Latest news with #17thUS-AfricaBusinessSummit
Morocco World
2 days ago
- Business
- Morocco World
Nigeria-Morocco Gas Pipeline: ECOWAS Poised to Give Final Approval
Marrakech – The Nigeria-Morocco Gas Pipeline project awaits its final institutional step as ECOWAS heads of state prepare to give their official approval. This strategic 6,900-kilometer pipeline aims to strengthen energy security across West Africa while fostering industrial and social development in the region. Amina Benkhadra, Director General of Morocco's National Office of Hydrocarbures and Mines (ONHYM), announced the project's advancement during the 17th US-Africa Business Summit in Luanda, which concluded yesterday. 'The Intergovernmental Agreement has been endorsed by energy ministers of the concerned countries and approved by ECOWAS,' Benkhadra stated. 'The official signature by the heads of state will constitute the final institutional milestone before implementation begins.' The project, co-led by ONHYM and the Nigerian National Petroleum Company (NNPC), has already achieved several key technical, environmental, and institutional benchmarks. Implementation will proceed gradually, adapted to regional specificities. Also known as the African Atlantic Gas Pipeline, it will benefit 13 coastal countries and 3 landlocked countries, helping to structure a regional electricity market. Morocco views this initiative as part of its broader energy strategy aimed at ensuring national energy security while expanding access to natural gas across the continent. 'Access to natural gas, a clean and available resource, must be expanded across the continent to support its development,' Benkhadra noted during a high-level session titled 'Unleashing Africa's Gas Potential: Pathways to Sustainable Growth and Energy Security.' She stressed Morocco's position as a bridge between continents and a regional stability actor. 'Morocco, under the enlightened leadership of His Majesty King Mohammed VI, is working to play a driving role in African development by leveraging its geostrategic position at the crossroads of Europe, Africa, and America,' Benkhadra added. The director general pointed out Morocco's unique status as the only African country with a free trade agreement with the United States, positioning it as a convergence platform between Africa and major global economies. Morocco was represented at the summit by a strong multisectoral delegation led by Karim Zidane, Minister Delegate to the Head of Government for Investment, Convergence, and Evaluation of Public Policies. The delegation included leaders from key public and private sector organizations, including AMDIE, ONHYM, ONCF, CGEM, MEDZ, MARSA Maroc, and representatives from Moroccan banks. During the summit, Zidane held bilateral meetings with several counterparts, including José de Lima Massano, Angola's Minister of State for Economic Coordination, Rui Miguêns de Oliveira, Minister of Industry and Commerce, Isaac Francisco Maria dos Anjos, Minister of Agriculture and Forests of Angola, and Mohamed Chimi, Egyptian Minister of Public Business Sector. These discussions confirmed a shared desire to strengthen dynamic partnerships in strategic sectors, including investment, industry, agriculture, and trade. The summit, themed 'Pathways to Prosperity: A Shared Vision for US-Africa Partnership,' gathered over 1,500 participants, including heads of state and high-level government officials, serving as a major platform for economic dialogue between the US and African countries. Notably, the US and Angola refused to allow the Polisario Front's self-styled 'SADR' to participate, marking another diplomatic setback for the Algiers regime. This decision reinforces Morocco's legitimate rights over its Sahara, with over 90% of African nations now supporting the North African country's position. The ONHYM delegation also held exchanges with several partners, including the Angolan sovereign wealth fund. Read also: Nigeria-Morocco Gas Pipeline Tops President Tinubu's Priorities
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Egypt committed to strengthening partnerships with African nations: El-Shimy
Mohamed El-Shimy, Minister of the Public Enterprises Sector, held a series of high-level bilateral meetings on the sidelines of the 17th US-Africa Business Summit, currently taking place in Luanda, Angola, from 22 to 25 June. El-Shimy is participating as Egypt's official representative, accompanied by Nevine El-Husseiny, Egypt's Ambassador to Angola, as part of Cairo's ongoing efforts to deepen economic cooperation with African countries. During his meeting with Esperança da Costa, Vice President of Angola, both sides reaffirmed the strength of historic ties between Egypt and Angola and discussed avenues for expanding cooperation in key priority sectors. The meeting also highlighted the significance of the summit as a forum for dialogue between governments and the private sector, particularly as Angola holds the presidency of the African Union this year and celebrates 50 years of independence. El-Shimy also met with several African ministers and senior officials attending the summit, including Rui de Oliveira, Angola's Minister of Industry and Trade; Isaac Francisco, Minister of Agriculture; Sílvia Paula, Minister of Health; and Armando Manuel, Chairperson of Angola's Sovereign Wealth Fund. Other key meetings included discussions with Julien Paluku, Minister of Trade of the Democratic Republic of the Congo; Karim Zaidan, Morocco's Minister of Investment; and Mohamed Arkab, Algeria's Minister of Energy. The talks focused on boosting cooperation between Egypt and these countries in various fields including investment, joint industrial ventures, and trade exchange—contributing to deeper regional economic integration and advancing sustainable development objectives. El-Shimy stressed that Egypt, under the leadership of President Abdel Fattah El-Sisi, attaches great importance to enhancing partnerships with African nations on the basis of mutual interests and regional unity. He noted that the Ministry of Public Enterprises Sector is working actively to expand collaboration with African counterparts, especially in strategic productive sectors. He added that these engagements align with Egypt's broader strategy to open new markets for Egyptian companies across the continent, facilitate the transfer of industrial and technological expertise, and foster joint ventures with both public and private sector partners in African states. El-Shimy concluded by highlighting the wide-ranging opportunities available for cooperation across multiple sectors and reiterated the importance of the summit as a key platform for direct interaction between government leaders and private sector stakeholders across Africa.
Morocco World
5 days ago
- Business
- Morocco World
Karim Zidane Represents King at US-Africa Business Summit in Angola
Marrakech – Karim Zidane, Morocco's Investment Minister, is representing King Mohammed VI at the 17th US-Africa Business Summit that opened Monday in Luanda, Angola. Zidane heads a significant delegation of public and private sector leaders, including officials from the Moroccan Agency for Investment and Export Development (AMDIE), the National Office of Hydrocarbons and Mines (ONHYM), and the National Railway Office (ONCF). The delegation also includes representatives from the General Confederation of Moroccan Enterprises (CGEM), MEDZ, MARSA Maroc, and Moroccan banks. The summit has drawn more than 1,500 participants, including African heads of state, ministers, economic and political decision-makers, and private sector representatives. The gathering serves as a major platform for economic dialogue and building sustainable strategic partnerships between the United States and the continent's emerging powerhouses. Morocco's participation aligns with King Mohammed VI's directives to strengthen the North African country's economic partnerships with African countries and international partners. The delegation aims to showcase reforms undertaken by Rabat to enhance its economic attractiveness, particularly the implementation of the new Investment Charter. The Moroccan representatives will promote opportunities in strategic sectors including renewable energy, automotive manufacturing, aeronautics, agro-industry, and green technologies. Morocco offers investors incentives that can reach up to 30% of the total investment amount through direct subsidies based on project characteristics, geographical location, and sector. The country also provides tax exemptions for new companies or those established in specific zones. With more than 40% of its energy mix coming from renewable sources, Morocco has built major solar and wind projects, including the Noor project in Ouarzazate. The automotive sector has become the country's leading export sector, with a complete ecosystem that includes two manufacturers (Renault and Stellantis) and more than 250 major international suppliers. Morocco holds a unique strategic advantage as one of only nine countries worldwide with free trade agreements with both the United States and the European Union, offering investors preferential access to two of the largest global markets. The North African country's foreign direct investment (FDI) rose by 55% in 2024, reaching $1.64 billion compared to $1.05 billion in 2023. The free trade agreement with the United States, in effect since 2006, has significantly boosted bilateral trade, which increased sixfold from $1.3 billion in 2006 to $7.2 billion in 2023. In 2024, US goods exports to Morocco reached $5.3 billion, representing a 37.3% rise from the previous year, while US imports from Morocco totaled $1.9 billion, with a 12.3% increase from 2023, making the Maghreb country one of America's main trading partners in Africa. Tags: Karim ZidaneMorocco and AfricaMorocco and the US
