On the eve of the start of GITEX Africa, the U.S. Embassy in Rabat and Prosper Africa initiated an unprecedented business meeting in Marrakech in favor of innovative Moroccan startups.
As he does on each of his outings, the U.S. Ambassador to Morocco praised, on Monday, May 27, in Marrakech at the opening of the "Venture Capital Forum," the progress made by Morocco in terms of infrastructure and improving the business climate, making the country "one of the most attractive on its continent."
In front of about thirty investors, some of whom had traveled from the United States and others operating in Morocco, Puneet Talwar stated that the ground is more favorable than ever for Moroccan startups, 25 of the most promising of which are participating in this very first forum dedicated to venture capital, to see new horizons open up.
As a co-initiator with the U.S. Embassy of this event, Prosper Africa hopes to make it a case study demonstrating that stimulating investment also involves bringing together dynamic and innovative startups with knowledgeable investors. This was explained by the coordinator of Prosper Africa. Discovering Morocco for the first time, British Robinson said she was impressed by its level of development and the numerous opportunities the kingdom offers to investors. "Morocco is a force that is developing not just for itself, but also for its continent," she enthusiastically highlighted.
As a reminder, Prosper Africa is a U.S. government initiative launched in 2018. Its goal is to strengthen trade and investment ties between the United States and African countries. It aims to promote bilateral trade, encourage American investments in Africa, and support economic growth and job creation on both sides. Simplifying trade processes, providing resources, and facilitating access to American financing for African companies are its other main objectives. Through this approach, Americans are going on the offensive against the strong presence of Chinese and Russian investors in Africa.
Morocco is multiplying signals to attract American investors, of which Prosper Africa aims to mobilize even just one percent of their dormant capital, amounting to several billion dollars.
Speaking at the Morocco-USA Venture Capital Forum, Mohcine Jazouli explained that the Kingdom, under the enlightened leadership of His Majesty King Mohammed VI, has experienced significant development and has become a regional economic power characterized by modernity and diversity, while possessing world-class infrastructure. The Minister Delegate in charge of Investment, Convergence, and Evaluation of Public Policies added that the kingdom has now entered a new phase of development, strongly focusing on attracting private investments. Jazouli reiterated the Moroccan government's commitment to supporting American investors and strengthening solid economic relations between the two countries through all means of bilateral cooperation.
The minister expressed his conviction that "the startup ecosystem in Morocco will see many success stories in the future," emphasizing the importance of collaboration between all stakeholders to position this ecosystem where it deserves. Mohcine Jazouli assured that American companies play an important role in Morocco's socio-economic development, stressing that American venture capital investors can contribute significantly and effectively to this important ambition.
In this regard, the figure given by the U.S. Ambassador to Morocco is revealing: 119 million dollars. This is the total amount of funds raised in 2022 by Moroccan startups from venture capital investors. The American diplomat specified that Moroccan tech startups are distinguished in several fields, including agri-tech, climate-tech, health-tech, fintech, and deep-tech, and are opening the way in many vertical sectors, demonstrating enormous potential for technological advancements. The USA-Morocco Venture Capital Forum and the GITEX Africa Digital Summit that will follow are major opportunities for Morocco to advance its ambition of becoming a technological hub in Africa.
