Saadia Slaoui Bennani: “The 550 Billion Dirhams Target Seems Achievable”

Public investment: Up 90% in five years

“Public investment is now part of a structural momentum. Over five years, it has increased by 90%, generating a positive spillover effect for businesses, particularly in construction and public works (BTP).

This has had a very positive impact and helped restore confidence among Moroccan and foreign companies. Driven by public investment, private investment is accelerating strongly: it rose from 100 billion dirhams in 2022 to 120 billion in 2024.

This trend should continue, and the 550 billion dirhams target for 2022–2026, set by the Investment Charter, now seems achievable—indeed, it could even be exceeded given the performances recorded.

Today, the Moroccan company must be at the heart of the economic recovery. We have a responsibility, as economic actors, to actively contribute to the development momentum of our country.

Companies are contributing, tax revenues are rising: we went from 199 billion dirhams in 2020 to 299 billion in 2024, with an average growth rate of 11%. So everyone is adding their stone to the building.”

Payment terms: Room for improvement

“The State has become a good payer. The law reforming payment terms, applied since July 2023, has introduced a major cultural shift and strengthened awareness of the importance of cash flow for private companies.

Of course, there are always possible improvements and biases that can appear, but overall, we are very satisfied with the law and its impact. But cash flow is not limited to State payments.

Other measures, such as the 5% withholding tax, can weigh on it. We fully understand the justification for this measure: it helps smooth tax inflows and combat fake invoices. But it also has an impact on companies’ cash flow.

This measure is supposed to be temporary. If it persists, certain distortions may appear, and internationally, some clients or suppliers have even disappeared because of this kind of mechanism.

A balance must be found: you cannot invest massively while asking companies to bear taxes that are too heavy. The equation is very complex and requires a fair compromise.”

Barriers to private investment

“For a country’s industrial takeoff, three ingredients are essential: an investing State, a confident private sector, and a favorable business climate. The first two are in place; the third remains the main lever to work on.

At the CGEM, we surveyed 1,000 companies about investment obstacles linked to the business climate. The first is the simplification of administrative procedures: despite digitization, some steps remain complex.

The second barrier is the Labor Code. Simplifying it is crucial for job creation and so that everyone can benefit. Finally, human capital—especially vocational training—is essential.

The upcoming reform announced by the ministry will be decisive in ensuring a high-performing workforce and supporting business development.”

Further support for SMEs

“The CGEM is fully playing its role as a source of proposals. We work closely with public authorities to put in place concrete measures that support investment and employment.

It is essential to support SMEs, which form the main fabric of our economy, notably through access to financing and the simplification of administrative procedures.

Digital transformation and the energy transition represent major strategic levers. Companies must be supported in these transitions to become more competitive.”