Home / Finance & Economy / Morocco seeks to leverage Brexit to become an African investment hub

Morocco seeks to leverage Brexit to become an African investment hub

Morocco is one of the leading economies in the financial, and renewable energy sectors in Africa and is quickly attracting the interests of UK businesses. The UK wants to make Morocco a hub and gateway to Africa in order to strengthen its African investments and exports to the continent. The aim of the UK-Africa summit was to restructure British foreign policy and forge new alliances in trade.

Mohcine Jazouli, Minister for African Affairs, took advantage of the UK-Africa summit to position Morocco as an African gateway. Morroco has lost no time in positioning itself as the UK’s preferred interlocutor in Africa. Just a few days before the Brexit agreement came into force on January 31st, Mohcine Jazouli, Minister Delegate to the Moroccan Foreign Minister in charge of African Affairs, visited London.

The reason for the trip was to participate in the Morocco-United Kingdom Business Dialogue that was organized jointly by the Moroccan Ministry of Foreign Affairs, and the General Confederation of Moroccan Enterprises (CGEM). This was on the sidelines of the Africa-UK investment summit, in the presence of the Moroccan Investment and Export Development Agency (AMDIE), the OCP Group, the Moroccan Solar Energy Agency (MASEN), Tangier Med, Casablanca Finance City (CFC), BMC, as well as a number of other entities.

Trade and investment opportunities

The United Kingdom was represented by its Minister of State for International Trade, Conor Burns, and its Secretary of State for Foreign Affairs for North Africa and the Middle East, Andrew Murrisson. Proof of the combined interest of the two countries: the presence of 116 Moroccan and 225 British companies who explored trade and investment opportunities together.

Benefiting from an advanced status with the EU allowing it to benefit from a high level of political cooperation, Morocco is good potential partner of the UK post Brexit. The United Kingdom is keen to redeploy to Africa, where it can count on its Commonwealth partners, Morocco affirmed its availability and openness to the idea of being a “hub” for the United Kingdom acting as a gateway to Africa in order to strengthen its investments and exports to the continent.

The Multilateral Bridgehead Strategy for Morocco

To give concrete expression to this approach, Mohcine Jazouli did not hesitate to declare that Rabat and London were in the process of “writing a new page in the history” of their economic relations. In addition “the United Kingdom wants to set up Morocco as a gateway to Africa after Brexit.” And to explain the interest, and the objectives of the meeting known as the Morocco-UK Business Dialogue: “to facilitate meetings between Moroccan and British businessmen,” which will “increase the volume of business between the two countries both in terms of trade and investment.”

Check Also

Dams in Morocco show a filling rate of barely 25.8%

Morocco is experiencing an unprecedented water shortage. The situation is worsening day by day as …

Leave a Reply