Akhannouch praises ‘promising investment opportunities’ between Morocco and Germany during G20 summit 

Akhannouch praises ‘promising investment opportunities’ between Morocco and Germany during G20 summit 

Morocco, in accordance with the vision of King Mohammed VI, has put, over the last 20 years, African integration at the heart of its development vision, Head of Government Aziz Akhannouch said Monday in Berlin.

“The Royal will, expressed in the King’s latest Speech, is to develop the Atlantic coast of Africa, including the 23 countries of the Atlantic strip of the continent, and to make it a new area for growth and a hub of economic integration and regional and international influence of our continent”, Akhannouch said at a panel themed “Investment in Africa and economic cooperation”, as part of the G20 Summit on investment “Compact With Africa.”

”Beyond a necessary African regional integration, the African continent would benefit from opening up more to committed and reliable international partners, within the framework of balanced and beneficial partnerships,” the Head of Government underlined.

Thus, “foreign investments and financing, in particular from G20, whose members represent a large share of global GDP, are crucial for our continent,” he stressed.

Akhannouch also pointed out that ”under the leadership of King Mohammed VI, business climate improvement has become a strategic focus of national public policies”, noting that ”the establishment of an attractive business climate is key for strengthening national and international private investments.”

“Our continent, Africa, is today well equipped to integrate global value chains and transform their assets into development opportunities,” he added.

In the speech, Akhannouch highlighted the importance of the German-Moroccan partnership based on strong relations that continue to strengthen in various fields, noting that German investments in Morocco increased sixfold between 2015 and 2022.

The session included the participation of the Minister of Economy and Finance, Nadia Fattah, the Ambassador of Rabat in Berlin, Zhour Alaoui, and the President of the General Confederation of Moroccan Enterprises, Chakib Laalaj, the Prime Minister indicated that the volume of trade exchanges between the two countries increased by 30% during the first quarter of the current year, the equivalent of 1.5 billion euros in just a quarter of a year, saying: “This number indicates the vast exchange possibilities between Rabat and Berlin, and the promising opportunities in the field of investment and value chain development.”

Akhannouch also touched on the main areas of cooperation between the two countries, especially the automotive sector, highlighting the important role played by German companies within the framework of the automotive industry systems in the Kingdom. He also highlighted Morocco’s strategy in the field of green hydrogen production, stressing that Germany can play an important role in supporting the development of this sustainable energy production sector, due to its strong experience in this field.

The Head of Government was also keen to note the importance that Morocco attaches to the development of the Afro-Atlantic space, which includes 23 countries located on the Atlantic coast, as part of King Mohammed VI’s initiative aimed at enhancing the access of the countries of the Sahel to the Atlantic Ocean. He explained that this space “is of great importance from Where there is growth and value creation, but it lacks the logistical infrastructure, such as ports, road networks, and water desalination equipment…”

For his part, German Chancellor Olaf Scholz indicated, in his speech on the occasion of the opening of the summit, that the “Compact with Africa”, which represents an initiative of the G20, aims to highlight the enormous potential that Africa has in order to achieve global goals, such as climate neutrality and sustainability. Strengthening economic immunity.

The German Chancellor said, “Since the creation of the ‘Compact with Africa’ under Germany’s presidency of the G20 in 2017, we have a dual goal: first, to encourage private investment and employment, and to promote reforms in partner countries to pave the way for sustainable growth that fully benefits citizens.” He explained that the economic performance of the “Compact with Africa” countries is above the average for Africa as a whole, pointing out that the growth of exports from these countries was three times higher last year than from other countries of the continent.

The opening of this summit witnessed the participation of high-level German and African figures from the economic and political circles, with the aim of exchanging on deepening mutual economic relations, as well as on implementing concrete joint projects.

In 2017, when Germany assumed the presidency of the G20, Germany launched the “G20 Compact with Africa.” The idea behind this was for the G20, within the framework of “Compact with Africa,” to cooperate closely with African partners committed to the path of reform to achieve a common goal, which is to improve the general economic framework of the Charter countries in order to increase the volume of foreign (private) investments in these countries. Countries.

To do this, the German government explains, the “Compact with Africa” countries are supported by the World Bank, the International Monetary Fund and the African Development Bank. On this basis, a unified multilateral partnership formula was created that benefits all participants.

This summit brought together high-level German and African representatives from economic and political circles, in order to discuss deepening economic relations and developing joint projects.


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