King vows to remove obstacles to investments, calls on Moroccan expatriates to invest home

King Mohammed VI vowed to "remove all obstacles to the promotion of investment" in Morocco and wished that Moroccan expatriates invest more in their home country,This came in a message addressed Thursday to the 5th Fundamentals of Investment gathering themed "Moroccan Investors of the World, Actors of Economic Diplomacy" that opened in Skhirat (25km south of Rabat). "This important event is an opportunity for me to confirm my country's determination to remove all obstacles to the promotion of investment," said the monarch in his message read out by Prime Minister Abbas El Fassi. "We would like the expatriate community's economic relation with their country to become an investment-based relationship that would be part of a more ambitious development strategy," he added hoping that Moroccans abroad "will be dynamic players and carry out projects, not only in Morocco but also in host countries, especially in nations which have an impact on globalization, international trade and the global economy.” The three-day forum is attended by some 1.500 political and economic personalities as well as academicians. The king invited the expatriates to invest in “high value added sectors, in the knowledge-based economy and in state-of-the-art technology.” Moroccan expatriates, he reassured, know that their investments in Morocco are profitable and useful in two ways.“ They offer the kingdom very competitive business incentives, and on the other hand, investing in one’s homeland is an opportunity to help fellow-countrymen.“ The monarch deemed that three requisites are needed to succeed investments, namely “strong ambition, a business-friendly environment which leads to quick investment, and mechanisms conducive to strong democratic, civic involvement in the country of origin.” Up to May 2006, foreign investments in Morocco reached MAD 20.2 billion. The main origins of these investments are the Middle East, France, Spain and the US.