Morocco's assets as an attractive destination for investments and a "springboard" for strengthening trade between the United States and Africa were highlighted during an event hosted Tuesday by the DC-based “Atlantic Council”.
Held on the sidelines of the 8th session of the Joint Committee in charge of monitoring the U.S.-Morocco Free Trade Agreement (FTA), the meeting was moderated by the Minister of Industry and Commerce, Ryad Mezzour, Morocco’s ambassador to Washington, Youssef Amrani, and the president of the Corporate Council For Africa, Forizel Leiser.
Speaking at this occasion, Ryad Mezzour underlined that thanks to the Vision of His Majesty King Mohammed VI, Morocco has gained proven experience in several areas and now enjoys international credibility.
Over the past 25 years, the Kingdom has undertaken major reforms to improve the business climate and promote high value-added industries, and to establish high-standard infrastructure, he said.
In this regard, he noted that the Dakhla Atlantique port will enhance Morocco's infrastructure and its positioning as a hub for investments in Africa, adding that this infrastructure will provide an opening on the Atlantic Ocean for the Sahel countries.
The minister also touched upon the efforts made by Morocco to strengthen the competitiveness of production sectors with a view to helping to stimulate foreign direct investment.
With regard to the free trade agreement, the only one linking the United States to an African country, Mezzour underlined the importance of giving a new impetus to this agreement concluded 20 years ago, noting that Morocco is keen to diversify its partners and strengthen economic activity and competitiveness. He said that Morocco aspires to double the size of its economy and will spare no effort to achieve this.
In his speech, the Moroccan ambassador to the United States recalled that long-standing friendship and common strategic interests have made Rabat and Washington “essential partners on numerous issues and challenges ranging from threats to security, climate change, energy and the promotion of shared values of peace, stability and economic liberalism”.
“As we celebrate the 20th anniversary of the signing of the free trade agreement, it is important to recognize its central role in expanding business opportunities” and creating thousands of jobs in Morocco and the United States, he said, adding that this cooperation framework today constitutes the cornerstone of Moroccan-American economic relations.
The ambassador recalled the main facets which contribute to the vitality of the Moroccan economy, namely “a clear vision of His Majesty the King, a solid legal and regulatory framework, institutional, political and macroeconomic stability, as well as world-class infrastructure”.
Youssef Amrani also noted that as part of Morocco's sustained efforts in favor of a prosperous Africa, a new cooperation mechanism has recently emerged through the bold initiative launched by His Majesty King Mohammed VI, to improve access of African countries to the Atlantic Ocean.
The United States and Africa now have numerous mechanisms such as the United States-Morocco FTA, the African Growth and Opportunity Act (AGOA), the “Inflation Reduction Act (IRA) )” and the Atlantic Initiative, he stated, noting that these mechanisms constitute “powerful and complementary instruments” for economic growth, investments stimulation, resilience and job creation both in Africa and in the U.S.
All these achievements are the result of a myriad of large-scale political and economic reforms undertaken under the leadership of His Majesty the King, underlined Amrani, affirming that these advances have made Morocco not only a regional economic power, but also an African financial and industrial hub with a modern and diversified economy.
For her part, the president of the Corporate Council for Africa noted that the reforms undertaken by Morocco in key sectors have made it possible to attract foreign investments, making the Kingdom a model in the region and in Africa.
She also mentioned the importance of boosting the Moroccan-American partnership through the diversification of trade, stressing that the Kingdom, the only African country linked to the United States by a free trade agreement, is establishing itself as a leading investor in Africa.
The speaker also welcomed the reforms undertaken by the Kingdom to promote policies that strengthen the participation of women and young people in various sectors of activity.
Other speakers at the meeting stressed that Morocco has become a major hub for international investments thanks to virtuous reforms implemented under the far-sighted leadership of His Majesty the King.
