Morocco’s green economy could be in line for a slice of a EUR 2 bn pledge made last week by a number of business groups. Members of Moroccan Businessmen for the World (MEM) — a Moroccan expat business association — and the General Confederation of Moroccan Enterprises announced a EUR 2 bn investment over the next 6-12 months in various sectors, including hydrogen, wind energy, recycling and agriculture, Morocco World News reported on Sunday. They announced the plan during a meeting in Casablanca last week.

Morocco’s Dakhla Oued Ed Dahab province is being eyed for investments in renewable energy, MEM president Karim Ammor said. He notes that the area is a prominent site for upcoming projects. Morocco’s Agriculture Ministry recently issued a tender for a MAD 2.5 bn (USD 227.2 mn) wind-powered desalination plant in Dakhla Oued Ed Dahab in the far south of the country as part of a wider desert reclamation project that would help irrigate 5.2k hectares of land.

There are also plans to invest in a EUR 150 mn plastic-to-fuel plant, said Said Bouharrak, a member of MEM and president of the Durcim Group.

FDI chasing smart policy: Much of the planned investment will come from partnerships with European businesses, including the plastic-to-fuel plant, according to Bouharrak. He noted that the impetus for the meeting follows the launch of Morocco’s new investment charter this year. The charter hopes to raise the share of the private sector in the economy to around 65% by 2035, up from around a third today.

Why you need to take Morocco seriously: From the automotive industry to aerospace, Morocco has a proven track record of turning embryonic industries into national (and export-focused) champions.