Africa is the main beneficiary of Moroccan direct investments thanks to the development of partnerships and Royal involvement in the continent’s development, said Minister of Industry, Investment, Trade, and Digital Economy, Moulay Hafid Elalamy, in New Delhi on Monday.
The cumulative value of Moroccan direct investments in the continent reached 37 billion MAD between 2013 and 2017 thanks to a remarkable development of partnerships and the organization of the national economy oriented towards the promotion of South-South cooperation in accordance with the will of HM King Mohammed VI, Mr. Elalamy said in an interview with MAP.
Morocco is now among the leading African investors of the Economic Union of West African States (UEMOA) and the Central African Community (CEMAC), the Minister, who is on a working visit to India, said.
According to Mr. Elalamy, this strong growth in Moroccan investment in Africa has been observed over the past decade following Morocco’s strong commitment to the continent’s development.
Since 2000, 50 royal visits have been made to more than 30 African countries and more than 1,000 agreements have been signed, the minister stressed, adding that during each royal visit there were economic operators and heads of public institutions who ensure that Moroccan-African cooperation is given substance.
He also indicated that several investments tend to diversify this cooperation, particularly in the fertilizer, cement, agri-food and pharmaceutical sectors.
Operators in the telecoms, banking and construction sectors are very present in Africa, Elalamy said, indicating that Moroccan banks are operating in 30 African countries.
“All this contributes to the emergence of the continent in accordance with the high guidelines of HM King Mohammed VI,” he said.
The Kingdom has thus become a real African hub allowing countries like India to enter through the Moroccan gate and discover a continent that is extremely promising for its potential in terms of consumption, production and exports, he continued.
This partnership between India and Africa is of interest to both Morocco and the entire continent, Elalamy said, noting that India can use the Moroccan platform that has already existed for several years to promote the volume of its investment with Africa.
“We now have extremely convincing results that make international operators prefer to use our platform, which has proven its capabilities,” he said.