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Morocco and the US join forces to explore new investment avenues

Both countries seek to promote investment in the Kingdom through the Moroccan diaspora and American businessmen
Marruecos EEUU

PHOTO/AFP  -   The flags of the United States and Morocco next to a map of Morocco authorised by the US State Department

The Morocco-US Network is laying the groundwork to establish a Chamber of Commerce and Investment between the two countries with the aim of encouraging members of the Moroccan diaspora and US businessmen to invest in Morocco. The chamber will present Morocco's economic situation and the means to implement the guidelines presented by King Mohammed VI during his August speech. 

The American Chamber of Commerce in Morocco (AmCham) is a local business and enterprise organisation in Casablanca with the intention to develop and promote the interests of local companies and businesses in Morocco. Many companies are international operating companies with offices in Morocco. The members of a Chamber of Commerce are usually international and local operating companies, such as lawyers, real estate developers, tourism companies, airlines, manufacturing companies, import-export companies, banks, finance companies, legal advisors, IT and electronics manufacturers, etc.

David Fischer
AFP/FADEL SENNA   -   U.S. Ambassador to Morocco David T. Fischer

The main activities of the Chambers of Commerce are, among others, safeguarding business interests and sharing business experiences and interests, contact with governments, civil society, local media and the press and the organisation of trade fairs and events. 

In the speech, the Moroccan monarch instructed the government to create an optimal business environment for the Moroccan diaspora. Considerable efforts are being made in Rabat to receive all Moroccans living abroad in the best possible conditions. However, King Mohammed VI made it clear that efforts are never enough, stressing the need to create a mechanism to accompany Moroccan experts and talents abroad and support their initiatives and projects. This will facilitate and enable to identify Moroccans with expatriate skills, keep in touch with them on an ongoing basis and inform them of their potential for the country, including current development and investment dynamics, as the King of Morocco stated. 

The number of diaspora members worldwide is estimated at more than five million. This vast diaspora contributes significantly to Morocco's economy, foreign exchange inflows and the country's gross domestic product. Morocco's central bank, Bank Al-Maghrib (BAM), expects diaspora remittances to reach 100 billion dirhams, or about $9 billion, by 2022.

mohamed-vi-rey-marruecos-fiesta-trono
PHOTO/ARCHIVO  -   Mohamed VI, King of Morocco

The United States and Morocco currently enjoy good diplomatic relations. Ties between the two countries have advanced, even more so after Washington's recognition of Morocco's territorial integrity and sovereignty over Western Sahara. 

Morocco is the only African country with a free trade agreement with the United States. The two countries signed the FTA in 2004, which became operational in 2006. The agreement helped trade in volume and allowed more than 120 US companies to operate in the North African country. The American Network of Morocco wants to see economic and diplomatic ties between the two countries expand. To this end, the network has launched several initiatives to promote Morocco and initiate ties between the two countries. The network will hold events that will attract investors, academics and entrepreneurs on an annual basis.

America Coordinator: José Antonio Sierra