HomeEconomyFinland-Morocco: Memorandum of understanding for the development of energy cooperation

Finland-Morocco: Memorandum of understanding for the development of energy cooperation

Finland and Morocco have agreed to develop their strategic cooperation in the field of energy. A memorandum of understanding (MoU) was signed during a virtual session on Wednesday, aimed at promoting technical and economic cooperation in this area, but also the access of Finnish companies to the Moroccan market.

Signed by the Finnish Minister of Economy, Mika Lintilä represented in Rabat by the Ambassador of Finland in Morocco Pekka Hyvönen and the Minister of Energy Transition and Sustainable Development Leïla Benali, the MoU emphasizes the development of cooperation, in particular on the use of renewable energy.

Opportunities for cooperation will also be identified in the fields of energy efficiency, energy technology, the hydrogen economy, as well as cooperation in research and development.

Welcoming this agreement, Mika Lintilä, felt that ” investments in renewable energy, energy efficiency and energy systems are essential for a prosperous society. In Finland, we have developed great know-how in these areas, and it is with great pleasure that we welcome this cooperation with Morocco in practice”.

For him, “the minutes on energy cooperation signed between the two parties, creates a good foundation for the development of the bilateral partnership”.

“This is an important tool to strengthen networks between businesses, universities and research organizations, as well as to build trade and investment links between our countries,” he added.

Significant signature of the MoU between 🇫🇮 and 🇲🇦 on energy cooperation and in particular on renewable energy, energy efficiency, power2X and energy storage 👏👏🇲🇦🇫🇮@LeilaRBenali @TEM_uutiset @MikaLintila @ulkoministerio @BusinessFinland pic.twitter.com/TNEFZNQA90

— Pekka Hyvönen (@hypekka) February 9, 2022

Morocco is aiming for a global energy breakthrough, and in the long term, to become a major regional power in green energy. From Finland’s point of view, the Kingdom is an interesting market which, geographically, serves as a gateway to all the growing African markets.

Bilateral relations between the countries are excellent and cooperation has been carried out in many areas, with major opportunities in the energy sector. The growing interest and economic opportunities cover hydro, wind and solar energy. Morocco aims to reach more than 52% in terms of installed electrical power from renewable sources by 2030.

In addition to pure and renewable energy technologies, Morocco is also interested in information and communication technology, waste treatment plants and water treatment plants, areas in which Finland has a great know-how.

It should be noted that the internationalization of Finnish companies in Morocco is supported by the Team Finland Morocco network in Rabat, as well as by the opening of Business Finland offices in 2019 in Casablanca.

In Finland the Ministry of Employment and Economy has been in charge of the preparation of the MoU with the joint support of the Ministry of Foreign Affairs and the industrial sector, in the sense that Finnish companies plan to consolidate their position in Morocco, and to publicize their activities more widely in North and West Africa.




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