Morocco Struggles to Harness Full Potential of Its Diaspora’s Economic Impact

King Mohammed VI has long shown his attachment to the MRE, who, according to him, are not just expatriates, but ambassadors of Morocco on a global scale. So much so that their contribution to the Moroccan economy is important. However, a massive investment potential remains untapped, notably due to outdated administrative procedures and limited banking offerings. "It is not enough to call them when it suits us. The state must structure their action and create a real partnership, with clear objectives," says Nezha Chekrouni, former Minister of MRE, in the magazine Jeune Afrique.

In 2024, remittances from MRE reached the record sum of 117.7 billion dirhams, an increase of 2.1% compared to the previous year. However, only 2.9% of MRE invest in productive projects in Morocco. One of the reasons: the limited banking offerings. "The state and the banks have not been able to capture the immense investment potential of the MRE. The solutions offered are frozen, stereotyped, focused solely on real estate," laments Mohamed Abdi, an expert in public policies, recommending diversified financial products, particularly in new technologies, to attract this generation of connected MRE in search of new challenges.

Morocco has a large diaspora. At least 6 million MRE - an underestimated figure - are expatriates. Among them are graduates, men and women who hold influential positions in sectors such as science, culture or entrepreneurship. The best known are Moncef Slaoui, former coordinator of the American vaccine strategy, Leïla Slimani, Prix Goncourt 2016, etc. Beyond their contribution to the Moroccan economy, they represent an elite that Morocco needs to continue its development process. "These people shine in all fields: from science to culture, from sports to entrepreneurship," says Neila Tazi, president of the Foreign Affairs Commission. "They are essential levers for Morocco."