Home
/
Isiam
/
Politics & Economics
/
Moroccans abroad asked to invest
Moroccans abroad asked to invest
Sep 20, 2024 1:28 PM

  Morocco wants to lure back its citizens living abroad to reverse a brain drain and reduce poverty, but many say they have worked hard to carve out a life in Europe and to return would be a leap into the unknown.

  The three million Moroccans living abroad represent around 10 per cent of the country's resident population and their money transfers are its biggest foreign currency source after tourism.

  An official report early this year said Morocco must create 400,000 jobs annually over the next 10 years to prevent mass unemployment, especially among graduates.

  The government is turning to expatriates to help build the businesses that will create those jobs.

  But many of those who fled unemployment in Morocco now have good jobs, higher living standards and foreign-educated children.

  Even those struggling in the European job market who feel discriminated against because of their origins say a return to Morocco holds risks and uncertain rewards.

  "It's already hard enough getting by in France," said Jaouad Ouargo, a 21-year-old auto engineer from Paris, as he queued in the northern port of Tangier for the ferry to Spain. "If I try something new here, it'll be harder."

  Government bid

  The government is trying to boost sluggish economic growth by enacting investment-friendly reforms and making the banking sector more robust to cut lending rates.

  High-value industrial exports are being nurtured with free trade deals and heavy transport infrastructure investment to reduce the economy's reliance on drought-prone agricultural.

  While foreign investment in Morocco is booming, spurred on by large-scale tourism and property developments, expatriates appear loath to sink their money into smaller, job-creating enterprises.

  Some 2.58 billion US dollar were repatriated in the first half of 2006, 24 per cent more than a year earlier, but most went to support families and build second homes.

  Many Moroccans living abroad say they are put off starting a business by complex administrative procedures, the risk of long delays in getting the right documents, and a perception that you need powerful contacts in business and government.

  "This reticence is linked to a totally outdated image," said Jelloul Samsseme, head of Morocco's northern regional investment centre, saying anyone wanting to start up a business could have all the documents they need from one location within 48 hours.

  At annual meet-and-greet events to coincide with the summer exodus to the motherland, officials try to convince Moroccans based abroad that setting up shop at home has never been easier.

  Procedures are far simpler, interest rates have fallen and the state offers tax breaks and help buying land.

  Nezha Chekrouni, the minister for Moroccans living abroad, said: "Yes, there are still many problems but we are doing our best to solve them.

  "We hope to establish new instruments ... including an investment fund."

  Tough for children

  Kamal Lahsen, 35, grows lettuce in Spain and says he is ready to come home. It would be tough for his children who speak only Spanish, but he wants to be near his family.

  "It's got easier to create a company and I think I could get financial help," he said. "Next year I'll try to get some money together and then - who knows?"

  Builder Jawad, 35, remains to be convinced.

  "My father had a business here building shop interiors but he went bankrupt and the reason was corruption," he said.

  "In Morocco you have to pay lots of money to win new business and he was behind paying his workers and lacked the cash."

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Politics & Economics
Turkish aid campaigns open doors worldwide
  Turkish aid campaigns worldwide will open new doors in political, commercial, and diplomatic ties, as well as human affairs, according to the head of Turkey's Disaster and Emergency Management Authority (AFAD).   Speaking to Anadolu Agency in the Mediterranean resort of Antalya, Mehmet Gulluoglu said that his agency is operating hand-in-hand...
ASEAN summit silence on Rohingya 'an absolute travesty'
  After two days of ceremonious meetings, Southeast Asian leaders missed the bullseye in talks about two major human rights issues affecting their region: Myanmar's handling of the Rohingya crisis and the Philippines' bloody campaign against illegal drug traffickers.   Philippines President Rodrigo Duterte, this year's Chairman of the Association of Southeast...
US blocked inquiry into Israeli violence: UN official
  The U.S. declined calls from the UN Security Council for an investigation into violence on the Israeli-Gaza border that left 18 Palestinians dead, a UN official said Monday.   Speaking at a press conference at UN headquarters, Gustavo Meza-Cuadra, Permanent Representative of Peru to the UN and president of the Security...
Relatives raise concern over 'missing' Russian citizens in Egypt
  Relatives of as many as 18 Russian citizens, including eight children, have expressed concern about the wellbeing of their Egypt-based family members, saying they are unable to establish their whereabouts after they were taken away by suspected secret police officers.   According to the relatives, Sakinat Baisultanova - a 31-year-old divorced...
Double trouble in India: Religious bigotry coupled with coronavirus
  By: Ravale Mohydin   As Italian philosopher, Giacomo Leopardi once observed, “no human trait deserves less tolerance in everyday life, and gets less, than intolerance.”   This adage perfectly encapsulates India’s ruling Bharatiya Janata Party (BJP) led by Prime Minister Narendra Modi’s response to the coronavirus pandemic so far.   As the disease...
How Mossad carries out assassinations
  The killing of 35-year-old Palestinian scientist Fadi al-Batsh in the Malaysian capital Kuala Lumpur has taken the wraps off a covert programme of targeted killings of Palestinians deemed a threat by Israel.   Al-Batsh studied electrical engineering in Gaza before going on to earn a PhD in the same subject in...
Satellite images show destruction in Eastern Ghouta
  According to UN analysis, regime bombardment has levelled residential areas, infrastructure and businesses.   The UN has released satellite imagery from areas inside Eastern Ghouta, showing the destruction continuous regime bombardment has caused.   The Damascus suburb has been targeted by the continuous air attacks since the Syrian regime, aided by Russia,...
Syria: Post-war reconstruction booming in Jarablus
  Jarablus, a city in northern Syria near the Turkish border, is one of the few places to rebound after fighters from ISIL were defeated with help from Turkey.   More than six years of war in Syria means it will take massive reconstruction efforts to rebuild cities that have been reduced...
How to prevent outbreaks of zoonotic diseases like COVID-19
  by Maxwell Gomera   ·   By now billions of people around the world are following advice to practise social distancing and "shelter at home" to prevent the alarming spread of a new coronavirus disease, COVID-19. The virus joins a growing list of emerging zoonotic diseases or diseases caused by bacteria, viruses,...
Yemenis resort to burning firewood and rubbish to cook food
  When Yahia al-Amari's three gas cylinders ran dry, he scoured the entire Yemeni capital to find a place where he could refill them.   The 50-year-old walked to nearly every petrol station in Sanaa last month, hoping to find enough fuel to cook his family of seven their first hot meal...
Related Classification
Copyright 2023-2024 - www.mreligion.com All Rights Reserved