Posted by: Morocco World News

 

El Othmani met several Chinese businessmen during the China-Africa summit in Beijing, including the CEO of Huawei, to discuss business cooperation.

Representing King Mohammed VI at the summit Forum on China-Africa Cooperation (FOCAC) on Monday in the Chinese capital, Beijing, Head of Government Saad Eddine El Othmani underlined Morocco’s commitment to improving its business climate to appeal to local and foreign investors.

El Othmani invited Chinese businessmen to invest in the kingdom and Africa as a whole to bring more progress for the continent, reported state-owned news agency Maghreb Arab Press (MAP).

According to MAP, Chinese business leaders have invested in Morocco because of the country’s “stability” and have expressed a desire for future partnerships with Moroccan stakeholders.

El Othmani met a number of major industrial leaders, including Ren Zhengfei, CEO of multinational IT company Huawei, and the chairman of China Energy Engineering Corporation, Wang Jianping.

Accompanying El Othmani were Deputy Minister of African Affairs Mohcine Jazouli and Secretary of State to the Minister of Industry Othman El Ferdaous.

The two-day summit, held September 3-4, aims to build a bridge between Asia and Africa to deepen cooperation between the two continents.

Morocco is open to initiatives aiming to boost cooperation between the two countries and improve the economy in Africa, such as “The Belt and Road Initiative.” The Chinese initiative was proposed in 2013 to create a trade network that will link Asia, Africa, and Europe.

China’s ambassador to Morocco, Li Li, said that Morocco provides an ideal platform for Chinese companies looking for new markets.

China pledged to invest $60 billion in African countries for the continent’s economic development.

The country’s president,  Xi Jinping, announced that the fund includes $20 billion for credit lines, $15 billion to finance imports of goods to Africa, and $10 billion from Chinese companies choosing to invest in the continent over the next three years.

Increasing China-Morocco ties

In 2017, Chinese firms announced a new investment of $11 billion into the creation of “Mohamed VI Tangier Tech City,” a new factory district that aims to generate 100,000 new jobs in the Tangier area.

China has become one of Morocco’s most significant economic partners as the two countries have reinforced their ties in several sectors, including media and tourism.

China’s interest in Morocco also extends to its fisheries and aquaculture assets.

Both Morocco’s and China’s fisheries sectors are very important to their economies. According to a recent report from the Food and Agriculture Organization (FAO) of the United Nations, Morocco’s fish production ranked 13th globally, with 1.3 million tons of fish, while China topped the list with 1.2 million tons of fish.

Morocco’s Secretary of State for Sea Fisheries Mbarka Bouaida and China’s Deputy Mayor Wang Luming, of Qingdao in eastern China both commended Morocco’s potential in the sector, during their talks in July about fisheries and aquaculture.