Investment opportunities in Morocco and the strength of the US-Morocco strategic partnership took center stage during a roundtable discussion held on Monday at the USA-Africa Business Summit in Arlington, Texas, to the west of Dallas.
Morocco’s Ambassador to the United States Youssef Amrani noted the extensive and deep-rooted exceptional relationship between the two countries. He highlighted the ever-growing opportunities presented by the free trade agreement between Morocco and the US, emphasizing the shared commitment to expanding the scope of the relationship.
“Morocco is both a preferred partner, a credible interlocutor, and a trusted actor that, beyond its favorable economic climate for investments, benefits from a very particular ability to operate transversally within the highly strategic framework of its relations with the United States,” the diplomat noted.
The ambassador pointed out the significant progress that has already been made in political, diplomatic, economic, and security cooperation over the 247-year alliance between the two countries.
According to Amrani, this dynamic is expected to continue and grow stronger at a time when “Africa is gradually emerging as a new engine of global growth and is moving closer to a continental free trade area.”
The Director-General of the Moroccan Agency for Investment and Export Development (AMDIE), Ali Seddiki, presented investment opportunities in electric mobility, aerospace, and renewables.
Arlington Mayor Jim Ross praised the city’s diverse culture and abundant opportunities, highlighting its appeal to businesses of all sizes due to its skilled workforce and strategic location. He expressed excitement about the promising partnership with Moroccan counterparts.
“This roundtable discussion was an opportunity to underline the significant investment opportunities in Morocco and interact with a prominent group of Texan operators representing a wide range of sectors crucial to the Morocco-USA relationship, from aerospace to agri-food, energy, and new technologies,” Ross said.
Thanks to the US-Morocco Free Trade Agreement (FTA), fast approaching its 20th anniversary, the United States is Morocco’s third-largest trading partner. Morocco also ranks as the fourth-largest trading partner of the US in Africa.
Last year, American investments accounted for over 30% of the total foreign direct investments in Morocco, placing the United States as its top investor. Bilateral trade has also significantly increased to reach $5 billion in 2023, up from $925 million in 2005 pre-FTA agreement.
American exports to Morocco have increased in value by 70%, rising from $480 million in 2005 to $3.4 billion in 2023, while Moroccan exports to the United States have tripled in value to reach $1.6 billion in 2023, up from $445 million in 2005.
The summit, entitled “USA-Africa: A Partnership for Sustainable Success,” held by the Corporate Council on Africa, is designed to foster enduring commercial partnerships between the US and Africa. It brought together over 1,500 participants including heads of state, ministers, and business leaders from both the public and private sectors of the US and Africa.
Represented by a high-level delegation led by Minister Mohcine Jazouli, Morocco is actively participating in the summit to promote the country as an investment destination for American market players.
This initiative, part of a roadshow organized by AMDIE in collaboration with the Moroccan Embassy in the US and the US Embassy in Rabat, will tour Dallas, Austin, San Francisco, and Seattle, showcasing the diverse investment opportunities and reinforcing the strong economic ties between Morocco and the United States.
The summit runs from May 6-9 at the AT&T Stadium (Cowboys Stadium).