Mr. Benchaaboun lists the major reforms to encourage Moroccans residing abroad to invest in the Kingdom : 16/02/2021

Mr. Benchaaboun lists the major reforms to encourage Moroccans residing abroad to invest in the Kingdom

Mr. Mohamed Benchaaboun, Minister of the Economy, Finance and the Reform of the Administration affirmed, Tuesday February 16th 2021 in Casablanca, that the transfers of Moroccans around the World (MRA) play an important role in the strengthening of the position of Morocco, since they have represented 6% of GDP on average over the past five years and covered around 35% of the trade deficit.

The Minister who was speaking at a virtual meeting, organized by the General Confederation of Enterprises of Morocco, around investment opportunities in Morocco, specified that during the year 2020, while they recorded a decrease Important at the start of the Covid-19 pandemic, MRA transfers very quickly resumed their usual trend during the following months. They were located in 2020 at + 5% compared to 2019, i.e. 68 billion Dirhams or nearly 7.5 billion dollars. This demonstrates, according to Mr. Benchaaboun, all the solidarity of the bond and attachment of the diaspora to their country of origin.

In addition, and by analysing the destination of these transfers, the Minister made three observations:

The first relates to the part reserved for savings, which is between 15 and 20% of MRA transfers. The deposits thus constituted amount to more than 190 billion Dirhams, or just under 20% of bank deposits;

The second concerns the contribution of MRAs to economic and social development and to improving the living conditions of the populations, since most of their transfers are oriented towards solidarity and for families support.

Lastly, MRA investments only represent 10% of transfers, 70% of which go to real estate. In this context, attention was drawn to the reasons why Morocco does not benefit from the investment potential of MRAs, in particular from the educated diaspora in the most productive sectors and with high added value, in particular. when the Kingdom has made enormous efforts to facilitate and encourage investment. The lack of communication has thus been bridged as the first point of improvement that needs to be addressed quickly.

Thus, the Minister took the opportunity to enumerate three major recent reforms, in connection with the act of investing, naturally benefiting MRAs. It is first of all about the evolution of the business environment, noting that over the years, the Kingdom continues to gain places in the Doing Business ranking where it is positioned in 57th place. and could continue to improve this ranking, with the reforms already under way. In this regard, he cited the Law on Movable Securities, the Law on Crowdfunding, recently adopted by Parliament, the great reform of Regional Investment Centers, initiated three years ago, and Law 55-19, entered into force at the end of September 2020, which constitutes a positive break in administrative procedures and the relationship between the Administration and the user, in particular, the economic operator.

Furthermore, and referring to the "MRA Invest" fund, created ten years ago to encourage investments by Moroccans living abroad, the Minister announced the review of this product in order to make it a tool. powerful, incentive for MRA investment. This revision will be done in an open and concerted process.

Finally, the Minister did not fail to recall the Royal Instructions for the launch of three major projects which touch on economic and social aspects and concern the exemplarity of the State. In this regard, we can cite the convention signed by the Government, the CGEM and the GPBM in the form of a Pact for Growth and Employment, the injection of 120 billion dirhams additional into the economy and ultimately, the acceleration of the pace of investments as part of an innovative approach adapted to the particularity of each project.