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Rabat – Only 10% of money transferred to Morocco has gone to investment in 2021, Minister Delegate of Investments, Convergence and Evaluation of Public Policies Mohcine Jazouli revealed on Monday.
Only 2% went towards “productive investments,” the minister pointed out, promising to remedy the issue.
The Moroccan government is working on the development of a new roadmap aiming to improve the business climate, a condition without which the facilitation of investments and entrepreneurship could not be, said Jazouli on Monday.
Morocco’s community residing abroad transferred more than MAD 93 billion ($8.5 billion) to Morocco in 2021, a figure that is expected to exceed MAD 100 billion ($9 billion) this year.
During a parliament session, Jazouli said that the government is committed to carry out several reforms, seeking to improve the business climate and make it a real lever for competitiveness.
The minister added that these reforms will include the facilitation of access to productive land, administrative procedures, renewable energies and the necessary financing, as well as the effective implementation of the administration decentralization charter.
Jazouli added that the government is committed to take concrete measures, in accordance with royal instruction to guarantee the implementation of this charter.
In an attempt to fulfill this promise, Morocco will organize the Morocco Investment Meeting and Entrepreneurship Meeting (MIM) in Paris in 2023.
The event will be an opportunity to let the Moroccan diaspora explore the various services, supports, and possibilities for financing that Morocco offers to investors, project leaders, and entrepreneurs.
While remittances from Moroccans residing abroad have increased steadily over the past few years, most of that money has not been going towards investments. At the end of July 2022, they had reached MAD 54.1 billion ($5.1 billion)
In his August speech commemorating the Revolution of the King and the People, King Mohammed VI called on Moroccans living abroad to capitalize on their home country’s investment opportunities.
“I call once again on Moroccan youth and on project holders residing abroad to make the most of the numerous investment opportunities in Morocco, as well as the incentives and guarantees offered by the new investment charter,” the King said in the speech.
