November 29, 2024

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Karim Zidane, a Moroccan minister delegate in charge of investment, convergence, and the evaluation of public policies, delivers his welcoming remarks during the 'Morocco - Sustainable Hub for Investment and Trade' forum held in Seoul on Thursday. (Courtesy of the Moroccan Embassy in Korea)

The Moroccan Embassy in South Korea hosted an investment forum in Seoul on Thursday evening to bolster economic cooperation between Morocco and South Korea.

Held under the theme “Morocco -- Sustainable Hub for Investment and Trade,” the event brought together government officials and industry leaders to explore new business opportunities and enhance bilateral relations between the two nations.

In his welcoming remarks, Chafik Rachadi, ambassador of Morocco to Korea, emphasized the historical ties and growing partnership between the two nations.

“Our countries share a deep history, from Morocco’s participation in the Korean War to the expanding collaboration in trade and investment today,” he said.

Citing Morocco's unique position as a bridge between Africa, Europe and the Middle East, Rachadi emphasized its extensive network of free trade agreements with over 55 countries and its proximity to 180 global ports, describing them as key pillars of the country’s economic strength.

He also highlighted Morocco’s incentives for foreign investors, including tax exemptions, streamlined investment procedures and workforce training programs. These measures, he added, position Morocco as a hub for trade and industry in the region.

The session continued with Karim Zidane, minister delegate in charge of investment, convergence and the evaluation of public policies, who emphasized the reforms Morocco has undergone under the leadership of King Mohammed VI.

“Morocco has emerged as a modernized, diversified economy equipped with world-class infrastructure, such as Africa’s first high-speed rail system and one of the continent’s largest automotive manufacturing hubs,” Zidane said.

In particular, Zidane highlighted Morocco’s commitment to renewable energy, with over 45 percent of its power derived from green sources and ambitious goals to raise that figure to 52 percent by 2030. He also invited Korean companies to explore Morocco’s potential in sectors like automotive, aerospace and renewable energy, noting that Morocco provides a stable business environment, low-cost energy and a competitive labor force.

Representing the South Korean government, Trade Minister Cheong In-kyo emphasized the urgency of advancing discussions on a broader partnership agreement to establish a solid legal framework for trade and investment between the two nations.

“Korean companies have already invested heavily in Morocco, especially in sectors like automotive and infrastructure,” he said. “A more robust legal framework will help unlock the full potential of our partnership. Today’s forum highlights Morocco’s appeal as an investment hub and presents opportunities to further our collaboration.”

Cheong also acknowledged Morocco’s ongoing efforts to prepare for the 2030 FIFA World Cup, a project expected to create significant demand for infrastructure development and foreign investment.

The forum also included testimonials from Korean businesses successfully operating in Morocco. Suk Choo-rhee, vice chairman of Hands Corp., described Morocco as “a land of immense potential,” noting the company’s rapid construction of a state-of-the-art factory in Tangier, northwestern Morocco. Kim Mun-jun, executive director of Yura Corporation, praised the country’s investment-friendly policies and infrastructure.

The evening event attracted more than 100 participants, including representatives from major Korean firms including Samsung E&A, LG Energy Solution, Hyundai Heavy Industries and LX International.

Cheong In-kyo (left), South Korea's trade minister, and Karim Zidane, Morocco’s minister delegate in charge of investment, convergence, and the evaluation of public policies, pose during the event. (Courtesy of the Moroccan Embassy in Korea)

By Hwang Joo-young (flylikekite@heraldcorp.com)