Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Moroccan Minister of Industry and Trade Ryad Mezzour today in Seoul to discuss bilateral industry cooperation and trade issues.
A strategic hub connecting Europe and Africa, Morocco is renowned for its growth potential in terms of population, critical minerals, and supply chain competitiveness, and is considered a major emerging Global South country with an FTA network spanning 55 economies.
Also, more and more Korean companies are entering the Moroccan market as of late. Among those is Hyundai Rotem, which won a KRW 2.2 trillion (USD 1.5 billion) train order from the Moroccan National Railways Office (ONCF) this February. In addition, automobile parts manufacturers are diversifying business models by broadening production bases to Morocco and other overseas regions in exporting their goods to third countries in Europe.
Today’s bilateral talks are significant in view of the pressing need for Korean companies to expand their export markets amid the rapidly shifting international trade order. Mentioning that Morocco is the only African nation to hold FTAs with both the U.S. and the EU, Minister Mezzour articulated Morocco’s advantageous position as a gateway to Europe, Middle East, and Africa and expressed anticipation towards investment cooperation with Korean companies for industrial development and infrastructure expansion in preparation of Morocco’s co-hosting of FIFA World Cup 2030. Against the backdrop of rising global protectionism and supply chain disruptions, Minister Ahn highlighted the potential for synergy through joint preemptive response and mutual growth between the two countries by combining Korea’s advanced technologies and Morocco’s capacity as a regional production base.
At today’s meeting, Minister Ahn proposed that Korea and Morocco launch official negotiations for the swift conclusion of the bilateral Economic Partnership Agreement (EPA) by carrying forward the momentum created on the occasion of the Korea-Africa Summit convened last June, as the EPA can serve as a legal and institutional framework for the two countries’ wider trade and investment cooperation. Minister Ahn further suggested that, prior to the EPA’s conclusion and entry into force, Korea and Morocco ink a bilateral Trade and Investment Promotion Framework (TIPF) as a cooperative platform for close consultations on trade issues so as to expedite their industrial collaborations.