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The Government Action Observatory issued a detailed report on the Moroccan diaspora, stating that the distribution and utilization of overseas Moroccans' remittances suffers from major imbalances in terms of creating added value and promoting investment.
Official data indicates that the percentage of funds allocated to investment does not exceed 10 percent of total remittances, while 60 percent is allocated to family support and 30 percent to savings.
Financial remittances from the Moroccan diaspora are one of the main pillars of the national economy, playing a vital role in strengthening the kingdom's financial balance and providing a primary source of foreign currency. These remittances have seen notable development in recent years, rising from 60 billion dirhams in 2019 to 115.3 billion dirhams in 2023, with expectations to reach 120 billion dirhams in 2024.
These remittances contribute more than 7 percent to the gross domestic product, making them a pivotal element in strengthening the kingdom's financial capacity, supporting its foreign currency reserves, stabilizing the Moroccan dirham, supporting macroeconomic balances, and reducing the trade deficit.
Remittances of Moroccans living abroad and investment
The report explained that compared to African countries experiencing similar migration momentum, such as Nigeria and Kenya, the percentage allocated to investment in Morocco appears much lower. In Nigeria, 45 percent of remittances from citizens living abroad are directed to investment, while the percentage reaches 35 percent in Kenya. This disparity shows Morocco's need to develop innovative mechanisms to stimulate investment of financial remittances in productive sectors that contribute to job creation and sustainable economic growth.
Remittances from Moroccans living abroad constitute one of the primary sources of financial resources in the Moroccan banking system, representing about 20 percent of bank-collected resources. This large percentage reflects the banking sector's reliance on external financial flows, which provide important liquidity used in financing economic projects and meeting the needs of families and businesses. These remittances also contribute to strengthening financial system stability and increasing banks' ability to provide loans and financial services, supporting the kingdom's economic dynamics.
The report discussed the absence of a comprehensive and directed investment vision targeting their effective integration into the national investment fabric. This deficiency is manifested in the absence of a clear plan identifying priority economic sectors that could drive growth, as well as the absence of an investment map showcasing promising opportunities in marginalized areas or those needing greater support for sustainable development.
Lack of strategic vision
According to the same source, this deficiency leads to dispersed diaspora efforts and investments, where Moroccans residing abroad find themselves facing unstructured and unstudied choices. This often makes their investments random or limited to traditional sectors like services and real estate, rather than targeting high value-added sectors such as technology, renewable energy, or manufacturing industries. This lack of strategic vision also weakens opportunities to direct these energies toward projects that contribute to creating sustainable jobs and developing Morocco's economic and social infrastructure.
The report also discussed weak financing mechanisms and insufficient support from national banks, both in terms of providing financial facilities or necessary technical support. Morocco lacks a project bank specifically directed at global Moroccans that provides insight into available investment opportunities across different sectors and regions.
Additionally, administrative procedures complexity is considered one of the main obstacles facing global Moroccans in their investment endeavors in Morocco, along with the absence of investment representations in countries of residence.
The report also pointed to a lack of tax incentives and stimulating environment, causing the Moroccan economy to lose opportunities to attract promising investments from the diaspora.
