The South Korean Ministry of Economy and Finance held political consultations with the Moroccan authorities on the Economic Development Cooperation Fund (EDCF) in Rabat on September 23 and 24. This instrument, set up by the South Korean government to support the economic development of partner countries through concessional loans, becomes a central element of the strategic partnership between the two nations.
The discussions explored new projects in several key sectors, including energy, transport, green industry and digital technologies. These areas were identified as priorities for the extension of South Korean support, consistent with Morocco’s development objectives and Korea’s technological capabilities.
Logical continuation of the Korea-Africa summit
The event is a continuation of the bilateral agreements agreed during the Korea-Africa summit last June, where a legal framework was established to support Morocco. This dynamic is accompanied by a series of follow-up measures to realize the commitments of this historic meeting.
The Moroccan Ministry of Economy and Finance, as well as several other key departments, such as the Ministries of Transport and Energy, took part in the exchanges, emphasizing the expansion of the presence of Korean companies in Morocco, particularly in infrastructure and the railway sector.
Among the most anticipated projects, the transport sector is proving to be an area of opportunity for South Korea. The South Korean government is seeking to establish itself as a leading player in the extension of the Moroccan railway network, a project of national scope.
Recent efforts to promote South Korean railway equipment, notably K-rail designed trains, are part of this strategy, with the ambition of strengthening technological cooperation and the transfer of know-how between the two countries. In addition to the financial aspects, Korea also shared its “dynamic economy roadmap”, highlighting economic policies aimed at stimulating growth, an area that particularly interests Morocco in its ambition to position itself as an economic hub in Africa.
This series of consultations reinforces the discussions started in June 2024 between the Minister of Foreign Affairs, Nasser Bourita, and his South Korean counterpart, Inkyo Cheong. These talks aimed to establish a legal framework to facilitate bilateral investment and trade, thereby paving the way for an Economic Partnership Agreement (EPA).
Furthermore, recent advances in the railway sector demonstrate South Korea’s growing interest in getting involved in large-scale projects in Morocco.
Faiza Rhoul / ECO Inspirations
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