Doha – During the closing remarks of the Morocco-France Entrepreneurial Meeting held in Rabat on Tuesday, French President Emmanuel Macron expressed his regret that European and French financial groups are being forced to leave Africa “due to the rules and regulatory standards that Europeans have adopted for themselves.”

“I think it’s a terrible strategic mistake. (…) we, Europeans, have to question the rules and restrictions that we have imposed on our institutions,” President Macron stated during the meeting dedicated to strategic sectors of the future.

The French president highlighted the existing industrial partnership between France and Morocco in several areas, calling for greater integration of value chains in the face of a context of “re-regionalization of tariffs.”

He also emphasized that France intends to develop an equitable and win-win economic partnership with Morocco, given the multiple complementarities between the economies of the two countries.

President Macron affirmed that French public investments will continue in the North African country, including in the Sahara region.

He noted that Morocco is “the first client” of the French Development Agency (AFD) in terms of investments, and ensured that the AFD will continue to finance projects in the country, including those carried out by French companies in the Sahara.

‘An exceptional partnership’

For his part, French Minister of Economy, Finance, and Industry, Antoine Armand, stated that Morocco and France are united by a balanced partnership serving the development of both countries.

“The partnership between Morocco and France is exceptional in every respect. It draws its strength from a common history and the deep ties that unite our communities, our families, and our nations, forming the heart of a friendship destined to last for centuries,” Minister Armand said during the opening of the meeting.

He noted that this “exceptional” partnership has been further strengthened by the signing of several agreements on Monday, particularly in the fields of university, industrial, and energy cooperation.

The minister highlighted the intensity and solidity of the economic ties between the two countries, with Morocco being the main African investor in France, while France remains the leading investor in Morocco.

France is also the leading foreign employer in Morocco, with 150,000 jobs generated in key sectors such as aeronautics, health, and automotive.

‘A positive economic dynamic’

Moroccan Minister of Economy and Finance, Nadia Fettah, affirmed that the economic partnership between Morocco and France is solid and future-oriented. “The positive dynamic between the two countries testifies to the vigor of economic relations, but also to the common will to go even further,” Minister Fettah said.

She emphasized that Morocco has always had a strong African ambition, reaffirming the firm conviction that “the future of our Nations is also played out on the African continent.”

The minister highlighted the extraordinary potential of African companies and believed that this dimension allows the exemplary partnership and win-win economic cooperation between Morocco and France to establish itself as a reference model for the construction and strengthening of the Euro-African space on solid, healthy, and sustainable bases.

Trade between Morocco and France reached MAD 163.1 billion ($16.31 billion) in 2023, an increase of 2.8% compared to 2022 and 34% compared to 2019.

France is Morocco’s second-largest trading partner, representing 14.2% of total trade, and is ranked as the second-largest customer (20.3%) and third-largest supplier (10.6%).

In terms of foreign direct investment (FDI), France invested MAD 11.3 billion ($1.13 billion) in Morocco in 2023, while Moroccan investments in France reached a record level of MAD 15.1 billion ($1.51 billion) in 2023, an increase of 28% compared to the previous year.

‘Accelerating innovation and growth’

Speakers at the Morocco-France Entrepreneurial Meeting highlighted the importance of strengthening bilateral partnerships in high-value-added fields such as Industry 4.0, renewable energies, digital transformation, and agriculture.

They emphasized that these collaborations would accelerate innovation, improve agricultural productivity, and boost local value chains while creating new export opportunities for Moroccan and French companies.

Mohamed Bachiri, President of the Morocco Industries Group, addressed Morocco’s rise as the leading car producer in Africa in an intervention as part of the meeting, positioning the country as a competitor at the European level.

He attributed this success, encouraged by the partnership with Europe and particularly France, to a major shift with high expectations regarding industrial sovereignty, revolving around five axes, including deep integration to create more local value, technology transfer, regionalization of investments, and increasing local added value.

‘A radical energy transformation’

During a panel discussion, experts affirmed that Morocco has undertaken a “radical” transformation of its energy landscape, resolutely focusing on renewable energies.

They noted that Morocco has initiated a radical transformation of its energy landscape, focusing on diversifying energy sources and strengthening the country’s energy independence.

The panelists called for further developing partnerships aimed at encouraging the decarbonization of production means based on renewable energies.

They stated the importance of strengthening public-private partnerships and improving collaborations in Europe, particularly with France, in the field of renewable energies and decarbonization to optimize existing infrastructures and develop water desalination techniques.

Renewable energies currently constitute 45% of the national energy mix, with electricity production reaching nearly 29% of Morocco’s energy mix.

The Morocco-France Entrepreneurial Meeting holds particular importance in the context of the state visit of the President of the French Republic, Emmanuel Macron, at the invitation of King Mohammed VI.

It is co-organized by the General Confederation of Enterprises of Morocco (CGEM) and the Movement of Enterprises of France (MEDEF), via the France-Morocco Business Leaders Club.

This meeting embodies the strengthening of historical ties, working towards an ambitious and bold common future for both countries.

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