During a working session, Minister Benchaaboun spotlights Moroccan diaspora’s valuable contribution to the growth of investments in Morocco.
Rabat – Mohamed Benchaaboun, Morocco’s Minister of Economy, Finance, and Administrative Reform, said on Tuesday that roughly 10% of money transfers from Moroccan expats are directed to investment, mainly to property and real estate.
Around 15% of these remittances go to savings, while the major part is sent for solidarity and support for families, he said.
The General Confederation of Moroccan Enterprises (CGEM) dedicated on Tuesday a working session on investment opportunities in Morocco, held on Tuesday under the theme “Morocco’s Economic Recovery: Mobilizing Skills, Entrepreneurs and Moroccan Investors Worldwide.”
The event aimed to discuss means to boost post-COVID-19 economic recovery in Morocco.
During the session, the economy minister stressed the importance of taking advantage of Moroccan expats’ know-how. Highly skilled Moroccans working and residing abroad have developed a “commercial and technological network on which Morocco can capitalize to solve the issue of recovery,” he argued.
Citing the law on Crowdfunding and the reform of the Regional Investment Centers, he emphasized the importance of Morocco’s changing business environment and the efforts the Moroccan government has made to boost investments in the sector.
Benchaaboun’s statements come as Moroccan expats’ remittances to the country continue to constitute an important driver of the national economy. The latest data from Bank Al Maghrib (BAM), Morocco’s central bank, indicate that money transfer from Moroccans residing abroad reached MAD 65.8 billion ($7.35 billion) in 2020.
Meanwhile, Morocco’s Central Bank Bank Al Maghrib anticipates a constant increase in remittances in 2021 and 2022.
Due to the global health crisis, diaspora remittances to Morocco witnessed a remarkable decrease of 4.7% from March to April, 2020, after the outbreak of the pandemic in Morocco.
However, against Morocco’s central bank forecasts, the remittances increased by 3.9% in November 2020, compared to the same period in 2019.
For Benchaaboun, the amount of remittances from Moroccan expats reflects their sense of solidarity and responsibility towards their families back home, especially during a time of an unprecedented health crisis.