Rabat – The Moroccan-American Network is set to launch a US-Morocco Chamber of Commerce and Investment Promotion in a bid to encourage diaspora members and US business people to invest in Morocco.
The non-governmental “chamber of commerce,” according to the network, seeks to introduce a program that looks forward to creating “stronger” economic ties between Morocco and the US.
The chamber will present Morocco’s economic trends and means to implement King Mohammed VI’s instructions made during his recent speech commemorating the anniversary of Morocco’s revolution of the King and People in August.
In the speech, Morocco’s monarch instructed the government to create a business-friendly climate for the Moroccan diaspora.
“It is a fact that the state is making significant efforts to receive Moroccans living abroad in the best conditions. However, that is not enough,” the King said, stressing the need to create a mechanism to accompany Moroccan experts and talent abroad and support their initiatives and projects.
“This will make it possible to identify expatriate Moroccans with competencies, to stay in touch with them on a continuous basis, and to inform them of their country’s potential, including the current development and investment dynamic,” the king said.
The number of diaspora members across the world is estimated at over five million. This vast diaspora contributes significantly to Morocco’s economy, foreign currency inflows and GDP.
Morocco’s central bank, Bank Al-Maghrib, forecasts that remittances from the diaspora are expected to reach MAD 100 billion, or $9 billion in 2022.
The US and Morocco are currently celebrating good diplomatic relations. Ties between the two countries have further advanced after Washington’s 2020 recognition of Morocco’s territorial integrity and sovereignty over Western Sahara.
Morocco is the only country in Africa with a Free Trade Agreement with the US. The two countries signed the FTA in 2004 which became operational in 2006.
The agreement helped trade quintuple in volume and allowed over 120 American companies to operate in the North African country.
The Moroccan American Network wants to see both economic and diplomatic ties expanded between the two countries. The network has launched several initiatives to promote Morocco and advance ties between the two countries.
The network holds events that attract investors, academics, and entrepreneurs annually.
Washington DC and the city of Alexandria celebrated Morocco Day throughout the month of July.
