Akhannouch at the “Africa Forward” Forum: Industry, a Pillar of Morocco’s Economic Transformation Under the Leadership of the King

Morocco’s Commitment to Economic Transformation Under King Mohammed VI

On Tuesday in Nairobi, Prime Minister Aziz Akhannouch stated that Morocco, under the leadership of His Majesty King Mohammed VI, has made industrial development one of the fundamental pillars of its economic transformation.

Speaking at a session dedicated to financial engineering during the "Africa Forward" summit, which was attended by notable figures including Kenyan President William Ruto, French President Emmanuel Macron, several African heads of state and government, UN Secretary-General António Guterres, and leaders of international institutions, Mr. Akhannouch highlighted the significant increase in industrial exports driven by key sectors, particularly in automotive and aerospace industries.

He also pointed out that Morocco is positioning itself in future industries such as battery production, green hydrogen, and the industrial valorization of natural resources. He believes this trajectory reinforces the conviction that Africa must be perceived as a continent of opportunities, solutions, and investments.

The Prime Minister emphasized four priorities to transform this potential into industrial power. The first focuses on free trade, which he described as an essential option for promoting openness and cooperation. He mentioned Morocco’s agreements with the European Union, the United States, and across the African continent through the African Continental Free Trade Area (AfCFTA), while noting that intra-African trade remains limited to about 16%, compared to nearly 60% in Asia and Europe.

The second priority involves aligning production with the natural resources of African countries. He drew attention to the continent’s youthful demographic, with an average age of about 19 years, and over 620 million people expected to enter the workforce by 2050, along with its immense renewable energy potential, especially in solar energy.

The third priority aims to improve the investment climate, supported by robust infrastructure, competitive energy, and efficient logistics. He cited Morocco’s accomplishments, including the rise of renewable energy to over 46% of its electricity mix by 2025, the launch of Africa’s first high-speed train, and the role of the Tangier Med port as a major industrial and logistical platform.

The fourth priority is access to financing. Mr. Akhannouch stressed the importance of a strong banking sector and suitable financing mechanisms, especially for SMEs and industrial projects. He mentioned the role of the new Investment Charter and the Mohammed VI Investment Fund, aimed at mobilizing public capital as a trust lever to attract private investments.

In conclusion, the Prime Minister reaffirmed Morocco’s commitment to a new international approach to development, based on cooperation and solidarity within Africa. He noted that the summit’s discussions should lead to a renewed roadmap for partnership between Africa and its international counterparts.

The "Africa Forward" summit brings together several heads of state and government to strengthen partnerships between Africa and France, with a special focus on cross-investments, economic development, training, and collective responses to global challenges.