Morocco launches ambitious African Atlantic Area initiative for shared prosperity

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Morocco launches ambitious African Atlantic Area initiative for shared prosperity: Ghana News

During the celebration of the 48th anniversary of the Green March, His Majesty King Mohammed VI of unveiled an expansive Atlantic initiative with a focus on Africa.

This visionary project aims to transform the African maritime space into a zone of peace, stability, development, and global influence.

The African Atlantic Area initiative is poised to play a crucial role in enhancing economic and geopolitical significance for the continent.

King Mohammed VI envisioned the initiative as a means to exploit Africa's potential for mutual development, fostering peace and stability.

The initiative is expected to have a substantial positive impact on the African Free Trade Area (ZLECAF), improving logistical mechanisms and facilitating trade between African countries.

The plan includes an average annual increase in Foreign Direct Investment (FDI) of over 5%, with 40% allocated to the industrial sector.

Furthermore, the African Atlantic Area will enable the establishment of continental value chains and industrial ecosystems, promoting cooperative development based on shared principles.

The initiative is set to boost trade between African countries and the rest of the world, significantly contributing to economic and social development across the continent.

A key aspect of the initiative is the exchange of knowledge and best practices among African nations, optimizing logistics and commercial efficiency within the continent.

The development of connectivity by roads and railways will increase operational flows from the ports of the Atlantic African Maritime Area.

The initiative also aims to develop high-value industries in the region, such as the automobile industry in , , and Sahel countries.

The creation of an Afro-Atlantic value chain for the automotive industry, leveraging Moroccan expertise, demographic advantages, and logistical competitiveness, is anticipated.

His Majesty King Mohammed VI emphasized the establishment of a national naval company as a pivotal initiative to redefine the Kingdom's position in international trade.

This endeavor is expected to enhance 's logistical assets, including port infrastructure, rail, and road networks.

The continental naval company, shared among multiple African nations, will engage in logistics activities across various ports, fostering joint economic development and collaboration among participating nations. This initiative is envisioned to be a key driver for Africa's central role in global trade.

The African Atlantic Area initiative encompasses three key elements. Firstly, the establishment of a Transcontinental Gas Pipeline across will strengthen energy sovereignty and regional interconnection.

Secondly, the creation of an African Naval Company is set to be a major catalyst for improving regional competitiveness.

Lastly, the development of a value chain for fertilizers aims to support food sovereignty, promoting efficient production and distribution for enhanced .

In summary, the African Atlantic Area initiative, rooted in the vision of co-development, is poised to redefine the economic landscape of the region, ensuring shared prosperity and sustainable growth for the 23 nations of Atlantic Africa.

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