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.
According to Agence Marocaine De Presse, speaking at a panel on financial architecture held as part of the Africa Forward Summit, Akhannouch highlighted that this momentum has resulted in a significant increase in industrial exports. This performance is driven by structured sectors, particularly the automotive and aerospace industries. The summit was attended by Kenyan President William Ruto, French President Emmanuel Macron, various Heads of African States, UN Secretary General Antonio Guterres, and presidents of international institutions.
Akhannouch emphasized Morocco’s emergence in burgeoning industries such as batteries, green hydrogen, and the industrial use of natural resources. He remarked that Morocco’s experience serves as a reminder that Africa must be considered a continent of opportunities, solutions, and investment. To transform this potential into industrial power, he identified four essential priorities.
First, he cited the importance of free trade, referencing Morocco’s agreements with the EU, the U.S., and Africa through the AfCFTA. He noted 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 involves aligning production with each country’s natural assets. Akhannouch pointed out that Africa, aside from having a youthful population, holds 60% of the world’s best solar resources but accounts for only about 1% of installed solar photovoltaic capacity.
Akhannouch’s third priority is improving conditions for attracting investment. He stated that sustainable industrial development requires solid infrastructure, competitive energy, efficient logistics, and a transparent business climate. He highlighted Morocco’s pioneering experience, noting the increase in renewable energy share to over 46% of the electricity mix by 2025, the launch of the first high-speed rail line on the African continent, and the establishment of Tanger Med as a major industrial and logistics hub.
The fourth priority revolves around access to funding. In Morocco, funding for industrial projects is bolstered by the new Investment Charter and the Mohammed VI Investment Fund, which mobilize public capital to build trust, share risk, and attract private capital.
The Africa Forward Summit, which brings together several heads of state and government, focuses on prospects for strengthening partnerships between Africa and France. The summit’s agenda emphasizes promoting balanced and concrete partnerships, with special attention to cross-border investment, economic development, training, and joint responses to global challenges.