China intends to encourage Chinese operators to invest in Morocco in automotive, textile, agro-industry, aeronautics and renewable energies.
Objective: promote industrialisation, economic growth and job creation.
The 6th Morocco-China trade, economic and technical cooperation joint committee was held on 8 February 2018 in Rabat and was co-chaired by Mr Moulay Hafid Elalamy, Minister of Industry, Investment, Trade and Digital Economy and Mr Qian Keming, Deputy Minister of Commerce of the People's Republic of China.
This 6th session, which coincides with the 60th anniversary of the establishment of diplomatic relations between China and Morocco, was an occasion to examine ways and means to reinforce international cooperation between Morocco and China, allowing it to meet the expectations of both countries and fully exploit the potential of their economies.
On this occasion, Mr Elalamy welcomed “the important development of the Morocco-China relation, after the visit of His Majesty the King Mohammed VI to China in May 2016, during which a comprehensive and multidimensional partnership agreement was signed, thus marking a historical turning point in the strengthening of bilateral cooperation”..
The signing in November 2017 of a Memorandum of Understanding formalising Rabat’s membership in the “One Belt One Road » Chinese initiative will further intensify this cooperation dynamic by opening new horizons for the Morocco-China economic partnership.
This dynamic is enhanced by the growing interest of the Chinese operators for Morocco as they undertake structuring projects in the areas of infrastructure, energy and industry such as the "Cité Mohammed VI Tanger-Tech" project, or the project initiated by the Chinese company BYD, the world's largest electric vehicle maker, who is starting the integration of the electric transport sector for the first time in Africa.
With this new stage in the partnership between China and Morocco, economic and investment relations are clearly intensifying: China is Morocco’s 3rd trade partner with a total trade volume of 39.5 billion dirhams in 2016, representing an average yearly increase of 18.2% since 2001; the Chinese direct foreign investment in Morocco has reached 362.5 million dirhams in 2016 and amounted to 582.4 million dirhams for the first six months of 2017, that is to say double the volume realised in 2016.
In order to trigger new momentum into the great impetus and dynamism that the Moroccan-Chinese relationship is experiencing and translate the objectives of the bilateral strategic partnership, the two parties agree on the necessity to harness the existing synergy opportunities on both sides and fully exploit the potential of their economies. The Chinese side intends to encourage its industrial enterprises to invest in Morocco in the automotive, textile and clothing, electrical goods, aviation, agro-industry, mining and renewable energy sectors in order to increase their added value and spur the Kingdom's industrialisation and economic growth. The Chinese financial institutions will be called upon to support such investments.