Othman Benjelloun is undoubtedly the most well-known Moroccan sinophile. The personal history of the head of BMCE Bank of Africa with the Middle Kingdom dates back to the 1970s, when the leader of the O Capital Group holding company was heavily involved in the import-export of heavy trucks.
Since then, he became the first banker to establish a Moroccan representative office in China in the early 2000s, at a time when the Middle Kingdom’s growth was merely a promise. In a written response for TelQuel, he reflects on the development of the Chinese economy and the potential for economic collaboration between Rabat and Beijing.
When did your personal history with China begin?
I was invited to China for the first time in 1971 at the initiative of President Mao Zedong’s government. The visit lasted 29 days, during which I negotiated a contract for Volvo heavy trucks manufactured at the Saida Star Auto plant in Casablanca. Since then, my interest in this country has only continued to grow.
How do you view the evolution of the Chinese economy since that visit?
The Chinese economy has undergone a spectacular transformation over the past few decades, becoming the world’s second-largest economy behind the United States. This development has been driven primarily by massive industrialization, enabling large-scale exports to the rest of the world while prioritizing innovation and technological advancement.
In this regard, the Chinese model should serve as an inspiration for countries like Morocco, which could benefit from replicating its key success factors while taking advantage of the many opportunities offered by the Middle Kingdom.
In your opinion, what are the prospects for Morocco-China relations, particularly since King Mohammed VI’s visit to Beijing in 2016?
“Morocco’s accession to the Belt and Road Initiative “One Belt, One Road” in 2017 has only further solidified this privileged relationship”
Since the strategic partnership was sealed between Morocco and China in Beijing in May 2016 during the historic visit of His Majesty King Mohammed VI, relations between the two countries have strengthened considerably. Whether in trade exchanges or cooperation in key sectors such as industry, infrastructure, technology, or culture, Morocco and China have built an outstanding partnership, supported by a historic friendship and a relationship of mutual respect and trust.
So you must view Morocco’s accession to the Belt and Road Initiative (BRI or the New Silk Road) very favorably…
Morocco’s accession to the Belt and Road Initiative “One Belt, One Road” in 2017—making it one of the first African countries to join—has only further solidified this privileged relationship.
What do you see as the potential opportunities of the Morocco-China partnership?
Thanks to its strategic geographic position at the crossroads of Africa, Europe, and the Middle East, its political stability, and its high-quality resources, Morocco—along with China’s industrial, technological, and financial power and its strong expansion strategy—has built a multidimensional win-win partnership. This collaboration extends not only on a national scale but also across the African continent, where Morocco, and in particular the Bank of Africa Group, have a significant presence.
Has BMCE, in your opinion, played a role in the development of this relationship?
True to its sinophile vocation, Bank of Africa BMCE Group is the most China-oriented of all pan-African banks and has been a pioneer in developing trade relations between China and Morocco. As early as 2000, the bank opened a representative office in Beijing, becoming the first pan-African and Arab bank to establish a presence in the Middle Kingdom. In this context, the bank has signed several cooperation agreements with leading Chinese institutions, including China Development Bank, CAD Fund, and other major private multisectoral groups.
In 2018, Bank of Africa received approval from Chinese banking regulators to open its Shanghai branch, dedicated to promoting trade and investment between China and Morocco, as well as the rest of Africa. The Shanghai branch represents a dual achievement for Bank of Africa Group—both in reinforcing its pan-African strategy and in deepening its sinophile vision. By leveraging its presence in 20 African countries, including 18 in sub-Saharan Africa, the bank facilitates trade finance operations and corporate transactions between the two regions.
In early 2023, Bank of Africa celebrated the launch of the Mohammed VI Tangier Tech City project, which was first announced in May 2016 during King Mohammed VI’s royal visit to China. This landmark project, conceptualized and initiated at our level, required several years of work, structuring, and discussions with Chinese and Moroccan stakeholders. It stands as a testament to the success of the Morocco-China strategic partnership while marking a new phase in bilateral cooperation between the two nations.
Written in French by Yassine Majdi, edited in English by Eric Nielson
