

[49] Articles 80 and 82 of Organic Law No. 111.14 relating to regions, enacted by Royal Decree No. 1.15.83, dated July 7, 2015. Official Bulletin No. 6380, dated July 23, 2015.

[50] Boussedra Faouzi and Moufid Fahd, “The Positioning of the Tax Incentive Framework for Investment in the New Configuration of the New Development Model and its Response to the External Shocks of the Moroccan Economy,” Review of Control, Accounting, and Auditing, Volume 6, Issue 4, 2022, pp. 212-213.

[51] Decision No. 3.14.23 of the Head of Government, dated 1st of Sha’ban 1444 (March 1, 2023), establishing the list of provinces or districts in categories (A) and (B) that can benefit from a territorial grant for investment projects carried out within their jurisdiction.

[52] Hassan Manyani, “Investment Charter: El Adaoui Identifies Gaps in the Reform,” Challenge.Ma, February 5, 2024. Viewed on 27/08/2024. URL: https://cuts.top/Bl6Q

[53] Manal Ben El Hantati, “Investment: Focus on the Strategic Alignment of CRIs,” Lebrief.Ma, October 9, 2023. Viewed on 26/08/2024. URL: https://cuts.top/Bl7m