Morocco ready to promote startup ecosystem to a higher level (US Official)

Morocco is ready to promote its startup ecosystem to a higher level, coordinator of the US Prosper Africa initiative, British A. Robinson, said Tuesday in Marrakech.

Speaking at the closing ceremony of the Morocco-USA Venture Capital Forum (May 27-28), Robinson underlined that Morocco boasts a startup ecosystem that is increasingly dynamic and innovative, and has the capacities to compete internationally.

“I am impressed by what I saw and heard during these two days. During matchmaking sessions, startups were truly top-notch,” she stressed.

Thanks to modern infrastructure, a favorable regulatory environment, and support initiatives, like Prosper Africa and the Mohammed VI Fund for Investment, Moroccan startups have the necessary resources to innovate and grow, the US official noted.

This forum and other similar initiatives represent key opportunities for Moroccan entrepreneurs to establish contacts with international investors, share their innovations, and strengthen their position on the global stage, she added.

US ambassador to Morocco, Puneet Talwar, said when he addressed the forum opening session on Monday that Morocco is a rapidly evolving country in various sectors and is increasingly positioning itself as a technological leader in Africa.

The diplomat underlined that thanks to the far-sighted vision and leadership of King Mohammed VI, the Kingdom is now a booming country.

In this context, he recalled that in 2022, Moroccan startups raised $119 million from venture capital investors, thus demonstrating their ability to attract capital to develop innovative solutions to local and regional challenges.

“Moroccan entrepreneurs are attracting more and more capital, and this success is the fruit of the proactive policies of the Moroccan government,” he stressed.

The US diplomat underlined that government support has been crucial, notably through various policies, funding structures, and regulatory reforms. A commitment that reflects the recognition of the importance of startups in economic growth and job creation, he said, noting that Moroccan technology startups stand out in several areas, including agri-tech, climate-tech, health-tech, fintech and deep-tech.

The forum, organized by the US Embassy in Morocco, in collaboration with the Prosper Africa Initiative, was the first of its kind between the two countries on venture capital. It brought together 25 of the most promising startups in Morocco.