On September 5, it was announced that Mitsubishi UFJ Financial Group (MUFG)’s The Bank of Tokyo-Mitsubishi UFJ has signed a Memorandum of Understanding (MOU) with the Moroccan Investment Development Agency, Agence Marocaine de Développement des Investissements (AMDI), to promote and strengthen investment between Japan and Morocco. This is the first time AMDI has signed a MOU with a private financial institution.
AMDI was established in 2009 as a national authority legally empowered to attract, promote and develop investments in Morocco.
Morocco has shown stable economic growth over the past five years and is in a geographically important location in North Africa and gateway to Africa, attracting various foreign investors, such as the automotive and manufacturing industries. Morocco is a strategically important country for Japanese companies operating in Africa. Approximately 40 Japanese corporates have a presence in Morocco, and as in many other African nations, further corporate expansion in Morocco was encouraged following the fourth Japan-Arab Economic Forum in May 2016, and is expected after the sixth Tokyo International Conference on Africa’s Development (TICAD), a major global platform launched through which Japan and African nations can collaborate to promote Africa’s development.
Through this MOU, MUFG will be able to provide stronger support to its Japanese clients looking to establish a presence or invest in Morocco. It is one of the bank’s key initiatives for promoting African business in the next few years.
(Source: The Bank of Tokyo-Mitsubishi UFJ )
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