Karim Zidane Represents King at US-Africa Business Summit in Angola
Marrakech – Karim Zidane, Morocco's Investment Minister, is representing King Mohammed VI at the 17th US-Africa Business Summit that opened Monday in Luanda, Angola.
Zidane heads a significant delegation of public and private sector leaders, including officials from the Moroccan Agency for Investment and Export Development (AMDIE), the National Office of Hydrocarbons and Mines (ONHYM), and the National Railway Office (ONCF).
The delegation also includes representatives from the General Confederation of Moroccan Enterprises (CGEM), MEDZ, MARSA Maroc, and Moroccan banks.
The summit has drawn more than 1,500 participants, including African heads of state, ministers, economic and political decision-makers, and private sector representatives.
The gathering serves as a major platform for economic dialogue and building sustainable strategic partnerships between the United States and the continent's emerging powerhouses.
Morocco's participation aligns with King Mohammed VI's directives to strengthen the North African country's economic partnerships with African countries and international partners.
The delegation aims to showcase reforms undertaken by Rabat to enhance its economic attractiveness, particularly the implementation of the new Investment Charter.
The Moroccan representatives will promote opportunities in strategic sectors including renewable energy, automotive manufacturing, aeronautics, agro-industry, and green technologies.
Morocco offers investors incentives that can reach up to 30% of the total investment amount through direct subsidies based on project characteristics, geographical location, and sector. The country also provides tax exemptions for new companies or those established in specific zones.
With more than 40% of its energy mix coming from renewable sources, Morocco has built major solar and wind projects, including the Noor project in Ouarzazate.
The automotive sector has become the country's leading export sector, with a complete ecosystem that includes two manufacturers (Renault and Stellantis) and more than 250 major international suppliers.
Morocco holds a unique strategic advantage as one of only nine countries worldwide with free trade agreements with both the United States and the European Union, offering investors preferential access to two of the largest global markets.
The North African country's foreign direct investment (FDI) rose by 55% in 2024, reaching $1.64 billion compared to $1.05 billion in 2023.
The free trade agreement with the United States, in effect since 2006, has significantly boosted bilateral trade, which increased sixfold from $1.3 billion in 2006 to $7.2 billion in 2023.
In 2024, US goods exports to Morocco reached $5.3 billion, representing a 37.3% rise from the previous year, while US imports from Morocco totaled $1.9 billion, with a 12.3% increase from 2023, making the Maghreb country one of America's main trading partners in Africa. Tags: Karim ZidaneMorocco and AfricaMorocco and the US
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