London conference probes investment opportunities in Morocco
Morocco-UK, Economics, 2/22/2000

British Invisibles, a British company of international financial services, held for potential British investors a conference moderated by a group of Moroccan officials and Britain's ambassador to Morocco, Anthony Layden.

The British ambassador was keen on bringing a personal testimony on how attractive Morocco is for foreign investors, in view of the country's natural advantages, political mutations going on peacefully and a new social atmosphere stimulated by political moves to improve the daily life of Moroccans.

The diplomat said some 50 British companies are presently doing business in Morocco, essentially in textile and employing some 24,000 persons, promising to assist British investors wishing to start business in the Kingdom. He also announced that visits between officials of the two countries will increase, mainly with a visit of Moroccan premier, Abderrahmane Youssoufi, in the course of this year, a visit by British secretary of commerce, Richard Gabron, next May and other trips by top British officials.

Present was also Moroccan finance and economy minister, Fathallah Oualalou, whose task was to expound to the audience the country's endeavors to master major balances and improve economic performance and how privatization will experience this year a considerable quantity and quality progress. He said a group of major Moroccan state-owned enterprises will be privatized and utilities will be ceded to private management.

The minister also dealt with Britain's role in promoting Morocco-European Union relations and in favoring prosperity in the Mediterranean. He told the panel Morocco wants Britain to become a new factor in developing new relations with the European Union and an important support to opening European markets for Moroccan products. He added that Morocco seeks to enlarge its outlets to northern Europe and wants to bring Britain to pay more attention to the Mediterranean region.

The Moroccan experience of free-trade zones was singled out as a potential that should be explored by British economic operators. Head of the Tangiers-free trade zone, Chakib Benmoussa, stressed that this kind of initiatives is likely to become a regional platform for investments, especially in the northern city of Tangiers where proximity to Europe, the existence of skilled labor, the availability of transports and telecommunications means are some of the assets that make of it a very attractive site for business.

He said more than one hundred foreign companies are already planning to invest in the Tangiers free-trade zone.

The banking sectors was also hailed as very well aware of the third millennium challenges and opportunities. Head of the professional grouping of Moroccan banks, Othmane Benjelloun, said Moroccan banks invest more in human capital than in technology for better adaptation capacities and are operating a set of reforms geared to lifting the control of interest rates and other liberalization and privatization moves.

Previous Stories:
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