مدي 1 تي في : تحسن المؤشرات الماكرو اقتصادية في المغرب خلال 2024 - 31/12/2024
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00:00Good evening, ladies and gentlemen, we welcome you to a new episode of Masa Talk, a few hours
00:16and we say goodbye to the year, a farewell to memories and a welcome to another at the
00:20human level.
00:21As for the economic level, it is another farewell in which there are many numbers and data that
00:27will contribute to drawing up its reality during the year that we are preparing for.
00:31During the current year, smog has decreased, but unemployment rates have increased.
00:35Traditional sectors such as tourism, car and airplane industry have achieved remarkable progress
00:41and their rate has continued to rise.
00:43On the other hand, years of drought have affected the agricultural sector to reduce the rate of
00:47national economic growth, and with it the most complicated problem of unemployment.
00:52To talk in more detail about the reality of the national economy in this year, which we
00:56will say goodbye to shortly, I would like to welcome you to the studio with me, Mr. Khaled
01:00Ashiban, the expert in economic analysis.
01:02Welcome.
01:03Thank you, Mr. Bafaf.
01:05And who is late at the end of this year, Dr. Badr Zahir Al-Azraq, but he will join us
01:10in a few moments.
01:12We will try with our guests to read the most prominent headlines that characterized and
01:17marked the economic year of the Kingdom.
01:20First of all, a year in any case that we can call it a year.
01:24That's right.
01:25There have been many disputes, national and international, and hypotheses that have not
01:32been reached.
01:34But at least, as the International Monetary Fund said in its annual meeting in Marrakesh,
01:40our national economy has lost the ability to face the shocks, Mr. Khaled.
01:46That's right.
01:47There is resistance.
01:48The year of the agricultural sector was not at the level of expectations.
01:52We lived another year of drought, which had a great impact on the agricultural sector.
01:57And as you know, unfortunately, our national economy is still dependent on the agricultural
02:02sector in terms of growth and employment.
02:05And these are two issues that are currently being raised, because the growth rate during
02:09the year will not be at the level that the government expected in the financial law of
02:14the country.
02:15According to the latest statement of the Moroccan Central Bank, the growth rate in 2024 will
02:20be around 2.6%.
02:22We all know that the unemployment rate is over 13.6%.
02:30And according to the statistics, we are at a level of more than 21%.
02:36We remain at 13.6%, which gives us some optimism.
02:41But there were also positive things that we should mention.
02:45For example, the export sectors had good numbers.
02:49The car and airplane sectors, even the agricultural and food industries, achieved good numbers.
02:55There are benefits for the tourism sector in the number of tourists.
02:59Only 20% until November.
03:03A rise of 2.6 million tourists.
03:06This indicates that the sector has recovered after we were in Corona.
03:09There was also a very important thing, which is that we were able to control the inflation
03:14rate that followed the past two years.
03:18This is a point that is calculated to make a decision in Morocco, that we are able to
03:23adjust the level of prices this year.
03:27There were also a number of measures to support the purchasing power of citizens, starting
03:33with direct social support.
03:35We can say that there is good financial management.
03:39It gives the government incentives to act with social demands and challenges.
03:44But in the end, the same conclusion remains that the export sectors, i.e. the car and
03:50airplane sectors, do not create enough jobs.
03:54This means that we will not be able to meet the unemployment rate of the people.
03:59And that the growth rate here, up to the level of the agricultural sector, is always
04:04good.
04:05This is what we expect from the growth rate that we achieve in the future.
04:10And also, in view of the talk about the growth rate, Mr. Al-Juwari, the Bank of Morocco
04:15links growth to employment opportunities that can be achieved by the economy.
04:19Welcome.
04:20Your hair is a mess now.
04:22Of course.
04:23Everything outside Morocco today.
04:24And the security apparatus.
04:25No, it's true.
04:26Welcome, Dr. Bader Zahel Azraq.
04:27Dr. Rafiq Anwar Al-Amal and the Economy.
04:29Happy New Year.
04:30And to you, my friend, Ashib Anwar, also.
04:33Happy New Year.
04:34We wish you a happy year.
04:35We said at the beginning, on a human level, that we send you our goodbyes.
04:38We will receive more.
04:39But we hope that you will be happy numbers and gifts for the economy of the country,
04:43God willing.
04:44Of course.
04:45We concluded this fourth quarter with a positive outcome.
04:54We were talking about 4.3.
04:563.3 is the growth rate compared to the fourth quarter of last year.
05:01We achieved more than one additional point.
05:04And this is a good thing.
05:05But we always aspire to what is more.
05:09We aspire to what is higher.
05:11We aspire to what is also better in Morocco.
05:14And indeed, this year was the year of getting out of the bottleneck.
05:18Because, as Mr. Ashib said, we were in a crisis economy for almost four years.
05:23From 2020 to the limits of the pandemic and the global crisis.
05:30We were in a war economy.
05:32The goal was to maintain the basic balance.
05:36For the Moroccans to find what they eat and what they serve.
05:39To ensure that prices do not plummet, as happened in other countries.
05:42It was a war economy.
05:43Today, we are out.
05:45And we are out, at least, with the lowest damage compared to a group of countries,
05:49other than the neighboring countries or other countries that are still in crisis.
05:52Other than him.
05:53Yes.
05:54If you allow me.
05:55And the main and central obstacle.
05:57And what assumptions are built on it.
05:59And what is written in his record of optimism and caution.
06:03Yes.
06:04It is the agricultural sector.
06:05I confirm.
06:06Which today does not live in its third, fourth, fifth or sixth year at the level of drought.
06:12Which has become a model in the agricultural sector and in the national economy.
06:16In addition to that, the projects and projects.
06:19And the national plan, which has a financial value of 143 billion Dinars.
06:24We will not see its results today or tomorrow.
06:27Therefore, we did not say goodbye for a year.
06:30For what it has and what it has to do with the agricultural sector.
06:33We have to reduce the risk so that there is a change in the economic level.
06:37Of course.
06:38So that we do not fall into the same things that we repeat year after year.
06:42I tried to compete with this positive aspect.
06:46Because in my opinion, this positive aspect, there are also ups and downs.
06:50And failures and failure.
06:52We may return and reach.
06:54Today, how is it challenged at 4.3%?
06:56And this is a positive thing.
06:58And we are challenged at 21% in unemployment.
07:00This is a question that the government asks today about its policy on the level of employment.
07:04And it asks the Moroccans.
07:06So there is a failure at the level.
07:08Not this government.
07:09To be fair.
07:10No.
07:11No.
07:12We see.
07:13I am talking about the government.
07:15I am talking about the continuity of government work.
07:17Right.
07:18And I am not talking about this government or the previous government or the one before us.
07:21Because policies continue over time.
07:23We will have a role.
07:24Today, it is not only a matter of agriculture.
07:26Right.
07:27It is a matter of the educational system.
07:28It is a matter of the industrial system.
07:29It is a matter of the economic system.
07:30There are many things.
07:31So that we do not bear the agricultural sector more than it bears.
07:34But today, the agricultural sector is bankrupt.
07:36A quarter of a million jobs have been lost.
07:39And these jobs will be lost in the agricultural sector.
07:42It is difficult to redirect it to other sectors.
07:45Because it is not supported.
07:48So what was the sector that understood it?
07:50It was the construction sector.
07:52The construction sector is bankrupt.
07:53It is in the crisis of the past year.
07:55We are trying to get out of it.
07:56We say today, maybe we will get out with a glass neck.
07:58And we have a fast worker that we know how to work on it well.
08:01The world cup.
08:02The world cup.
08:03These people can go and work in the infrastructure today.
08:06And in the real estate sector, which is starting to recover.
08:09And in the mechanical industry sector, which we want to develop.
08:12And go to other levels.
08:14At the level of integration.
08:15At the level of production and so on.
08:16This is a problem.
08:18But it will always remain.
08:19We will not forget.
08:21We can face it.
08:22We have the tools to face it.
08:23So I see the big problem.
08:24We even have the power to face it.
08:26What scares me is the water problem in Morocco.
08:29Because today we have the power to move.
08:32We have reached 38% at the level of the energy mixture.
08:35The water is going to strengthen the other sectors.
08:38The defense industries, industries and so on.
08:41But without good performance at the level of the infrastructure.
08:44And the construction sector.
08:45We can understand part of it.
08:46But how will the water do this?
08:49There is a lot of work today.
08:50But it must be doubled.
08:51Because the danger that water can bring is that it can affect all sectors.
08:57Not just agriculture.
08:58Mr. Khaled, we must not forget that the state has continued to invest.
09:03Even at the level of the financial law, which we are discussing now.
09:07335 billion is for public investments.
09:10In addition to a number of open documents.
09:13At the level of the infrastructure.
09:15In preparation for the major demonstrations.
09:17Like the World Cup.
09:18Maybe we will not reap the fruits of it today.
09:20Because of its impact on unemployment.
09:22But gradually, in the future, we will see that there is an effect of these open documents.
09:27But within the framework, can the national economy.
09:30Which has lived the industrial acceleration plan for years.
09:33The national strategy for industry.
09:35Many things that tried to stay away from the agricultural sector.
09:40Did it succeed?
09:41And we are talking about a success story.
09:43In the industry of cars or even the industry of airplanes.
09:46The effort that the state has made in recent years.
09:49It is what made these sectors today have resilience.
09:53Because the state is one of the most qualified areas for industrial acceleration.
09:56It is one of the most qualified for infrastructure.
09:58It is one of the most qualified for roads.
10:00This is what the investor finds today.
10:02To be able to produce.
10:04And this is what made these sectors today.
10:06At least in terms of growth.
10:08Because of the 6% increase.
10:10Thanks to the non-agricultural addition.
10:13And this is thanks to the efforts of the state.
10:15But we should not forget that.
10:17There is one base in the economy.
10:19What is going to create us?
10:21What is going to produce wealth?
10:23Should we rely on the private sector and private investments?
10:26Or should we go to public investments?
10:29We have not been able to bring enough direct foreign investments.
10:37In 2023, we should not forget that.
10:39At the lowest level in the past 25 years.
10:42This year, the interest in investments has improved.
10:45Because there were big investments.
10:47Which we saw.
10:49And this is between two poles.
10:51You are at the African level.
10:53But among the three big ones.
10:55Nigeria, South Africa, Egypt and Ghana.
10:59And even Kenya.
11:01So Morocco is among the countries.
11:03Which are more attracted to foreign investment.
11:05Right.
11:07But the private investment ratio.
11:09Compared to the public investment.
11:11All the countries have reduced their foreign investment.
11:14Because we are in the third place.
11:16In the third place.
11:18And we should all remember.
11:20That we have to reverse this equation.
11:22In order to speed up the rate of investment.
11:25And to implement the measures.
11:27But until now.
11:29We have not been able to reverse this equation.
11:31And the proof is the last agreement.
11:33The investment projects that were approved.
11:35Only in the last 10 days.
11:37The private investment ratio remained.
11:39At 30%.
11:41So we could not reverse the equation.
11:43Another problem.
11:45The public investment.
11:47As I said.
11:49The financial management.
11:51Gives us incentives.
11:53But the success of the public investment.
11:55We will not discuss it.
11:57Because it is not enough.
11:59Even the distribution of funds.
12:01It is up to the government.
12:03Of course.
12:05They start their work.
12:07But the reality is.
12:09It does not give you time.
12:11To deal with 13.6% of the unemployment.
12:13You have to deal with people.
12:15Between 15 and 24 years old.
12:17And the unemployment rate is 40%.
12:19It is very dangerous.
12:21And you have to deal with it quickly.
12:23We do not have time.
12:25To forget the strategies.
12:27We see it far.
12:29There are strategies.
12:31But we need programs.
12:33Now.
12:35We need programs.
12:37Because we lost the agricultural model.
12:39We need to fix it.
12:41Now.
12:43We see that.
12:45The support of the public sector.
12:47With the increase in the unemployment rate.
12:49And the poor agricultural season.
12:51At least.
12:53We can say that this grant.
12:55Can provide.
12:57As much as we need.
12:59For some families.
13:01But it is not enough.
13:03We need to find solutions.
13:05We need to find strategies.
13:07To find solutions.
13:09As the Bank of Morocco.
13:11Said.
13:13Direct social support.
13:15This is not the solution.
13:17But.
13:19It is not just one.
13:21It is not just one.
13:23It is not just one.
13:25It is not just one.
13:27It is not just one.
13:29It is not just one.
13:31I met a professor.
13:33We were talking about the prices.
13:35He expressed his desire.
13:37To lower the prices.
13:39For vegetables.
13:41I told him.
13:43I do not want to lower the prices.
13:45I hope it will be stable.
13:47But my ambition.
13:49Is that the income of the citizens.
13:51Is that the income of the citizens.
13:53I do not want to say.
13:55I want to create jobs.
13:57And increase the purchasing power.
13:59And this is not the profit.
14:01I do not want to increase the prices.
14:03I want to increase the prices.
14:05And this is the word.
14:07And this is the word.
14:09And now I asked.
14:11About sectors.
14:13That we see in a rising trend.
14:15We see success stories.
14:17That can be built on.
14:19Or copied in other sectors.
14:21And among the sectors.
14:23That still maintain.
14:25The stability of the national economy.
14:27We are talking about the tourism sector.
14:29Morocco achieves unprecedented numbers.
14:31We broke the reference year.
14:33In 2019.
14:35We are talking about 16 million tourists.
14:37Until November.
14:39A rise of 2.6 million tourists.
14:4120% increase in the sector.
14:43The sector is running.
14:45We linked it to the growth of the traditional industry.
14:47It also has its fields.
14:49In the same framework.
14:51Related to the hotel.
14:53Related to transport.
14:55We can say.
14:57That the sector.
14:59Was a breath of fresh air.
15:01Of the national economy.
15:03The export industries.
15:05Are rising.
15:07The textile sector is rising.
15:09The car sector.
15:11Is rising.
15:13And the tourism sector.
15:15Is rising.
15:17In an unprecedented way.
15:19I think that this rise.
15:21Will continue in the coming years.
15:23We did not put a huge budget.
15:25We will not forget.
15:27We will not forget.
15:29The budget.
15:31The pulling factor.
15:33Was affected by the events.
15:35In the last few years.
15:37The market.
15:39The market.
15:41Was affected by the famous one.
15:43The famous one.
15:45The famous one.
15:47The famous one.
15:49The famous one.
15:51Morocco.
15:53Is a cheap destination.
15:55For a large number of tourists.
15:57In Europe.
15:59Today.
16:01I reached Rashidiyah.
16:03I reached Rashidiyah.
16:05I reached Rashidiyah.
16:07I reached Rashidiyah.
16:09I reached Rashidiyah.
16:11I reached Rashidiyah.
16:13I reached Rashidiyah.
16:15I reached Rashidiyah.
16:17I reached Rashidiyah.
16:19This is the third and last time.
16:21This is the third and last time.
16:23Of the 5 destinations for this year.
16:25Of the 5 destinations for this year.
16:27If the tourism sector.
16:29If the tourism sector.
16:31If the traditional and low quality industries.
16:33What I like in the traditional sectors.
16:35We are used to export.
16:37We are used to export.
16:39This has not happened in the past.
16:41Even today.
16:43The copper, leather,
16:45The copper, leather,
16:47and the markets in Europe, abroad, and in Africa,
16:52so this is a good thing, because today tourism and traditional industries are not only imported.
16:58Even the way we preserve our heritage in UNESCO contributes a lot.
17:03And this is what I wanted to say, because today,
17:06if it was just about the industries,
17:09today, for us, tourism and traditional industries are not only about the economy,
17:14but also about our identity, our image,
17:17we talk about positive things in the Moroccan civilization,
17:20and we export them with this product.
17:22And I think that this sector today is one of the things that saved the Moroccan economy,
17:27compared to other sectors.
17:29And let's not forget the other sector, the factories.
17:31The sector of factories, which you love very much.
17:33Of course.
17:34And we said that the sectors are connected as logistical platforms
17:37in terms of the success of Moroccan investment,
17:39and also cutting heavy industries,
17:41such as cars and airplanes.
17:43Also, in the center of the financial law, we always see the sustainability of public finance,
17:49and this sustainability can only be achieved with a successful monetary policy.
17:52And the Moroccans used to look down on those who put billions in the bank,
17:56hours after they put the billions in the bank.
17:59How much did it reach?
18:00I don't know, 20 billion?
18:01No, 120 billion.
18:02120 billion.
18:03We don't know the exact numbers.
18:05We used to see those who put 17 billion,
18:07we used to see those who put their names in the communication platforms.
18:11Today, even the front-line policy, perhaps,
18:15we can consider what has changed in it,
18:17a boost to the national economy, at least in the next 25 years.
18:21Of course.
18:22As I said in my first speech,
18:24the impetus that is provided today by the good public finance
18:28makes the government act with ease.
18:31We have seen the success of social demands,
18:34the government's response to them,
18:36the education of more doctors,
18:39full-time employees,
18:41one-payment,
18:42more benefits for retirement,
18:44tax on income for all things,
18:47and even public investment,
18:49and even the World Cup preparation,
18:51all these strategies,
18:52if it wasn't for the financial adjustment of the state,
18:55we wouldn't have been able to live.
18:57Today, things are fine.
18:59We have a stable balance of income,
19:02we are at 4%.
19:04The general debt of the treasury is 69%.
19:08It is at a very good level.
19:10On the contrary, there are things that need to be adjusted.
19:15Do you mean the foreign debt?
19:17We need to understand it well.
19:19Because it is the most terrifying number.
19:22No, it is the most terrifying,
19:24but the treasury debt is 69% of the income in the account,
19:29and it is at a good level for a country like Morocco.
19:31There are countries that exceed their national income twice as much.
19:34Japan is at 50%.
19:36Right.
19:37The debt is not a problem.
19:39If we give Nisa Bnoumou,
19:41to allow us to wash,
19:43and to allow us to pay,
19:45today, the treasury of the state,
19:47which is leading in the management of public finance in Morocco,
19:49today, when he intends to go to Morocco,
19:53he has a credit line.
19:54Yes, suddenly.
19:55He has a credit line that he hasn't touched yet,
19:576 billion dollars.
19:58Plus credit.
19:59Right.
20:00Therefore, the economic policy of any government
20:03needs to be adjusted for public finance,
20:07by giving it the required balance,
20:10to provide public investment,
20:12to qualify the parties,
20:14to qualify the infrastructure,
20:16which enables it to implement all its plans.
20:19And at the same time,
20:21it puts pressure on the government officials,
20:23because they know that all governments,
20:25their first problem
20:28is the availability of the budget
20:30to implement their plans.
20:32Today, everything is available.
20:34They don't have an excuse
20:36that their programs don't go beyond this.
20:39Therefore, I think that,
20:41as you pointed out,
20:42it is a factor that motivates the performance of the government,
20:45and doesn't leave in front of it,
20:47excuses that can be hidden.
20:49There is a government plan,
20:51which has been announced,
20:52a government program,
20:53a government commitment,
20:54and it needs to be fulfilled
20:55in the remaining years of this government.
20:57Right.
20:58And also,
20:59while we are talking about the national economy,
21:01we can't ignore the foreigners in what is national.
21:04We say the foreigners in what is national.
21:06We will talk about the visit of the French President,
21:08Emmanuel Macron,
21:09and the agreements that were signed.
21:11We will also talk about the visit of the King
21:13to the United Arab Emirates,
21:14and the agreements that were signed.
21:16We will talk about the multilateral partnership,
21:18and the bilateral partnership,
21:20which links the Kingdom to Madrid, for example.
21:22And between them,
21:23there is a trade exchange,
21:24and investments of up to 20 billion euros annually.
21:27And these things are promoted.
21:29The partnership with Britain in renewable energy.
21:31China.
21:32The development that is taking place
21:33in the Belt and Road Initiative with China.
21:35Yes.
21:36A lot of things are happening.
21:37Of course.
21:38These things,
21:39and the effects of these foreign investments
21:41on the national economy,
21:42at least in the medium term,
21:43we won't go far.
21:44No, of course,
21:45because the issue of the partnership
21:47between the two countries in the Kingdom of Morocco,
21:49this is a policy,
21:50and we have been working on this for a long time,
21:51and we are working on this issue.
21:52We are working in all directions,
21:53Mr. Naufel.
21:54We are working towards
21:55expanding the European area.
21:56Right.
21:57We are working towards Asia,
21:58towards Russia.
21:59We are working towards India,
22:00Pakistan.
22:01Russia.
22:02We are working towards Ethiopia,
22:03Russia as well.
22:04We are working with the Arab countries,
22:05towards the United Arab Emirates,
22:06through the free trade agreement,
22:07through the regional agreement,
22:08through the 1000th agreement with Africa,
22:09this is a very big deal.
22:10Right.
22:11And the strategic agreement
22:12that was signed with China,
22:13with the United Arab Emirates,
22:14and so on.
22:15So,
22:16this was 20 years ago,
22:17and we were working
22:18on the legislative framework,
22:19and the organizational framework,
22:20and in recent years,
22:21we started to see
22:22that these things
22:23are starting to reverse.
22:24Today,
22:25I have a number
22:26of trade agreements
22:27with Africa,
22:28almost 6 billion dollars.
22:29Right.
22:30In the previous year,
22:31there were only 4,
22:32and we increased
22:33by almost 2 billion dollars
22:34in trade agreements
22:35with Africa,
22:36with the Arab countries
22:37and abroad.
22:38According to Mr. Hjera.
22:39Yes.
22:40Mr. Hjera said
22:41in the last statement.
22:42Yes,
22:43he said in the last statement.
22:44There is a rise.
22:45There is a rise.
22:46So,
22:47we are talking about
22:48a trade agreement.
22:49We are talking about
22:50a trade agreement,
22:51which means
22:52that there will be
22:53an external demand
22:54for products,
22:55in addition to
22:56being a channel
22:57for investment.
22:58Right.
22:59At the same time,
23:00the issue
23:01of Morocco's
23:02diversification
23:03in the past
23:04and in the present,
23:05you realize
23:06that we cannot
23:07remain economically
23:08dependent
23:09only on Europe.
23:10Right.
23:11Indeed,
23:12we strengthen
23:13the strategic relationship
23:14with them,
23:15but at the same time,
23:16we also strengthen
23:17the strategic relationship
23:18with Morocco.
23:19Right.
23:20Mr. Mahdi,
23:21this is a major
23:22attempt
23:23by foreign investors
23:24in a number
23:25of areas.
23:26Of course.
23:27So that we do not
23:28get involved
23:29in the generalities
23:30and the
23:31administrative bureaucracy.
23:32Mr. Nourfel,
23:33if you go to
23:34a foreign investor
23:35and tell him
23:36that you want
23:37to invest in Morocco
23:38and give him
23:39tax and real estate
23:40privileges,
23:41etc.,
23:42he will come
23:43and say no.
23:44If you say
23:45that you want
23:46to invest in Morocco
23:47and give him
23:48tax and real estate
23:49privileges,
23:50etc.,
23:51he will accept
23:52this.
23:53This is what
23:54made us change
23:55the law
23:56on sharing
23:57in private
23:58companies
23:59and we are
24:00returning
24:01that the issue
24:02of sharing
24:03extends not
24:04only to profit
24:05but also to
24:06sharing
24:07and risks.
24:08This is what
24:09saved a large
24:10number
24:11of foreign
24:12investors.
24:13But all
24:14of them
24:15have
24:16the right
24:17to
24:18invest
24:19in
24:20private
24:21companies
24:22and
24:23they
24:24have
24:25the right
24:26to
24:27invest
24:28in private
24:29companies
24:30and
24:31they
24:32have
24:33the right
24:34to
24:35invest
24:36in
24:37private
24:38companies
24:39and
24:40they
24:41have
24:42the right
24:43to
24:44invest
24:45in
24:46private
24:47companies
24:48and
24:49they
24:50have
24:51the right
24:52to
24:53invest
24:54in
24:55private
24:56companies
24:57and
24:58they
24:59have
25:00the right
25:01to
25:02invest
25:03in
25:04private
25:05companies
25:06and
25:07they
25:08have
25:09the right
25:10to
25:11invest
25:12in
25:13private
25:14companies
25:15and
25:16they
25:17have
25:18the right
25:19to
25:20invest
25:21in
25:22private
25:23companies
25:24and
25:25they
25:26have
25:27the right
25:28to
25:29invest
25:30in
25:31private
25:32companies
25:33and
25:34they
25:35have
25:36the right
25:37to
25:38invest
25:39in
25:40private
25:41companies
25:42and
25:43they
25:44have
25:45the right
25:46to
25:47invest
25:48in
25:49private
25:50companies
25:51and
25:52they
25:53have
25:54the right
25:55to
25:56invest
25:57in
25:58private
25:59companies
26:00and
26:01they
26:02have
26:03the right
26:04to
26:05invest
26:06in
26:07private
26:08companies
26:09and
26:10they
26:11have
26:12the right
26:13to
26:14invest
26:15in
26:16private
26:17companies
26:18and
26:19they
26:20have
26:21the right
26:22to
26:23invest
26:24in
26:25private
26:26companies
26:27and
26:28they
26:29have
26:30the right
26:31to
26:32invest
26:33in
26:34private
26:35companies
26:36and
26:37they
26:38have
26:39the right
26:40to
26:41invest
26:42in
26:43private
26:44companies
26:45and
26:46they
26:47have
26:48the right
26:49to
26:50invest
26:51in
26:52private
26:53companies
26:54and
26:55they
26:56have
26:57the right
26:58to
26:59invest
27:00in
27:01private
27:02companies
27:03and
27:04they
27:05have
27:06the right
27:07to