The agreement is set to promote business opportunities in Morocco to German investors.
Rabat – The Moroccan Investment and Export Development Agency (AMDIE) and the Ghorfa Arab-German Chamber of Commerce and Industry signed an agreement Tuesday to further strengthen business and investment opportunities between Morocco and Germany.
The signing of the Memorandum of Understanding (MoU) took place via videoconference on July 7.
The Director-General of AMDIE, Hicham Boudraa, and the Secretary-General of the Ghorfa, Abdelaziz Al Mikhlafi, added their signatures to the document in the presence of Morocco’s Ambassador to Germany, Zohour Alaoui.
The agreement aims to establish a framework for cooperation to elevate the reputation of Moroccan companies in the German market and promote business opportunities in Morocco to German investors.
With the agreement, AMDIE and Ghorfa intend to organize business missions and sectoral meetings to identify means of promoting business relations between their companies, according to Morocco’s state media.
The MoU also calls for specialized publications on the economies of the two countries to support these efforts. A guide on investment and the business climate in Morocco is on track for publication in German, to be widely distributed to German economic operators.
Ambassador Alaoui has had a productive first half of 2020, helping to encourage partnerships between Rabat and Berlin. On June 10, the ambassador signed an agreement with the German Federal Minister for Economic Cooperation and Development, Gerd Muller, on the development of the green hydrogen production sector.
The hydrogen agreement commits the Moroccan Ministry of Energy, Mines, and Environment to a partnership with the German Ministry of Economic Cooperation and Development to set up research and investment projects in the use of hydrogen for clean energy.
Morocco was the first country to sign an agreement of this nature with Germany. The two countries’ bilateral cooperation in the field of renewable energies dates back to the 2012 signing of the Moroccan-German Energy Partnership (PAREMA).
In January 2020, the Chamber of Commerce of the Rabat-Sale-Kenitra region signed an agreement with the Training and Development Centers of the Bavarian Employers’ Associations (BFZ) to support Moroccan vocational training institutes.
One month prior, Morocco signed an MoU with Germany to set up a “reform partnership.” The partnership entailed a contribution from Germany within the framework of the G20 initiative Compact with Africa (CWA), which promotes private investment in Africa.
Under the partnership, Germany will provide €571 million from 2020 to 2022 to support the implementation of Morocco’s investment reforms.
The reforms involve improving the country’s business and investment climate and financial sector, as well as advancing regionalization. They aim to further develop the potential of the private sector and promote sustainable economic growth.