Closer cooperation planned by China and Morocco to boost investment

China and Morocco are increasing cooperation in traditional industries as well as emerging sectors such as renewable energy and new energy vehicles, driving economic and social development in Africa, said government officials from both countries.

At a recent event hosted by the Chongyang Institute for Financial Studies at Renmin University of China in Beijing, Abdelkader El Ansari, Morocco's ambassador to China, gave a speech titled Morocco-China Partnership: Assets and Opportunities.

He said that Morocco is highly compatible with Chinese enterprises for overseas investments in seven major industries: infrastructure construction, agriculture, industry, renewable energy, tourism, aviation and digital development.

For instance, in terms of infrastructure, Morocco is constructing Africa's first transshipment port in Tangier, northern Morocco, which faces the Mediterranean Sea and connects to the Atlantic Ocean. It is one of the closest ports to Europe, allowing access to European and American markets within one to 10 days. In agriculture, Morocco offers many preferential policies to investors.

Ambassador El Anasri also underscored the uniqueness of China's new energy vehicle industry, saying that many Chinese electric vehicle companies are eyeing the global market. Morocco possesses abundant mineral and natural resources, particularly those needed for batteries such as copper and phosphates.

He mentioned that Morocco plans to increase its annual production of electric vehicles to 100,000 by 2025 and looks forward to strengthening cooperation with China in that field.

Morocco also prioritizes the development of renewable energy in the face of climate change. Several Chinese companies have invested in Morocco, especially in the solar energy sector, he added.

"China has strong capabilities in solar and wind energy equipment production. We hope to learn from China's knowledge and experience and invite more Chinese companies to invest in Morocco in the field of renewable energy," El Anasri said.

Morocco is located in northwestern Africa, neighboring Spain to the north across the sea, Algeria to the east, Mauritania to the south, and the Atlantic Ocean to the west, serving as a gateway from the Mediterranean Sea to the Atlantic Ocean.

Morocco leads in industries such as phosphates, tourism, automotive, aviation and textiles in Africa. China and Morocco established diplomatic relations in 1958. In 2017, Morocco signed a memorandum of understanding related to the Belt and Road Initiative with China. In 2022, Morocco became the first North African country to sign a cooperation plan for the joint construction of the BRI with China.

According to data from the General Administration of Customs of China, the bilateral trade volume between China and Morocco reached $7.44 billion in 2023, an increase of 13.9 percent year-on-year. In the first three quarters of this year, the bilateral trade volume reached about $6.6 billion, up 18.65 percent year-on-year.

Zheng Wei, economic and commercial counselor of the Chinese Embassy in Morocco, stated that due to its advantageous geographical location, open market economy, well-developed infrastructure and excellent human resources, Morocco is attracting an increasing number of Chinese enterprises. They consider the country as a gateway to expanding into African and European markets.

Chinese enterprises in Morocco are striving to achieve high-quality transformation in construction projects; participating in high-tech fields such as renewable energy and pharmaceuticals; and exploring models such as Public Private Partnership and Independent Power Producer, Zhang said.

For example, SEPCOIII Electric Power Construction, a wholly-owned A-level subsidiary of Chinese infrastructure giant PowerChina, has built the second and third phases of the Noor Ouarzazate solar complex in Morocco. It is one of the world's largest solar power plants and lays a foundation for China's solar energy industry to enter the African region.

wangjinhui@chinadaily.com.cn