Casablanca Finance City Authority (CFCA) and the South African Agency Wesgro have signed a memorandum of understanding to promote investment opportunities in Morocco and South Africa.
This new legal instrument, signed during a videoconference by the CEOs of CFCA and Wesgro, respectively Saïd Ibrahimi and Tim Harris, paves the way for the establishment of a support platform for companies in their respective investment projects, whether in South Africa for Moroccan companies or in Morocco for South African companies.
Morocco’s Ambassador to Pretoria Youssef Amrani welcomed this initiative as carrying in its essence the values and ambitions of an Africa which is shaping its future through reinforced economic voluntarism and instruments of cooperation.
He indicated that the conclusion of this agreement denotes the growing interest of many African companies in the promising potential of the Moroccan market located at the crossroads of Europe and Africa, with solid macroeconomic fundamentals, modern infrastructure and a variety of opportunities.
This African synergy provides for strong and positive prospects for the strengthening of inter-African investments and trade, said Ambassador Amrani, adding that this agreement will allow Moroccan companies to explore with more visibility the economic potential of the Cape region located in the extreme south of our continent.
Upon signing the agreement, Ibrahimi said “our partnership aims to expand our respective fields of economic influence and open up new market opportunities for our business communities. Our ambition, through this new memorandum of understanding with Wesgro, is to set up multiple commercial channels between the Western Cape and Casablanca.”
For his part, Tim Harris insisted that “Morocco and South Africa have a lot in common. We are at similar stages of development, we position ourselves as entry points to broader African opportunities and we have a similar optimism regarding our economic potential.”