Morocco highlights investment opportunities for US companies
Morocco-USA, Economics, 2/25/2005

Morocco's ambassador in Washington, Aziz Mekouar, held this week a series of meetings with American economic operators to talk up trade and investment opportunities in Morocco for U.S. companies.

The meetings are part of a campaign meant to inform US investors and economic operators on business opportunities that will generate from the Free Trade Agreement signed between the United States and Morocco last June.

The accord will immediately eliminate tariffs on more than 95 percent of bilateral trade in consumer and industrial products. All remaining tariffs on these goods are to be eliminated within nine years.

Mekouar met Tuesday in San Francisco with officials of over 30 companies to underscore the potentials of Morocco's economy and the promising sectors in the north African country such as agriculture, agro-food industry, pharmaceutics, textile, tourism, infrastructures and fisheries.

"Our location is good for being a trading hub," he said, citing Morocco's proximity to Spain and other nations in the southern tier of the European Union.

Mekouar also highlighted the interest granted to the development of Moroccan road, airports and ports infrastructures.

"We are building a new seaport for Tangiers that will be ready in 2007" he said, referring to the Tangier-Med port, to be finalized in 2007, and which will comprise containers terminals, a free trade zone, a logistic zone and an industrial zone.

The Moroccan diplomat also evoked the project of fixed-liaison that will bind Morocco to Spain through the Gibraltar.

An executive of "Cms Energy" company that took part in the meeting recounted the "extraordinary experience" of his company in the north African country.

"We went to Morocco for five days. We have stayed five years and we do not intend to leave the country soon," he said, describing Morocco as a promising market with a favourable climate for investments.

The present $1 billion yearly two-way trade between the United States and Morocco is expected to grow substantially after the implementation of the FTA. The trade pact is Washington's first with an African country and second with a Muslim country, after an agreement with Jordan.

Previous Stories:
  American business coalition satisfied at the conclusion of Moroccan-US FTA   (1/28/2005)
  Moroccan representatives adopt free trade agreement with USA   (1/14/2005)
  Sit-in calls on Parliament not to pass Morocco-USA FTA   (12/31/2004)

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