The United States is promoting green investment opportunities in Morocco, particularly in smart grids, green hydrogen and renewable energy.
The US State Department released its annual report on the global investment climate on Wednesday, highlighting Morocco’s strengths and ambitions.
The kingdom is described as a country that “actively encourages and facilitates” foreign investment and aims to become a “regional business hub” and a “gateway” to the African continent.
The report highlights Morocco’s preference for foreign investment, particularly in export-oriented sectors such as manufacturing.
This dynamic is supported by positive macroeconomic policies, trade liberalization, investment incentives and structural reforms.
The U.S. diplomats point to Morocco’s strategic location at the crossroads of Europe, sub-Saharan Africa and the Middle East as a major asset in attracting investors.
Morocco is seeking to transform itself into a regional commercial and industrial hub, capitalizing on its strategic geographic location, political stability and world-class infrastructure.
The country aims to become a regional manufacturing and export base for international companies.
To achieve this, it is implementing strategies to boost employment, attract foreign investment and increase performance and production in key sectors such as renewable energy, automotive, aeronautics, textiles, pharmaceuticals, offshoring and agribusiness.
As part of this reform momentum, Morocco has adopted a new Investment charter in December 2022, which significantly expands incentives for foreign investment.
Morocco continues to invest heavily in renewable energy, with the aim of achieving a 52 percent share of renewable energy in the national energy mix by 2030. The New Development Model, a comprehensive economic reform plan, aims to increase the share of renewable energy in total energy consumption from 19.5 per cent in 2021 to 40 per cent in 2035.
The report highlights green investment opportunities, including smart grids, green hydrogen, energy storage and renewable energy. Morocco has recorded more than $10 billion in investments to build an integrated battery and electric vehicle production chain and has allocated one million hectares for green hydrogen production.
Thanks to a series of reforms, Morocco has been removed from the gra list of the Financial Action Task Force (FATF) and the European Union in the fight against money laundering and terrorist financing. By 2024, Morocco will have ratified 72 investment treaties to promote and protect investments and 62 economic agreements, notably with the United States and most EU countries, to eliminate double taxation of income or profits.
Morocco is the only country on the African continent to have a Free Trade Agreement (FTA) with the United States, eliminating tariffs on more than 95 percent of eligible consumer and industrial goods. Since the agreement took effect, bilateral merchandise trade has increased nearly fivefold.
Washington and Rabat are working closely to increase trade and investment through high-level consultations, bilateral dialogues, and other forums aimed at informing U.S. companies about investment opportunities and strengthening business-to-business ties.
MN/ac/lb/GIK/APA