Chinese giant Ningbo Orient Wire & Cable is gearing up to invest in the electrical interconnection project linking Morocco and Britain, owned by Xlinks.
According to Reuters, the Chinese company intends to purchase a 2.4 percent stake in Xlinks for five million pounds sterling and an additional 8.5 percent stake valued at ten million pounds sterling.
Ningbo Orient Wire & Cable, a leading player in China’s private sector, specializes in providing submarine cable solutions, encompassing research, development, installation, maintenance, and repair.
The company’s official website asserts its dominance, claiming over 98 percent market share of submarine cables in China and marking itself as a trailblazer in the nation’s history for submarine cables.
The ambitious project between Morocco and Britain continues to attract foreign investment, with Xlinks poised to supply 3.6 gigawatts of electricity from renewable sources in Morocco to seven million British households.
The influx of Chinese investment marks a significant milestone, according to economist Omar El Kettani, who anticipates China’s strategic input will expedite the project’s completion.
El Kettani emphasizes Chinese companies’ adeptness in selecting projects that foster international connections, particularly highlighting the economic significance of the electrical interconnection venture.
He remarked on the project’s broader implications, asserting that Chinese involvement underscores a global trend towards transcending traditional geopolitical divides in economic endeavors.
Highlighting Morocco’s strategic importance as a gateway to Africa, the analyst underscored the Kingdom’s allure for Chinese investors seeking to expand beyond European and Asian markets.
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