Morocco deplores low level of Moroccan-British trade
Morocco-UK, Economics, 2/25/2000

Moroccan finance and economy minister, Fathallah Oulalou, said the evolution of trade exchanges between Morocco and Britain still falls short of existing opportunities.

The minister, who moderated in London a conference on investment and business opportunities in Morocco, told British monthly "First Magazine" Morocco is now standing as a production and exchange platform, given its geographic situation, calling the two countries to devise a new financial cooperation for the promotion and development of their trade and investments.

After he noted that British investments progressed from 3 to 25% of total foreign investments between 1987 and 1994, the official called British firms to seek new investments in other sectors than the traditional textile sector, mainly infrastructures, telecommunications, information technology and electronics.

He also drew British investors' attention to the ongoing privatization program which will include this year Maroc-Telecom, "BCP" bank and national air carrier "RAM," in addition to the huge opportunities for business in banking, finance and insurance.

Some 50 British companies are presently doing business in Morocco, essentially in textile. They are employing some 24,000 persons.

Talking to the same magazine which published a special survey on Morocco, British ambassador, Anthony Layden, said his country is keen on helping Morocco become the first modern democracy in the arab-islamic world by contributing to creating more economic activity through increasing investments and trade.

He also announced that a series of economic promotion campaigns will be held for British business circles, mainly a Morocco 2000 exhibition in addition to a hectic program of visits between officials of the two countries.

Moroccan premier, Abderrahmane Youssoufi, is scheduled to travel to London in the course of this year, British secretary of commerce, Richard Gabron, is expected in Morocco next May and other trips by top British officials are also slated.

The British diplomat also surveyed progress covered in human rights, the promotion of the role of civil society and the high unemployment rate challenge.

He said Morocco has embarked on a series of measures to improve the management of prisons and compensate victims of past human rights violations while the civil society is doing a great job in various issues, such as the promotion of women, assistance to handicapped persons and poor children and environment protection.

The British ambassador concluded that Morocco is profitable for foreign investors who would find highly-motivated, competitive and easy-to-train labor.

Previous Stories:
  Tourism generated $1.6 billion in 1999   (2/24/2000)
  London conference probes investment opportunities in Morocco   (2/22/2000)
  Morocco, Portugal examine tourism cooperation   (2/19/2000)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search