Rabat – Morocco’s Bank of Africa (BOA), part of BMCE banking group, signed a partnership agreement with the Moroccan Development, Investment, and Exports Agency aiming to boost Chinese investments in the North African country (AMDIE).
The agreement was signed by BOA’s Executive General Director, Kalid Nasr, and AMDIE’s General Director, Youssef El Bari.
The AMDIE-BOA cooperation agreement aims to support Chinese investments in accessing the Moroccan market as well as other African markets.
In addition to helping Chinese companies access African markets, the two entities will attract Chinese business, as well as market and promote business opportunities in China mainly through the BOA Shanghai division.
Under the agreement, the two parties will form a committee tasked with providing a clear strategy and plan of action to achieve the aforementioned objectives.
The agreement comes at the backdrop of Morocco and China signing a large-scale economic cooperation deal.
Morocco became the first African country to take part in China’s global Road and Belt initiative.
Supported by long-standing diplomatic relations, Chinese investments in Morocco stand at $380 million, covering infrastructure, industry, and fisheries.
By reinforcing bilateral cooperation with Morocco, China counting on Morocco’s growing role as a trade and manufacturing hub.
Morocco is increasingly garnering international attention as an international investment destination, with the government promoting Foreign Direct Investment as one of its key economic strategies.
‘Morocco Now,’ the country’s international marketing campaign aims to promote Morocco’s world-class business infrastructure, various free trade agreements, green ambitions, and government incentives.
Morocco’s pro-business policies have helped make the country into Africa’s top exporter of cars, overtaking South Africa in 2018.
With 42% of the population under 25, low wages, and low taxes on business, Morocco continues to promote itself as an attractive business destination for foreign investors.
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