Econostrum | Economic News in the Mediterranean

Moroccans living abroad pass the 100 billion dirham mark in remittances

Written by Eric Apim on Tuesday, January 11th 2022 à 16:20 | Read 308 times

Speaking at the House of Representatives, Moroccan Minister Mohcine Jazouli encouraged Moroccans living abroad to invest more in their country (photo:DR)
Speaking at the House of Representatives, Moroccan Minister Mohcine Jazouli encouraged Moroccans living abroad to invest more in their country (photo:DR)
MOROCCO. Remittances from Moroccans living abroad (MDM) amounted to 100 billion dirhams (€9.52 billion) in 2021 despite the economic repercussions of Covid-19. In revealing this information on Monday 10 January 2022 before the House of Representatives and in response to an oral question put by the Istiqlalien Group of Unity and Egalitarianism, Mohcine Jazouli specified that this amount only reached 70 billion dirhams in 2020.
For the Minister Delegate in charge of Investment, Convergence and Evaluation of Public Policies, 10% of these transfers were channelled towards investment, 8 billion dirhams went to the real estate sector and 2 billion dirhams to the productive sectors.

These 100 billion dirhams "encourage us to redouble our efforts to encourage Moroccans living abroad (MRE) to invest more in their country of origin", commented Mohcine Jazouli. In front of the deputies, he hoped that this figure could "reach 20 or 30 billion dirhams, for example, in the short term", while wishing "to improve the rate of investment targeting the productive sectors." In January 2020 and April 2021, the High Commission for Planning (HCP) conducted a national survey on international migration in several phases. It showed that only 3.9% of MREs had carried out investment projects in Morocco, 40.7% in real estate, 19% in agriculture, 16.6% in construction, 5.5% in trade, 4.5% in restaurants and cafés and 6% in other services.

The study showed that the main obstacles to this investment in their country of origin were the lack or insufficiency of capital (38.9%), complicated administrative procedures (14%), poor financial support or lack of tax incentives (8.6%), corruption and favouritism (7.5%) and their poor experience and training (5.5%).

At the same time, more than 40% of MREs transfer money to their households in Morocco.

Stimulating investment

Published in July 2021, the general report on the new development model for the benefit of Moroccans living abroad already insisted on "the continuous will to strengthen the involvement of this category of citizens in the national development process because they constitute a truly rich human capital that has accumulated great experience and diverse expertise, with a great deal of pride in the motherland and a great attachment to the Moroccan identity, and an unconditional will to contribute to the development of (their) country."

The number of MREs was estimated at 3.3 million by the HCP in 2006 (the last official figure available). Today, they are estimated to number some 5 million, more than four-fifths of whom are based in Europe (around 1.25 million in France and 880 000 in Spain).

At the same time, on Monday 10 January 2022, the Moroccan Minister announced the launch of a series of mechanisms intended to better contribute to the improvement of the business climate and the stimulation of investment. Among the measures mentioned are the reform of the legislative and regulatory framework of land mobilisation, the development of industrial zones to international standards in all the regions of the Kingdom, the simplification of the procedures of elaboration and revision of urban planning documents by integrating the economic dimension as well as the acceleration of the implementation of reforms relating to the simplification of administrative procedures. According to Mohcine Jazouli, this could make it possible to bring the contribution of private investment to two thirds of the total investment by 2035.

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