Finland, Morocco sign MoU on energy co-op

Finland and Morocco on Wednesday have signed a memorandum of understanding (MOU) on energy with the view to develop technical and economic cooperation between the two countries in the energy sector and promote the access of Finnish companies to the Moroccan market, said Ministry of Economic Affairs and Employment in a press release.

Finland’s Ambassador to Morocco Pekka Hyvönen and Leïla Benali, Morocco’s Minister of Energy Transition and Sustainable Development signed the MOU at a virtual event in Rabat.

The MOU in the energy sector emphasises the need to develop cooperation especially in the use of renewable energy. Opportunities for cooperation are also available in the fields of energy efficiency, energy technology, the hydrogen economy, and research and development.

Morocco aims to achieve a comprehensive energy transition and to become a regional superpower in green energy in the long term. From Finland’s point of view, Morocco is an interesting market that, due to its geographical location, also serves as a gateway to the growing African market.

Bilateral relations between the countries are excellent, and they have already cooperated in many sectors, with energy offering the greatest potential.

There is growing interest in and opportunities for economic cooperation in water, wind and solar energy. Morocco has set the target to exceed 52 % of installed electrical capacity of renewable origin by 2030..

In addition to renewable energy and clean energy technologies, Morocco is interested in information and communication technology as well as waste and water treatment plants, in which Finland has significant knowhow.

The Team Finland network in Rabat and the Business Finland office in Casablanca, which was opened in 2019, are helping Finnish companies to access the Moroccan market and making Morocco better known in Finland.