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14,451 New Brands Created in Morocco This year

Morocco’s Office of Industrial and Commercial Intellectual Property (OMPIC) received over 14,000 patent applications in the first 10 months of 2021

22 Dec 2021

Rabat - The Moroccan Office of Industrial and Commercial Property (OMPIC) received 14,451 patent applications in the first ten months of this year, Minister of Trade and Manufacturing, Ryad Mezzour revealed last Friday in Casablanca during the 32nd annual meeting of OMPIC.

The office received 113,180 applications for commercial names, marking a 28% year-to-year increase. Commercial patents reached 88,110 within the first 10 months of 2021, according to data released by OMPIC.

In total, OMPIC recorded a 24% increase in patent applications, with the rising demand for patents and filing brands reflecting a positive trend of trust in the system that notably exceeds pre-pandemic levels.

Chaired by Mezzour, OMPIC’s 32nd meeting presented an annual review of the office’s work for 2021 and laid a roadmap for their 2022 strategy.

Supporting business initiatives is at the heart of Morocco’s New Development Model. By supporting business initiatives, Morocco aims to address unemployment and capitalize on its young demography as the backbone of sustainable economic development.

In recent years, the Moroccan government has collaborated with banks to launch multiple funding programs and initiatives aiming to encourage youth entrepreneurship and improve the business climate in the North African country.

Multiple private initiatives are also underway to provide funding and legal expertise for business ventures.

This year, Credit Agricole Banking group launched a funding program for business ventures in rural areas targeting young initiatives. The program provides a wide range of services for young business makers, ranging from technical to legal consultations.

Morocco’s 2022 state budget allocated $331 million (MAD 3.068 trillion) to support job creation and business initiatives.

The country is heavily investing in its human capital, regarding it as the backbone of economic development that can eventually alleviate economic hardships on marginalized categories of Moroccans.

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