The net flow of Moroccan direct investments abroad (MDIA) surged by 30.1% to reach 8.5 billion dirhams (MMDH) in 2023, according to the Office des Changes.
This increase is the result of the difference between new acquisitions of MDIA, which amounted to 25.6 MMDH, and the disposals of these investments, totaling 17.1 MMDH, as detailed in the Office’s annual report on the balance of payments and Morocco’s global external position.
The significant rise can be attributed mainly to an 82.3% increase in the net flow of debt instruments, the primary component of net Moroccan investments abroad, which jumped to 4.8 MMDH in 2023 from 2.6 MMDH in 2022. Additionally, there was a 56.6% rise in the net flow of reinvested earnings, reaching 1.9 MMDH in 2023 compared to 1.2 MMDH in the previous year.
Conversely, equity securities experienced a decline of 34.2%, dropping from 2.6 MMDH in 2022 to 1.7 MMDH in 2023.
In terms of net flows, MDIA primarily targeted the manufacturing industries, which saw a net flow of +3.1 MMDH in 2023. This was followed by the extractive industries, with a significant increase to +2.3 MMDH in 2023 from -0.2 MMDH in 2022, and the financial and insurance activities, which recorded a net flow of +0.9 MMDH in 2023 compared to +1.3 MMDH in 2022.
