Germany Renews Commitment to Strengthen Bilateral Ties, Cooperation with Morocco
The call, the first of its kind between Wadephul and Bourita, served as an opportunity for both Berlin and Rabat to emphasize the importance of bilateral ties between the two countries and reaffirm their commitment to strengthened relations.
Both ministers also expressed a desire to see their relationship grow at all levels, with the German minister satisfied with cooperation between Rabat and Berlin in various fields like economy, energy, and employment.
Bourita and Wadephul also confirmed their intention to continue the strategic dialogue that the two countries established as part of a Joint Declaration in 2022. The next dialogue session will take place in Rabat, they announced.
Germany is one of the growing list of EU countries that view Morocco's Autonomy Plan as a serious and credible basis to end the dispute over Western Sahara.
The newfound position came after a period of brief tension between Rabat and Berlin after Morocco recalled its ambassador from Germany in May 2021, two months after the Moroccan Ministry of Foreign Affairs announced the suspension of all contacts with the German embassy in Rabat.
The ministry said back then that the decision was due to Germany's 'exacerbated hostile acts' against Moroccan interests, particularly the country's sovereignty over its southern provinces.
In December 2021, the German Foreign Ministry released a press statement expressing support for Morocco's efforts in the UN-led political process to find a political solution to end the dispute.
It also asserted that the autonomy initiative is an 'important contribution to efforts to end the dispute.'
The German government has long emphasized the importance of bilateral ties between the two countries. This cooperation covers several areas, like security, migration, as well as innovation, and climate change.
According to data from the German Federal Foreign Office, Germany and Morocco enjoy significant economic and trade ties.
'Germany is currently Morocco's sixth-largest trading partner,' the office said, noting that imports from Morocco amounted to over €3.2 billion, and exports to Morocco totaled € 3.5 billion last year.
About 300 German companies are operating in Morocco, creating 35,000 jobs in the North African country.
Beyond trade, Morocco is one of the premier tourist destinations for Germans.
'In 2024, approximately 4% of foreign tourists were from Germany,' the German office concluded. Tags: algeria western saharaGermany and Morocco
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Morocco World
26 minutes ago
- Morocco World
Europe's Largest Digital Bank Revolut Sets Sights on Morocco
Marrakech – Europe's largest digital bank, Revolut, is advancing its plans to enter the Moroccan market. The British fintech company has appointed Amine Berrada, former operations director for Uber in Southern and Eastern Europe, to lead its strategy and operations in the country. Revolut, founded in 2015, serves 60 million customers worldwide and has recently been valued at approximately $45 billion. The company has begun forming a team in Morocco in preparation to apply for a license from Bank Al-Maghrib, the country's central bank. 'Revolut continues to explore growth opportunities in new markets as part of our mission to provide our app to customers around the world,' a spokesperson told Asharq Business via email, in a report published on Sunday. 'We are evaluating the Moroccan market and consider it an attractive market, allowing us to provide unique value to customers in the future. However, we are still in the early stages of the process,' they added. The London-based fintech company has included Morocco among its target countries for expansion in the Middle East and North Africa region, alongside the UAE and Saudi Arabia. Revolut offers savings, deposit, borrowing, and investment services globally, as well as foreign exchange, cryptocurrency, and various other financial products. Amine Berrada, who was appointed this month, expressed his enthusiasm in a LinkedIn post: 'Revolut is on a mission to build the world's first truly global financial superapp, and I'm thrilled to contribute to launching and scaling its presence in Morocco.' 'I'm especially proud to be doing this for my home country, helping bring cutting-edge financial services to millions of Moroccans,' he continued. Last year, Revolut surpassed HSBC in customer numbers, helping the company increase its revenue by 72% to £3.1 billion ($4 billion). The fintech giant processed over $1 trillion in customer transactions last year. The company currently supports approximately 36 currencies through its application. Revolut has been actively seeking new permits in various countries worldwide, including through acquisitions. The company already holds a banking license in the United Kingdom and operates in Australia, Japan, India, and Latin America. The fintech firm is backed by SoftBank Group, having raised $800 million from investors in 2021, including from SoftBank's Vision Fund 2 and Tiger Global Management. Since April, there have been multiple reports suggesting Revolut's interest in the Moroccan market. According to Challenge magazine, the company had begun the recruitment process for a local general manager at that time. 'It's no longer a rumor,' fintech expert Adnane Messaoud told Challenge, suggesting that Revolut's arrival could seriously disrupt the ecosystem with fee-free services, real exchange rates, and a fluid interface. Morocco's appeal to giants like Revolut is understandable. Andrea Bises, a regulatory markets specialist for the Gates Foundation, explained to Challenge that 'the Kingdom is among Africa's five lions, with a stable economy and strategic openness to Europe.' However, he warned that 'the regulatory framework is still rigid. No new foreign banking license has been issued for more than a decade.' In this context, Revolut might opt for a hybrid model by forming a strategic partnership with a local bank, similar to CIH Bank's partnership with Apple Pay. This approach could help navigate regulatory complexities while testing the market with a targeted audience. Morocco's growing banking penetration rate, structured regulator, and mature banking sector make it a logical next step after South Africa, where Revolut has already applied for a banking license. The Moroccan diaspora abroad, estimated at over 5 million people, represents an important remittance corridor that Revolut could leverage with its cross-border money transfer solutions. Revolut's interest in the North African country comes as authorities are seeking to encourage fintech companies to contribute to enhancing financial inclusion in the country. Read also: Bank Account Ownership in Morocco Reaches 58% in 2024 Tags: Banking sectorRevolut
Morocco World
2 hours ago
- Morocco World
Hyundai Rotem Expresses Interest in Contributing to Morocco's Railway Expansion Plan
Rabat – Jeong Hoon Kim, Head of Real Solutions at Hyundai Rotem, commended Morocco's business climate, stating that the country is emerging as a key destination for foreign industrial investment. Hoon Kim made his remarks on the eve of the Throne Day, which marks the 26th anniversary of King Mohammed VI's accession to the Throne. Morocco will observe the commemoration on Wednesday, with the monarch expected to deliver his traditional annual address.. Impressed by the development Morocco's sectors have achieved in recent years, Hoon Kim said Hyundai Rotem has been following the Moroccan market for ten years. He affirmed that Morocco showed a remarkable resilience in the face of the COVID-19 pandemic, stating that the North African country represents a 'long-term strategic market for Hyundai Rotem.' He also called for the recent signing of a contract with Morocco's National Railway Office (ONCF). In February, the company celebrated a remarkable and historic deal to supply double-decker trains to Morocco. The contract was signed between ONCF and Hyundai Rotem for $1.5 million, which will be invested in designing new trains that reach speeds of 160 kilometers per hour. The trains aim to connect Casablanca to key regions across Morocco. Hoon Kim conveyed the group's desire to be part of a lasting cooperation with Morocco, expressing interest in the country's Rail Plan 2040– which he described as an 'ambitious roadmap.' The plan aims to expand Morocco's rail network, and Hyundai Rotem is ready to actively contribute to the program's implementation, he said. Key factors attracting foreign investors are the country's political and economic stability, he stated, citing the presence of Korean companies like Hands Corporation, which set up a car parts production unit in Morocco exclusively for the EU market. 'This is a model of win-win cooperation that we wish to replicate,' he concluded. Tags: HyundaiHyundai Rotem
Morocco World
4 hours ago
- Morocco World
First Lady Visit: El Salvador Seeks Stronger Ties with Morocco
Rabat – Morocco welcomed on Sunday the First Lady of El Salvador, Gabriela Rodrigues de Bukele, as the two countries explore ways to further enhance bilateral relations at all levels. Princess Lalla Asmae of Morocco welcomed Rodrigues De Bukele at the Rabat-Sale Airport upon her arrival. The visit comes as part of a shared determination from the two countries, which are committed to strengthening bilateral relations across all sectors. Bilateral ties experienced a momentum following the country's decision to withdraw recognition of the self-styled SADR run by Polisaio and controlled by Algeria in 2019. Earlier this month, Felix Ulloa, Vice President of El Salvador, renewed his country's commitment to strengthening bilateral ties. He also reiterated his country's steadfast support for Morocco's territorial integrity and for the Autonomy Plan as a serious, realistic, and credible political solution to the regional dispute. In June, the official said his country seeks to expand the areas of cooperation with Morocco, shedding light on his country's interest in building partnerships in several sectors such as fisheries and agriculture. In May, Felix Ulloa recalled the same position in a meeting with Moroccan officials in Quito, Ecuador, where they discussed the possibility of opening of El Salvador consulate in Laayoune. Layoune and Dakhla have been serving as hubs of the international community's support for Morocco's position. At least 30 countries from different regions across the world have opened consulates in Morocco's southern provinces to reflect their support for Morocco's sovereignty over its southern provinces in Western Sahara. Dakhla hosts consulate representatives from several countries, including Haiti, Suriname, Senegal, Gambia, Guinea-Bissau, Guinea, Sierra Leone, Liberia, Togo, Equatorial Guinea, Democratic Republic of Congo, Cape Verde, Djibouti, and Burkina Faso. Laayoune, meanwhile, hosts Jordanian representatives, as well as consulates of Bahrain, UAE, Burundi, Central Africa Republic, Comores, Malawi, Zambia, Eswatini, Sao Tome and Principe, Gabon, and Cote d'Ivoire. Tags: el salvador and morocco
