Morocco has become the preferred destination for Chinese businesses, asserted Chinese Minister of Commerce Wang Wentao on Sunday in Rabat.
This declaration came during Minister Wentao’s meeting with his Moroccan counterpart, Ryad Mezzour.
The two ministers had discussed the enhancement of commercial relations between the two countries.
“The cooperation between the two countries is experiencing significant momentum marked by the launch of several new multi-sector projects, particularly in industry and infrastructure,” said Mezzour.
Trade between the two countries has increased by over 50%, making China the Kingdom’s third-largest trading partner and its primary partner in Asia, with a total trade volume of $7.6 billion in 2022.
Chinese investments in Morocco amounted to over $56 million, primarily focusing on industries, major works, transportation, real estate, energy, and mining sectors. The industry sector alone accounts for 52% of these investments.
“Future actions should align more with an innovative, coordinated, more effective, and impactful approach to effectively realize the objectives of the strategic bilateral partnership sealed between the two countries in 2016,” noted Mezzour.
Wentao stated that both countries possess complementary development advantages, paving the way for enhanced bilateral cooperation, adding that Chinese companies have the potential to bring significant added value to Morocco’s economic development in accordance with local regulations.