The Moroccan American Network is working on laying the foundations for the establishment of a Chamber of Commerce and Investment between the two countries With the aim of encouraging Moroccans and American businessmen to invest in Morocco. The chamber will present the economic situation in Morocco and ways to implement the directives made by King Mohammed VI during his August speech.
The American Chamber of Commerce in Morocco (AmCham) is a local organization for businesses and companies in Casablanca With the intent of developing and promoting the interests of local companies and businesses in Morocco. Many of the companies are international operating companies with offices in Morocco. The members of the Chamber of Commerce are usually international and local operating companies, such as lawyers, real estate developers, tourism companies, airlines, manufacturing and import-export companies, banks, finance companies, legal advisors, and IT and electronics manufacturers. etc.
The main activities of the Chambers of Commerce, among others, Protecting commercial interests and exchanging experiences and commercial interestsLiaising with governments, civil society, local media and the press, and organizing trade fairs and events.
In the speech, the Moroccan monarch instructed the government to create an ideal business environment for the diaspora. Rabat is making great efforts to receive Moroccans residing abroad in the best possible conditions. However, King Mohammed VI made it clear that efforts are never enough, stressing the need to find a mechanism to accompany Moroccan experts and talents abroad, and support their initiatives and projects. This will make it easy and possible 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 the current development and investment dynamics, the king said.
The number of expats worldwide is estimated to be over five million. This wide diaspora contributes significantly to the national economy, foreign exchange earnings and the country’s GDP.. Morocco’s central bank, Bank Al-Maghrib, expects remittances from expats to reach 100 billion dirhams, or about $9 billion, in 2022.
The United States and Morocco currently enjoy good diplomatic relations. Relations between the two countries developed, and more so, after Washington recognized the territorial integrity of Morocco and its sovereignty over Western Sahara.
Morocco is the only country in Africa that has a free trade agreement with the United States.. The two countries signed a free trade agreement in 2004, which went into effect in 2006. The agreement helped trade in scale and allowed more than 120 US companies to operate in the North African country. The Moroccan American Network wants to expand economic and diplomatic relations between the two countries. To this end, the network has launched several initiatives to strengthen Morocco and initiate links between the two countries. The network will hold events annually that attract investors, academics and entrepreneurs.
America Coordinator: Jose Antonio Sierra