The US-Morocco Venture Capital Forum has highlighted the strategic investments and partnerships between the two nations, which have been deepening their relations at all levels for years.
In this regard, Marrakech hosted the US-Morocco Venture Capital Forum, organised by the US Mission to the Kingdom of Morocco and the US Government’s Prosper Africa movement.
The forum was scheduled ahead of GITEX Africa 2024, the leading technology and startup event on the African continent, which brings together American and African venture capitalists, representatives of the Moroccan government and the heads of Moroccan startups. The aim was to strengthen economic and financial relations between the North American giant and the North African country with a view to promoting investment in Morocco, according to an official statement from the US Embassy in Rabat.
During the Forum, the US Ambassador to Morocco, Puneet Talwar, stressed the mutual benefits of US investments in Morocco. ‘The US government also invests in Morocco. And we enjoy an extraordinary return on our investment,’ Talwar said.
He also referred to the confidence of investors in the North African country. ‘It is in their vested interest to form deep, lasting, transformative partnerships here in Morocco. And that Morocco is a good return on investment,’ the US ambassador said, as reported by Morocco World News.
For her part, British A. Robinson, coordinator of Prosper Africa, highlighted the promising future of Moroccan startups. ‘Moroccan startups are ready to take off. Prosper Africa recognises their potential and is proud to have brought together US venture capital funds and their African venture capital peers to meet a selection of Africa’s most talented entrepreneurs,’ said Robinson.
Foreign direct investment is one of the important sources of wealth generation and the North African country has long been encouraging the inflow of foreign capital to finance various sectors through different initiatives, and the United States is no exception to this dynamic.
Moreover, Morocco is a solid partner of the United States. It is worth recalling that the Moroccan kingdom was the first country to recognise the US in 1777 after its independence process, and the relationship has been very good ever since.
The US considers Morocco a stable and reliable ally in the region at all levels, both economically and in terms of security.
Several US missions have visited Morocco to promote business and investment, and contacts between the defence and security departments of both nations are ongoing to strengthen the international fight against criminal gangs and extremist terrorist groups operating mainly in North Africa and in troubled areas such as the Sahel.
It is also worth noting that Morocco is the only African nation with a free trade agreement with the United States, which undoubtedly favours commercial ties between the two nations. There are currently up to 150 US companies operating in Morocco’s strategic sectors.
Morocco is also a key entry point to the sub-Saharan African market due to its good relations with all the African countries in that continental region and, on the other hand, it is also fully immersed in the African Atlantic Initiative, which seeks to promote access to the Atlantic for various African countries, especially in West Africa, in order to promote and boost their economies and commercial activity with an important outlet to the Atlantic Ocean, which can allow these countries to open up to other markets such as the American market.
