Thursday, May 30, 2024

King Muhammed VI Addresses 4th Africa Investment Forum, Calls for Concrete Action to Address Pressing Issues

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By: Dawda Baldeh

Addressing the gathering on the 4th Edition of the Africa Investment Forum in Marrakesh, Morocco, Muhammed VI, the King of Morocco, calls on African leaders to work together in order to address climate change and other pressing issues posed by geopolitical tensions.

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King Muhammed VI made these remarks at the opening of the fourth edition which brings together heads of states, business leaders, and other key stakeholders.

He commented that Morocco is committed to supporting inter-African cooperation, economic challenges, climate change, and the role of the private sector in African development.

“It’s important to recognize the need for collaboration and diversified sources of investment to address the pressing issues faced by African countries,” he said.

He reminded the gathering that state budgets alone cannot fulfill all investment requirements, highlighting the significance of engaging the private sector.

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“The private sector can contribute to job creation and investment in high-potential sectors, thereby fostering economic growth and development,” he continued. “It’s commendable that African countries are striving to strike a balance between economic and social development needs while also managing budgetary constraints. The challenges posed by climate change, despite Africa’s relatively low greenhouse gas emissions, further underline the need for sustainable and resilient development strategies. Events like this continental forum provide a valuable platform for knowledge sharing, exchange of experiences, and fostering solidarity among African nations,” he explained.

The Moroccan King further mentioned that these efforts can help boost investment dynamics and promote sustainable development across the continent.

He added that Africa needs, more than ever, bold and innovative initiatives to encourage private entrepreneurship and unleash the full potential of the continent.

His Majesty cited the forum on Africa Investment as a great initiative to help revitalize the continent’s economy and reinforce the integration of African economies into global value chains.

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He went on to underscore the necessity of continental cooperation to bring about positive change in Africa.

He added that the gathering will undoubtedly help direct private investment towards the most promising economic sectors, thus reinforcing the integration of African economies, and build stronger, more resilient continental value chains.

King Muhammad commented the organizers for coming up with the theme “Unlocking Africa’s Value Chains” as countries gather to discuss the way towards more economic growth.

Delving into the significance of investment on infrastructure development to attract foreign investors, King Muhammed VI said Morocco has made infrastructure development a priority in all economic sectors.

“My country has become a model in infrastructure investment,” he said at the meeting. “The Kingdom now has 4.1 gigawatts of installed renewable capacity. It is continuing to roll out its strategy plan to increase the share of renewable energy to over 52% of its National electricity mix by 2030.”

He expressed that infrastructure gaps between Africa and other countries remain a major concern, adding that the gap needs to be quickly bridged to promote a regional value chain that can accelerate the productive transformation of African countries.

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