The draft of the new investment code will be based on several axes, namely investment guarantees, access to markets, tax incentives and financial benefits, the creation of a national body of investment, development and regional integration, development of human resources and increasing value in all sectors.
The new features of this Code will involve, more specifically, the establishment of guarantees for investors, particularly in the field of arbitration and access to markets, automatic access to incentives, granting of investment premiums based on the achievement of performance, maximum simplification of procedures, support of investors, encouraging local businesses to internationalize, in addition to the regular evaluation of the code’s performance.
This code also aims to increase the private sector share in investment, currently estimated at 62% in Tunisia against 70% in Egypt, 78% in Morocco and 80% in Turkey. The objective of this new code is to establish an investment policy to provide a macro-economic view of the business environment in Tunisia.
It is worth noting in this regard that Morocco is among countries that have implemented policies to attract foreign investment. The country has implemented a number of policies to attract foreign investment to its territory, and this from the mid 1980’s. The adoption of these policies has allowed it to be among the first African countries attracting foreign investment.
Businessmen demand investment guarantees!
Given the difficult economic situation and a business climate increasingly threatened by unprecedented social demand, businessmen are demanding more and more guarantees. Based on the fact that private investment is risk-taking, a bet on the future as argued by businessmen, some guarantees are required.
They refer, in this context, to security, stability, a clear agenda and a clear political vision, the independence of the judiciary and the neutrality of the administration, in addition to guarantee against legislative changes and providing recourse to arbitration.
The new Investment Code should provide a fair and equitable treatment and ensure compliance with the principle of acquired rights. It also promises to simplify procedures and setting a time limit for processing requests with an obligation for the administration to explain the reasons for its decisions.
It should be noted that the new draft Investment Code is overseen by a team including representatives of key ministries, supported by international firm Ernst and Young for the project management. The World Bank has also been involved in this project through its subsidiary IFC which has provided technical assistance.