Morocco, France ink investment agreements amounting to nearly USD10.8B
Date
10/29/2024 5:26:32 AM
(MENAFN) Morocco and France have signed a series of investment contracts and agreements amounting to nearly 10 billion euros (USD10.8 billion), according to an announcement from the French presidency. This substantial partnership was formalized during French President Emmanuel Macron’s state visit to Rabat, which he began on Monday. These agreements reflect a renewed commitment to strengthening economic ties and fostering collaboration in multiple high-growth sectors.
The agreements encompass several strategic fields, notably in transportation and infrastructure. Notably, French companies Alstom and Egis will participate in constructing the second section of Morocco’s high-speed railway line, linking Tangier and Marrakech. This project represents a significant boost to Morocco’s transport infrastructure and is a testament to the growing role of French companies in Morocco’s major developmental initiatives. The railway expansion aligns with Morocco’s vision to modernize its infrastructure and bolster connectivity between its key cities.
In addition to railways, the agreements extend to sectors like energy, green hydrogen, and aircraft manufacturing. This marks a strong push toward sustainable development and innovative industries, as both nations seek to advance their climate goals and support clean energy projects. The focus on green hydrogen production underscores Morocco's ambition to become a leader in renewable energy, leveraging its favorable climate and natural resources. Meanwhile, French investment in Morocco’s aircraft manufacturing sector aims to enhance the country’s industrial base, creating new economic opportunities and job growth.
President Macron’s visit, which was extended by an invitation from King Mohammed VI, involves a high-level French delegation, including at least nine ministers and prominent leaders from various French economic sectors. This three-day visit underscores the depth of Franco-Moroccan relations and highlights France’s continued interest in Morocco’s growing economy. However, further details on the specific terms of the contracts and timelines for the projects have yet to be disclosed.
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