Morocco’s experience in doing business in Africa may benefit Indian operators looking to increase their investments in Africa.
Rabat – Africa is the primary beneficiary of Moroccan direct investments, thanks to the development of partnerships and the royal interest in the continent’s development, said Moroccan Minister of Industry, Investment, Trade, and Digital Economy, Moulay Hafid Elalamy.
In an interview with Maghreb Press Agency (MAP), Elalamy stated that Morocco invested MAD 37 million in Africa from 2013 to 2017, thanks to partnerships and the organization of the national economy towards South-South cooperation, in accordance with King Mohammed VI’s will.
He stressed that Morocco is now one of the top African investors of the Economic Community of West African States and the Economic Community of Central African States. Elalamy added that the notable growth of Moroccan investments in Africa in the last decade is due to Morocco’s strong commitment to developing the continent.
He noted that the King carried out 50 royal visits to more than 30 countries since 2000 and signed more than 1,000 agreements.
Morocco has invested in the sectors of fertilizers, cement, agro-food, and pharmaceuticals. Morocco is also heavily present in banking—with 30 banks operating in Africa, telecommunications, and construction and public works.
“India can use Morocco’s [established] platform … to promote its investment volume in Africa,” pointed out Elalamy, speaking from a conference in India.
Elalamy is taking part in the 14th CCI-Exim Bank Conclave in India, along with a Moroccan delegation.
India’s presence in Morocco
In an interview with Morocco World News, Moulay Hafid Elalamy said that “Morocco’s presence in the Africa-India conference is extremely important with meetings with leading Indian operators with high investment prospects.”
“Morocco is now a real platform at the African level, having free trade agreements with 60 countries, making Morocco a real production and export platform,” he highlighted.
The minister also spoke of Morocco’s long-standing business relationship with India. “Our Indian friends have joined other American, Chinese, and European investors already established in Morocco,” he said.
He added, “Some Indian companies are well established in Morocco. They know very well how our country works and they aspire to strongly develop their activities further.”
The minister evoked the lengthy presence of the Indian group, Tata, in Morocco and the inauguration of the first plant by India’s Varroc group in the Tangier free zone on February 26.
Elalamy said, “The Varroc group is of Indian origin in terms of capital and is active in the automotive sector and manufactures lighting.”
The minister appeared optimistic overall about the Indian-Moroccan partnership’s future, saying, “We have many things to do together and I think the future will bring us more important partnerships than we have had in the past.”
