For better exploitation of MRE transfers

At the end of May, remittances made by Moroccans Residing Abroad (MRE) reached 46.38 billion dirhams (MMDH), thanks to a community that is close to six million individuals. Although this figure represents a timid increase compared to last year (2.4%), it nevertheless goes against analysts’ estimates, given the gloomy economic situation that the West is going through. This mobilization in the midst of an economic crisis thus demonstrates the strength of the bond that unfailingly unites these Moroccans to their homeland, their attachment to their families and their commitment to making Morocco a prosperous nation. Hence the imperative to preserve and encourage this patriotic wealth.

In August 2022, on the occasion of the 69th anniversary of the Revolution of the King and the People, HM King Mohammed VI gave his directives for the establishment of a mechanism dedicated to supporting the initiatives and projects of MREs. It is in this same perspective that the New Development Model (NMD) insists on encouraging investments from the diaspora, through a global and integrated policy focused on support mechanisms and networking with project leaders in Morocco. The stakes are decisive, because, in addition to the unconditional attachment to its country, the Moroccan community abroad is Morocco’s primary source of foreign currency, even surpassing tourism, a pivotal sector of the national economy.

A bill to create a National Agency to mobilize investments from Moroccans abroad has been submitted to Parliament, but is struggling to enter the legislative process. A wait-and-see attitude that risks causing the country to lose investment opportunities, in an economic context where every penny counts. Now that the State has launched a series of initiatives and programs from which MREs can benefit, such an agency can only further encourage our fellow citizens living elsewhere to invest in sectors seeking a new lease of life, such as real estate, construction or renewable energies.