(Bloomberg) -- French President Emmanuel Macron looked to smooth often-strained relations with Morocco in a visit to the former protectorate that included signing deals potentially worth up to €10 billion.
In an impassioned and often effusive address to Moroccan lawmakers on Tuesday, Macron lauded the ties between the two nations, noting that “Morocco will always play a singular role, as a gateway to Africa.”
The visit was his third to the North African kingdom since being elected to office in 2017 and the potential investment value of the deals would make this trip the most lucrative for French firms since his election.
The agreements span sectors including infrastructure, energy and Morocco’s high-speed railway, and included companies such as Alstom SA, Engie SA and TotalEnergies SA. The potential value of the deals was reported by the French presidency, according to Agence France Presse.
The most significant deals would see Engie take a leading role in a multi-billion dollar investment plan by state-owned phosphate OCP to boost output and reach carbon neutrality by 2028. A second agreement involves French firms such as Alstom, Egis and Vossloh Cogifer in a major expansion of the Moroccan high-speed rail network before the kingdom is to co-host the FIFA world cup in 2030.
CMA CGM became the first foreign firm to vie for a terminal in the yet to be finished Nador West Med port. Morocco hopes the deep-sea facility would replicate the success of the Tanger Med port and become a key shipping hub in the Mediterranean Sea.
Macron’s three-day visit to Morocco comes after difficult relations due to a spat over an alleged spying attempt by Morocco, a visa dispute and past French moves to improve ties with Morocco’s regional rival Algeria.
He sparked loud applause among Moroccan lawmakers when he quipped Morocco and France buried the hatchet except on the football pitch, citing the two nations’ duel for a place in the final of the 2022 FIFA World Cup in Qatar.
Boosting relations is key for France, which hosts a sizable Moroccan population. The North African nation is also a springboard for irregular migration to Europe. Macron alluded to the issue, saying that “we need more results” from cooperation on migration.
Macron also reaffirmed French support for Morocco’s Western Sahara plan — a move that drew nods of approval from his hosts in the Moroccan parliament.
Morocco annexed the coastal territory in North Africa five decades ago during which Polisario Front fought for the region’s self-determination with the backing of Algeria. Morocco has since claimed sovereignty over the coastal territory in North Africa.
In July this year, Macron declared that limited autonomy for Western Sahara under Moroccan sovereignty was the “only basis” for solving the conflict, triggering tensions with Algeria.
Macron said Morocco has set a course to become a major player in renewable energy soon.
“I’m convinced that you won’t only succeed in decarbonizing your domestic and industrial consumption, but you’ll propose, in a complementary way, a stable and reliable local supply to Europe,” he said. “I’m convinced that green hydrogen and electric corridors linking our two countries will be part of the future of the Mediterranean.”
Speaking at a business forum later on Tuesday, Macron called for more private investment in Africa and scolded European and French banks for the “strategic and terrible mistake” committed by many by quitting the African continent since the start of the 2000s.
He also urged the International Monetary Fund and the World Bank to revise policies, reflecting concerns by many developing countries.
The governance of the two institutions is “biased” because they were conceived at a time when a majority of southern nations did not exist, he said, adding that “we have to reinvent this international system.”
--With assistance from James Regan.
(Adds Macron’s comments in paragraphs 15, 16 and 17)
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