Marrakech hosts Morocco-USA Venture Capital Forum

Marrakech hosted on Monday and Tuesday a Morocco-USA Venture Capital Forum, organized by the United States Embassy in Rabat, in collaboration with the US government initiative “Prosper Africa”.

The forum, the first of its kind between the two countries on venture capital, brought together 25 of the most promising startups in the North African Kingdom.

Addressing the forum, US ambassador to Morocco, Puneet Talwar, said 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.

For her part, “Prosper Africa” initiative Coordinator, British A. Robinson, said that this meeting is meant to boost investment in the private sector, attract more investments to Morocco, and support startups and the thriving ecosystem of Moroccan entrepreneurship.

She expressed her satisfaction with the contribution of this American initiative, which aims to increase trade and investments between the United States and Africa, and to promote the economic growth of Morocco.

Taking the floor, Minister in charge of Investment, Mohcine Jazouli, pointed out that Morocco is one of the most attractive investment destinations in Africa and has experienced significant development, becoming a regional economic powerhouse, characterized by modernity and diversity, while boasting world-class infrastructure.

The official who underlined the Moroccan government’s commitment to supporting American investors and strengthening strong economic relations between the two countries said that Morocco has currently entered a new phase of development, with a strong emphasis on attracting private investments.

He expressed confidence that “the startup ecosystem in Morocco will experience many success stories in the future”, emphasizing the importance of collaboration between all stakeholders to position this ecosystem in the place it deserves.

Jazouli also noted that American companies play an important role in the socio-economic development of Morocco, affirming that American venture capital investors can contribute significantly and effectively to this ambition.

He noted that Morocco, as a major economic partner of the United States and a gateway to the African continent, is well positioned to help strengthen the African startup ecosystem.