Morocco is a country with an attractive offering for both domestic and foreign investment.
The Regional Investment Centres across Morocco’s various regions are doing a thorough job of promoting investment opportunities in the Kingdom and highlighting the incentives and facilities the North African country offers for setting up businesses and investing in all sectors within the country.
Both domestic and foreign investment is sought, and the facilities and incentives are available to all those interested in investing in Moroccan industry or in setting up a new business or economic activity.
Since King Mohammed VI ascended the throne in 1999, the policy has been clear: to encourage investment in Morocco in order to fully develop all sectors and the industrial fabric across all regions of the country.
Alongside the work of the Regional Investment Centres in the various Moroccan regions, which encourage the proliferation of investment and business in different parts of the country, there are also national programmes, such as the well-known New Investment Charter, promoted by the Head of State and the Government, with a view to promoting investment and development in the nation on a large scale. This plan was allocated a budget of around 50 billion euros and set a target of creating some 500,000 jobs by 2026. A new impetus in this direction is expected in the near future, given the positive results being achieved by economic, industrial and investment promotion in Morocco, which is positioning the North African country as an economic hub of great international significance.
The plan is clear: to promote private investment through incentives to attract investment and business via state investment, attractive financing schemes, on-the-ground support and advice for all types of investor, the streamlining of bureaucratic procedures, and significant tax exemptions to avoid placing excessive tax pressure on those wishing to invest in Morocco. A strategy that clearly makes investing in the Kingdom of Morocco attractive.
MREs, a key target
Within this investment attraction strategy, Moroccans living abroad (MREs) are a clear and important target.
MREs are another highly significant asset for Morocco, as they represent the country socially and culturally and generate wealth through their economic activity abroad. This wealth can flow back into the Kingdom of Morocco in the form of investment or the establishment of new businesses within the country, and what better way is there for a Moroccan citizen or a person of Moroccan descent to invest in their country of origin than to foster the nation’s development, wealth and prosperity?
This is a clear objective of the Moroccan state and also of the various regions that make up the North African country. Moroccans living abroad may also see their own country, Morocco, as a highly attractive option for investment or business development, thanks to the significant growth their country of origin is currently experiencing.
With the strategy outlined over recent decades, Morocco has seen exponential growth in various sectors, some of which were already significant in the past, such as tourism, and others that are new and are driving the country’s technological and economic modernisation, such as the automotive or aeronautical sectors, for example, where efforts are being focused on fostering an increasingly strong industry.
A prime recent example of this interesting strategy to attract investment is the National Forum on Investment and Moroccans Abroad held in Tangier, attended by the Moroccan Head of Government, Aziz Akhannouch, accompanied by the Minister Delegate to the Head of Government in charge of Investment, Convergence and Public Policy Evaluation, Karim Zidane.
These two figures, who hold key positions within the Moroccan government, oversaw efforts to attract investment from Moroccans living abroad. Both visited the pavilion dedicated to informing Moroccans living abroad about the investment opportunities available in the various regions of the North African country.
The Regional Investment Centres in the various Moroccan regions play a vital role in this strategy, working to publicise investment opportunities across the country and to offer on-the-ground advice and support to all those interested in investing in Morocco. Also worth highlighting is the work of the Moroccan Agency for Investment and Export Development (AMDIE), which is also focused on offering advice and facilitating investment mechanisms for all interested parties. These organisations played a key role in organising the National Forum on Investment and Moroccans Abroad.
The event, held in Tangier, was attended by many representatives of the Moroccan diaspora, who had the opportunity to obtain important information on investment opportunities presented by various national agencies promoting the significant investment opportunities available in each and every one of Morocco’s twelve regions.
Minister Karim Zidane’s commitment
Minister Karim Zidane himself has recently described Moroccans living abroad (MREs) as a strategic driving force for Morocco’s development.
This community, representing some 6 million people, is a significant asset for national development and growth. “Moroccans around the world, thanks to their success, commitment and experience, play an active role in the Kingdom’s international profile,” Karim Zidane has stated, adding on occasion that the Moroccan diaspora’s deep-rooted ties to their country of origin—through family, cultural and spiritual bonds—constitute an “inestimable asset”. Thus, for Minister Zidane, Moroccans living abroad (MREs) represent a significant asset with great “potential” that must be recognised and harnessed in the service of the national development project.
It is no longer just the investment role that Moroccan expatriates can play if they return and invest the capital generated during their time abroad that is important; the economic contribution made day in, day out by these MREs through the remittances they send home to family and friends can also be highlighted, as these represent a sum of money amounting to around 7% of the nation’s Gross Domestic Product.
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