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This paper presents a quantitative analysis, in an OLG setting, of the links between industrial transformation, economic growth and employment, as well as the role of public policy in that context. The model accounts for imitation and innovation activities, the education system, basic and advanced public infrastructure, labour market distortions, and a bidirectional link between foreign direct investment and the quality of human capital. The steady-state solution of the model is calibrated for Morocco and a range of simulations, involving individual policies (higher investment in infrastructure, a reform of the education system, a reduction in the degree of wage indexation, a policy of promoting inward migration of skilled workers, an increase in foreign direct investment, and improvements in the business climate) as well as several integrated reform programs, are analysed.Codes JEL : H54, I25, O33, O41.