Mohamed Benchaâboun, managing director of the Mohammed VI Investment Fund, said that the Moroccan Sahara could meet 10% of European energy needs through renewable energy source.
Benchaaboun mentioned, in an article published under his name on the EU Observer website specialized in European affairs, that Morocco is a major destination for European investors looking for opportunities nearby and connected to the main trade routes in the Atlantic Ocean and the Mediterranean Sea.
The Director General of the Mohammed VI Investment Fund indicated that Morocco ranks first in the political stability index in North Africa, according to the World Bank, and also leads the competitiveness report issued by the World Economic Forum regarding North Africa.
The former Minister of Economy and Finance confirmed that the Mohammed VI Investment Fund seeks to play a role in supporting investment and strengthening the economy, by supporting major infrastructure projects that provide a competitive base for modern industrial production.
According to Benchaaboun, the fund will work to accelerate the pace of investment and enhance the work of the private sector to promote economic growth and create job opportunities, and move towards the economy of tomorrow by ensuring green and comprehensive growth in the Kingdom and various partners in Europe and Africa.
With climate challenges on the horizon, Benchaaboun noted that Europe and Morocco should look for new and clean ways to power their economies, and mentioned in this regard that the European Commission has identified hydrogen as a leading energy source in the future; Which requires efforts to equip economists and help them transition to hydrogen.
The Director General of the Mohammed VI Investment Fund said that Morocco is committed to becoming one of the main exporters of green hydrogen to Europe, and is among the 30 leading countries in developing a hydrogen strategy according to the International Renewable Energy Agency, stressing that this matter requires the provision of appropriate financing.
According to the former Moroccan ambassador to France, the kingdom has 3,000 kilometers of coastline and a sunny climate. This facilitates an abundant production of wind and solar energy, as renewable energy now accounts for 37% of Morocco’s total energy production, with a target of reaching 52% in 2030.
Benchaaboun, in the aforementioned article, compared Morocco and Singapore, where he said that the economic success story of Singapore began by offering facilities to foreign investors. Which turned it into an economic center that opened up Asia to the rest of the world.
In order to highlight the importance of investing in Morocco and then in Africa, the Director General of the Mohammed VI Investment Fund said that the United Nations report for the year 2022 on the prospects for the population of the year confirms that the African continent will witness unprecedented growth in the number of the population by the year 2050, as it will include 25% of the population. world population.
The former president of the Banque Centrale Populaire, the second largest bank in the Kingdom, also indicated that the continent had begun its first step to establish the African free trade single market similar to the European Union market, and said that “the ambition of the Mohammed VI Investment Fund is to help Morocco to be a vital part of this huge market.” and help translate all potential into shared prosperity for all.”
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