French Investors Eye Morocco’s Booming Renewable Energy Sector

Morocco is France’s main investment destination in Africa, according to specialists in international markets. French businessmen are already numerous to invest in the automotive, aeronautics and rail sectors of the kingdom. But the sector that seems to be of most interest to French investors today is that of renewable energies, reports Atalayar.

"We are looking to invest in other sectors, such as renewable energies," said Hélène Le Gal, French ambassador to Morocco, assuring that French SMEs, once reluctant to invest in Africa or Morocco in particular, "will now have all the cards in hand to face Chinese and Turkish competition." The diplomat also indicated that France and Morocco have a long-standing cooperation, noting that the company Alstom, specialized in the energy and transport sectors, has been established in Morocco for more than 100 years and is the designer of most of the TGVs circulating in the kingdom.

Morocco is one of the pioneering countries in the adoption of ecological strategies. Since 2009, the kingdom has launched renewable energy production projects that have contributed to the development of the country’s energy efficiency and the improvement of its energy mix, with the aim of reaching 52% production by 2030. In 2020, Morocco was already using 40% of renewable energies in its energy mix, according to experts.

For Olivér Varheyi, European Commissioner for Enlargement and Neighborhood Policy, the arrival of French investors should help further consolidate the economic and trade partnerships between Morocco and Europe and "greater integration of European and African markets".