The two countries seek to promote investment in the Kingdom through the Moroccan diaspora and American businessmen
The Morocco-United States network is laying the foundations for the establishment of a chamber of commerce and investment between the two countries with the aim of encouraging members of the Moroccan diaspora and American businessmen to invest in Morocco. Morocco. The chamber will present Morocco’s economic situation and the means of implementing the guidelines presented by King Mohammed VI during his speech in August.
The American Chamber of Commerce in Morocco (AmCham) is a local business and commerce organization in Casablanca whose intention is to develop and promote the interests of local businesses and commerce in Morocco. Many companies are international operating companies with offices in Morocco. Members of a Chamber of Commerce are usually international and local businesses, such as lawyers, property developers, tourism companies, airlines, manufacturing companies, import-export companies, banks, financial companies, legal advisers, manufacturers of computer and electronic products, etc.
The main activities of the Chambers of Commerce are, among others, the safeguarding of commercial interests and the sharing of commercial experiences and interests , contact with governments, civil society, local media and the press, as well as the organization of trade fairs and events.
In this speech, the Moroccan monarch asked the government to create an optimal business environment for the Moroccan diaspora. Considerable efforts are being made in Rabat to welcome all Moroccans residing 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 to support their initiatives and projects. This will facilitate and enable the identification of Moroccans with expatriation skills, to stay in contact with them on an ongoing basis and to inform them of their potential for the country, in particular the current dynamics of development and investment, said the monarch.
The number of members of the diaspora in the world is estimated at more than five million. This vast diaspora contributes significantly to the national economy, foreign exchange inflows and the country’s gross domestic product . Morocco’s central bank, Bank Al-Maghrib (BAM), predicts that remittances from the diaspora will reach 100 billion dirhams, or about $9 billion, by 2022.
The United States and Morocco currently enjoy good diplomatic relations . Ties between the two countries have progressed, all the more so after Washington’s recognition of Morocco’s territorial integrity and sovereignty over Western Sahara.
Morocco is the only African country to have concluded a free trade agreement with the United States. The two countries signed the FTA in 2004, which became operational in 2006. The agreement boosted trade volumes and allowed more than 120 American companies to operate in the North African country. The American Network of Morocco wishes to see the economic and diplomatic ties between the two countries develop. To this end, the network has launched several initiatives to promote Morocco and initiate links between the two countries. The network will organize events that will attract investors, academics and entrepreneurs each year.
