Rabat - Minister of Economy and Finance Mohamed Benchaaboun has invited German investors to “seize [economic] opportunities” in Morocco.
Benchaaboun urged German companies to invest in thriving sectors such as the automotive industry, aeronautics, electronics, and renewable energy, areas in which Germany has extensive experience, Maghreb Arab Press reported.
Benchaaboun gave the statements in a speech at the G20 Investment Summit Tuesday in Berlin as part of the G20 “Compact with Africa” initiative.
Benchaaboun pointed out the growth of Morocco’s economy despite an unfavorable international context. The minister attributed the growth to the reforms to strengthen macroeconomic stability and improve the business climate.
He also noted the signing of 17 free trade agreements, especially with other African countries.
In addition, Morocco has a legislative framework that facilitates transparent investment.
Speaking about Moroccan-German relations, the Moroccan minister described them as “exemplary.” He added that the two countries should further expand bilateral cooperation to include new sectors.
At the summit, Benchaaboun and German Federal Minister for Economic Cooperation and Development Gerd Muller signed a joint declaration of intent to encourage reforms.
The aim of the declaration is to launch discussions under the name “Partnership to Encourage Reforms.”
Benchaaboun thanked Germany for choosing Morocco as a priority country eligible for the initiative.
German Chancellor Angela Merkel launched the G20 “Compact with Africa” initiative in 2017 to encourage African countries to introduce reforms. It also aims to promote private investment, particularly in infrastructure, for Africa’s sustainable economic development.
12 African countries joined the summit.
During the summit, Merkel urged German companies to shift focus from Asia to Africa’s “huge” economic opportunities.
“For many years we have been very focused on Asia. I think that in future we should turn our sights more on Africa,” Merkel said.
According to Merkel, the development of Africa could help curb undocumented immigration to Europe.