Assahafa.com
Morocco, under His Majesty King Mohammed VI’s impetus, turned industry into a central cornerstone of economic transformation, Head of Government Aziz Akhannouch said Tuesday in Nairobi.
Speaking at a panel on financial architecture held as part of the Africa Forward Summit, attended by Kenyan President William Ruto and his French Peer Emmanuel Macron, Heads of African States and government, UN Secretary General Antonio Guterres as well as presidents of international institutions, Akhannouch noted that this momentum has resulted in a significant increase in industrial exports, a performance driven by structured sectors, particularly the automotive and aerospace industries.
He noted that Morocco is also standing out in up-and-coming industries: batteries, green hydrogen, and the industrial use of natural resources, adding that this experience reminds that Africa must be considered a continent of opportunities, solutions, and investment.
The Head of Government also emphasized that, to transform this potential into industrial power, four priorities are essential, namely free trade, where he cited Morocco’s agreements with the EU, the U.S., and Africa through the AfCFTA, noting that Africa’s potential remains largely untapped, with intra-African trade accounting for only 16% of total trade, compared to nearly 60% in Asia and Europe.
The second priority is aligning production with each country’s natural assets. Akhannouch noted that, aside from a youthful population, Africa holds 60% of the world’s best solar resources, but still accounts for only about 1% of installed solar photovoltaic capacity.
The third priority concerns improving conditions for attracting investment. In this regard, Akhannouch noted that industry can only develop sustainably if supported by solid infrastructure, competitive energy, efficient logistics, and a transparent business climate, highlighting Morocco’s pioneering experience in this area.
The Kingdom, which has already increased the share of renewable energy to over 46% of the electricity mix by 2025, launched the first high-speed rail line on the African continent, and established Tanger Med as a major industrial and logistics hub, Akhannouch stated.
The fourth priority, he continued, concerns access to funding. In Morocco, funding for industrial projects is bolstered by the new Investment Charter, as well as by the Mohammed VI Investment Fund, which mobilize public capital as a lever for building trust, sharing risk, and attracting private capital, he noted.
Africa Forward Summit brings together several heads of state and government to discuss prospects for bolstering partnerships between Africa and France.
The summit’s agenda focuses in particular on promoting balanced and concrete partnerships, with a special emphasis on cross-border investment, economic development, training, and joint responses to global challenges.
Source: map
