Foreign Investment Declines in Tangier as Businesses Face Obstacles

Faced with certain difficulties, foreign investments are leaving or deciding to leave Tangier. This is the option chosen by a renowned Asian investor, specialized in the manufacture of car speaker systems, who would have created 3,500 jobs. Faced with obstacles in obtaining the necessary authorizations to acquire land, he left Tangier and turned to Egypt, reports Rue20.

The tourism sector is not spared either. Bureaucracy and persistent obstacles, orchestrated in particular by the Regional Investment Center (CRI) and the Urban Agency, are pushing foreign investors to leave Tangier. While he was considering a large-scale tourism and commercial project (a mall and a tourist real estate complex with a budget exceeding 80 million euros) near a luxury hotel in the Achakar region, an investor from an Arab country "was surprised by a request to cancel his project for strange reasons related to the wait for the new development plan."

Furthermore, this investor would have received threats. He would have been told that if he refused to comply, it would be said that King Mohammed VI did not wish for this type of project in this area. Faced with this situation, he prefers to leave Tangier. He is only waiting for his request to be examined one last time to turn to Egypt or Tunisia for the realization of his project.