Morocco offers a number of advantages to Moroccan and foreign investors despite the economic crisis caused by the COVID-19 pandemic, and the British Chamber of Commerce for Morocco (BritCham) held a webinar on January 13 to summarize its findings.
The British Chamber of Commerce in Morocco is a non-profit organization governed by Moroccan law. Since 1923, it has established connections between Moroccan and British companies operating in different sectors.
During the webinar entitled “2022 – Year of real economic recovery?”, General Vice-President of the General Confederation of Moroccan Enterprises (CGEM) Mehdi Tazi described Morocco as possessing “strong” and “undeniable assets.”
As a result of being close to Europe, the North African country has a stable political, economic, and monetary infrastructure, skilled human resources, and a strategic location.
According to Mohammed Seghiri, Managing Director of Sound Energy, Morocco is safe “from a security and legal perspective” and has “a stable currency and a transparent banking system, among the best in Africa.”
Morocco’s Electricity and Water Office (ONEE) and British energy company Sound Energy recently agreed to a 10-year gas sale and purchase agreement. The Tendrara Project is owned by ONEE and is intended to supply gas for the Maghreb-Europe Pipeline.
As a result of the ongoing COVID-19 pandemic, “global supply chains were challenged,” presenting a burden to countries like Morocco. “The reaction of many countries [was] to protect them”, said Chris Woodward country director of the UK’s Department of International Trade.
As a way to stimulate economic growth, Woodward recommends that bilateral and international dialogue be prioritized.
Adil Chikhi, the Director for South and East Mediterranean (SEMED) at the European Bank for Reconstruction and Development (EBRD) emphasized that Morocco must seize opportunities in the post-COVID-19 era to achieve “better industrial sovereignty” by increasing production for Moroccan use and export.
According to him, “the post-COVID-19 period allowed for deep reflections,” which led to a “desire from around the world to depend less on China.”
Later, Chikhi encouraged Morocco to open up to the prospects offered by other markets like the United Kingdom, Eastern Europe, and Africa.
Despite its reliance on Moroccan and foreign investments, the North African country seeks to attract more foreign investors on a yearly basis to further develop its energy, infrastructure, and automobile sectors.
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