“Morocco’s economic strategy in Africa is a matter of heart and reason, marked by an approach that is both proactive and pragmatic.” This was declared by Abdelmalek Alaoui, President of the Moroccan Institute of Strategic Intelligence (IMIS), on January 25, 2024, in Casablanca, during a conference debate initiated by the International Chamber of Commerce (ICC), in collaboration with IMIS. A meeting that helped to highlight the depth of the Kingdom’s economic strategy which is characterized by the proactive spirit of Morocco towards the countries of the continent, and pragmatic to face the challenges of co-development.
Initiated and led by HM King Mohammed VI, this continental strategy of the Kingdom was deployed through a multifaceted win-win partnership between Morocco and each of the sub-Saharan countries, with a vision based on the sharing of know-how. Moroccan companies, public and private, have followed the path laid out by this clear strategic desire displayed by the State and materialized by the remarkable dynamism of Morocco’s champion banks and companies, supported by the financial center Casablanca Finance City (CFC).
Since its creation, it has set itself the objective of attracting international capital flows and distributing them to Africa, thus contributing to the development of the entire continent within the framework of South-South cooperation. In ten years, Morocco has invested nearly $5 billion in sub-Saharan Africa, positioning itself as the 2nd intra-African investor and 1st investor in West Africa.
From the first signs of the global financial crisis of 2008, there was the international expansion of large Moroccan groups in Africa. The latter have replaced European companies, particularly in the services sector. Looking ahead to the future of this continental strategy, this meeting was an opportunity to present the IMIS Policy paper entitled “Morocco’s economic strategy in Africa: the Chérifien model of co-development”, developed by Professor Ahmed Azirar, Hicham Kasraoui, and Asmaa Fhail.
Growth relays
This document aims to enlighten Moroccan stakeholders on the real growth potential of the African continent at the dawn of ongoing geostrategic and economic transformations and to propose concrete paths to take to be able to seize the opportunities. of co-development of an “Africa Region” in crystallization and transition in a world in reconfiguration.
The document suggests eight recommendations to support Morocco’s clear and ambitious vision for the development of its continent. This involves, among other things, continuing and accelerating the dynamic of infrastructure development on a national and regional scale to acquire new strategic advantages in several sectors (ports, railways, energy complexes, transport of electricity). drinking water and wastewater treatment, etc.), to create monitoring and economic intelligence structures dedicated to Africa to understand the dynamics of African markets and identify opportunities and growth drivers.
But also to anticipate the legislative adequacy of national codes to new economic and commercial realities prepare the institutionalization of new continental economic, financial, and monetary governance bodies, and rethink the support systems for companies wishing to develop in Africa and Develop specific financing offers for the development of investment projects in Africa.
“Morocco is experiencing a very special moment in its development trajectory in Africa after the historic speech of November 6 by His Majesty King Mohammed VI, in which the Sovereign sets out his new vision for Atlantic Africa which aims to create a real hub logistics, digital and technological on this African Atlantic coast,” concludes Abdelmalek Alaoui, president of IMIS. The current international situation offers many opportunities to breathe new life into this intra-African cooperation by targeting new strategic sectors that are promising for the future of the continent, notably technology, and renewable energies.
