Lusaka, June 1, 2023 – The Minister of Foreign Affairs for Zambia, Honorable Stanley Kasongo Kakubo, announced that discussions held during his visit to Morocco have paved the way for joint investments between the two countries. Minister Kakubo, along with a delegation of Zambian officials, met with Moroccan counterparts to explore opportunities for collaboration and economic growth.
The highlight of Minister Kakubo’s visit was a meeting with Mr. Othman Benjelloun, President of the Bank of Africa Group. The Bank, currently operating in 22 African countries with a presence in Europe and China, expressed its commitment to participate in the upcoming Zambia-Morocco Investment Forum to be held in Lusaka later this year. The Bank of Africa will join a consortium of Moroccan businesses to explore investment prospects in Zambia.
During the bilateral meeting with Foreign Minister Nasser Bourita, several key agreements were reached, with a focus on joint ventures in the agriculture, mining, and energy sectors. Zambia, positioning itself as a leader in the production of electric batteries, aims to enhance its capacity to produce fertilizers locally. Minister Kakubo also engaged in fruitful discussions with Morocco’s Minister in charge of Industry and Trade, H.E. Ryad Mezzour, recognizing Morocco’s prowess as Africa’s largest producer of motor vehicles and phosphate fertilizers.
Morocco’s impressive manufacturing capabilities, including the annual production and export of 400,000 vehicles, along with aircraft components for the global industry, position the country as an ideal partner for Zambia. In line with this, both nations agreed to ensure the participation of the top 30 private sector players from Morocco in the Zambia-Morocco Business Forum, to be held in Lusaka this year. This initiative aims to foster synergies and advance joint venture opportunities between the private sectors of the two countries.
To lay the groundwork for future collaborations, Minister Kakubo and his delegation addressed top CEOs from Morocco’s private sector during a productive meeting. The gathering marked the initial steps towards establishing a roadmap for joint investments in various sectors, including mining, infrastructure development, transport, tourism, and energy.
With the successful conclusion of their discussions in Morocco, Minister Kakubo expressed his enthusiasm for hosting the Zambia-Morocco Investment Forum in Lusaka soon. The event promises to further solidify the economic ties between Zambia and Morocco, opening new avenues for mutual growth and prosperity.
The strengthening of economic relations between Zambia and Morocco signifies the growing importance of intra-African partnerships and sets the stage for enhanced collaboration in key sectors. Both countries are poised to leverage their respective strengths to drive sustainable development and create opportunities for their citizens.
