Promoting Inclusive and Diverse cooperation between Morocco and China

Fez – As part of Morocco’s new policy of diversifying its economic and political partners, the royal visit to China comes at a time when Morocco is witnessing a sustained human development. The major objective of this visit is the promotion of investment and trade between the two countries.

After the consolidation of economic, social, and political relations with Africa, India, Europe, Russia and the Gulf States, Morocco is turning to China, which is one of the richest and most developed countries, and the most populated worldwide, with a population of just less than a billion and a half.

With the signing of a number of commercial, social, and cultural agreements between the two countries, China will become one of the largest investors in Morocco in almost all sectors. Last year, Chinese investments in Arab and Islamic countries reached more than $ 64 billion.

Within this context, the Chinese Central Bank has signed with its Moroccan counterpart, Banque du Maroc, a three-year partnership agreement with a grant estimated at $1.53 billion.

The agreements signed during the royal visit will double the size of Chinese investments in Morocco, as well as the volume of trade and cooperation between the two countries, which will contribute to job creation and the promotion of economic, social, and cultural exchanges.

Morocco’s vision geared towards strengthening relations with the Republic of China is part of a new strategy to overcome the threshold of cooperation with its traditional partners. This new approach also aims to strengthen cooperation and diversified global partnerships for the creation of huge industrial and commercial projects in areas such as automotive, aviation, infrastructure and manufacturing, as well as health and food security, culture and other vital sectors. This vision of Morocco comes in the wake of political changes facing the world today, especially regarding the strengthening of security, stability and management of regional crises.

Moroccan and Chinese officials signed 15 agreements concerning public-private partnerships. The first one plans for the establishment of an industrial and residential park between Morocco and the Chinese group Haite, which operates in several sectors such as civil and military aviation, aerospace components, energy, mining, Insurance and Real Estate . This industrial park will be located in the Tangier region, north of Morocco.

Haitea Group also signed a memorandum of understanding with Morocco-China International and BMCE Bank of Africa. This marks the creation of another Sino-Moroccan industrial park, an investment fund of one billion dollars, targeting the sectors of aeronautics, financial, industrial parks and infrastructure, the launch of a fund management company and the strengthening of partnership in the life insurance field in China, the aircraft leasing and technical partnership to initiate a new bank dedicated to the sector of new technologies in China.

The second agreement signed is a cooperation agreement in the field of investment and finance between the Government of Morocco and the Industrial and Commercial Bank of China (ICBC).

An agreement was also sealed between the bus manufacturer Yangtse, the Energy Investment Company (SIE), Marita Group, and Banque Centrale Populaire. It aims for the purchase and construction of an electric bus manufacturing unit in Morocco. This manufacturing unit, which will require an investment of 1.2 billion Dirhams, will manufacture electric buses of the new generation.

The strategic partnership between Morocco and China will also encourage Chinese and Moroccan investors, facilitate the transfer of capital and expertise, and strengthen tourism, particularly after the royal decision to facilitate the travel of Chinese citizens to Morocco, through the abolition of visas, which were in force in the past.

This partnership is a great opportunity for Morocco, for the next phase of bilateral relations will be characterized by the activation of cooperation related to the creation of new businesses, and by accelerating the pace of global political, economic, security and cultural cooperation.

This initiative strengthens the role of Morocco in the world, which has become more present with a leadership increasingly independent in its regional and international geostrategic orientations, whether on the political or commercial levels.

The views expressed in this article are the author’s own and do not necessarily reflect Morocco World News’ editorial policy