Minister of Foreign Affairs, Nasser Bourita said 10% of transactions made by Moroccans living abroad are intended for the investment of which only a negligible 2% goes to productive investment.
Bourita stated during the weekly oral questions session in the House of Councilors that this issue is related to the legislative level (investment code) as well as communication with the Moroccan investor abroad and his accompaniment.
The government official further noted that according to the royal speech of August 20, 2022, “2023 will be a turning point in dealing with the issues of the Moroccan community abroad, and a qualitative leap.”
“We have the vision and clear instructions from the King to implement new strategies to facilitate further their administrative procedures,” he added.
More recently, the World Bank said that the transactions made by the Moroccan community residing abroad will reach $11.4 billion (equivalent to MAD 120 billion) by the end of this year.
Money sent by Morocco’s diaspora reached a record high of about MAD 93 billion last year, added the same source.
The World Bank further stated that those transactions play a major role in strengthening Morocco’s hard currency balance.
In the Middle East and North Africa (MENA) region, Morocco ranks second in terms of expatriate transactions after Egypt, which is expected to receive $32.3 billion.
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