Morocco is a great investment destination as well as a major gateway for investment in Africa, and one of the main options for attracting capital to the North African country is the United Kingdom.
Under this theme, London hosted an event dedicated to the promotion of investment in the so-called Southern Provinces of Morocco in which various official representatives, economic agents and experts urged British investment in the Kingdom and explained the key importance of the Alawite country as a main access to the African market.
Morocco has great potential for sustainable investment, green energy generation and readily available investment opportunities, as was highlighted at the event organised in the English capital under the theme "Morocco's Southern Provinces: a growth centre for international investment". The Moroccan Embassy in London was in charge of organising the event with the aim of raising the profile of the economic and financial attractiveness of regions such as Dakhla-Oued Eddahab, Guelmim Ouad Noon and Laayoune Sakia Hamra.
The North African nation thus demonstrates that it is continuing with its great effort to develop important enclaves in the Western Sahara, such as Dakhla and Laayoune. All of this is part of its strategy to continue promoting the area, which is one of the pillars of the Alawi kingdom's plan for the growth and development of the area. Morocco's proposal to resolve the regional conflict is based on broad autonomy for Western Sahara under Moroccan sovereignty, respecting the resolutions of the United Nations (UN). This initiative has received the support of important countries such as the United States, the United Arab Emirates, Germany and Spain, which have recognised this proposal as the most serious, credible and realistic. Opposing this position is that of the Polisario Front, supported by Algeria, which advocates holding a referendum on the independence of the Sahrawi people, which has less relevant international support.
The event in London highlighted the significant development and economic opportunities offered by the southern Moroccan region. Ambassador Hakim Hajoui hosted the event in the City of London, London's most prestigious business district, as reported by Morocco World News. Hakim Hajoui stressed the importance of Morocco in the development of West Africa and its relevance in developing partnerships and agreements with many countries on the continent.
This initiative follows in the wake of the Morocco Now project, with which the Kingdom is carrying out actions aimed at boosting international financial participation in the private sector in order to develop various national sectors such as agriculture, tourism, the automotive industry, the textile industry, energy and even the aerospace industry.
King Mohammed VI himself once called for more foreign investment in what is described as the 'gateway to Africa', the Dakhla-Oued Eddahab region in the southernmost part of the country. An area that is receiving great impetus, as evidenced by the opening of up to 26 Consulates General of various nations in Dakhla and Laayoune, which mean great options for the development of various economic activities.
At the London conference, much attention was given to the ongoing efforts of Morocco's green energy plan that aims to meet 52% of the country's energy needs from renewable green energy.
Experts highlighted the geographical and political suitability of Morocco's southern region through presentations on its current developments and the local natural resources available, such as the strong wind power for wind farms, the long solar hours for solar energy and the aquatic diversity that can enable sustainable fisheries.
The challenge is to increase British investment in Morocco, which is still far from that of other countries such as France and other European countries. At present, only 5 per cent of foreign investment in the Moroccan economy comes from the UK.
Indeed, the Association Agreement between Morocco and the United Kingdom, signed in London on 26 October 2019 and which entered into force on 1 January 2021, sought precisely to channel the economic relationship between the two countries following the process of the United Kingdom's exit from the European Union. The Agreement restores, within the framework of bilateral relations, all the effects that the two countries granted each other in the framework of the Morocco-EU Association Agreement, thus ensuring the continuity of trade exchanges between Morocco and the United Kingdom after 31 December 2020. This allowed the two kingdoms to establish a long-term structured partnership, equipped with operational and institutionalised instruments of cooperation, and driven by a common ambition. The Agreement constitutes a guarantee for Moroccan and British companies engaging in economic and commercial relations in all areas of cooperation.