Africa: U.S. Embassy Morocco and Prosper Africa Host Venture Capital Forum

29 May 2024
Prosper Africa (Washington, DC)

Marrakech — The United States Mission in Morocco and the U.S. government's Prosper Africa initiative convened a two-day U.S.-Morocco Venture Capital Forum in Marrakech on May 27-28 to deepen U.S.-Morocco commercial ties and increase investment in the region.

The Venture Capital Forum took place ahead of GITEX Africa 2024, Africa's Biggest Tech & Startup show, and brought U.S. and regional venture capital (VC) investors together with Moroccan government officials and some of the most promising Moroccan startup founders who are leading innovation in climate, health, agriculture, fintech and deeptech - seeking solutions to local and regional challenges.

Morocco remains one of the United States' closest and oldest allies and the only country in Africa with a free trade agreement (FTA) with the United States. Both countries have benefited from the FTA, and there are over 150 U.S. companies operating in Morocco in key sectors.

Morocco is a crucial gateway to Africa's prosperity with its economic stability, infrastructure, free trade agreements, and diplomatic relations. It is positioned as an economic hub in the region, offering businesses and investors a favorable entry point into the continent's diverse and dynamic markets.

Speaking to the Venture Capital investors present, U.S. Ambassador Puneet Talwar stated: "The United States government also makes investments in Morocco. And we enjoy an extraordinary return on our investment." He added: "I am also confident that you will come to the same conclusion we have -- that it is in your enlightened self-interest to form deep, lasting, and transformative partnerships here in Morocco. And that Morocco is a good return on investment."

"Morocco's startups are poised for take-off. Prosper Africa recognizes their potential and is proud to have brought U.S. venture capital funds, and their African VC peers, to meet a selection of Africa's most talented entrepreneurs," said British Robinson, Prosper Africa Coordinator.

Representatives of the Government of Morocco - Delegate-Minister to the Head of Government of Investment, Convergence and the Evaluation of Public Policies Mohcine Jazouli, and Minister Delegate in charge of Digital Transition and Administration Reform Ghita Mezzour - spoke at the event.

Through a series of high-level discussions on Morocco's entrepreneurship ecosystem and dynamic matchmaking sessions between startups and VCs that demonstrated Morocco's investment-readiness, this forum delivered on the U.S. government's commitments to boosting U.S.-Africa trade and investment and fostering mutual growth for both the United States and Morocco for years to come.

About Prosper Africa

Prosper Africa is a Presidential-level national security initiative aimed at strengthening the strategic and economic partnership between the U.S. and Africa by catalyzing transformative two-way trade and investment flows. Through Prosper Africa, the U.S. Government partners with businesses and investors to advance deals, promote market opportunities, and strengthen business and investment climates. To learn more and connect with Prosper Africa advisors, visit prosperafrica.gov

Read the original article on Prosper Africa.

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