Moroccan economy minister calls for improving the private sector
Morocco, Economics, 1/27/1999

The Moroccan economy and finance minister on Tuesday stressed the need to raise the performance of the Moroccan private sector.

The action of the state will be sterile, if the private sector does not make any effort to boost its performance, Fathallah Oualalou told a seminar in Casablanca on the assets and obstacles hindering the flourishing of the private sector.

Oualalou urged private firms to modernize their productive apparatus, benefit from the possibilities offered by the Moroccan financial market and develop partnership with foreign operators.

"The Moroccan enterprise should subscribe to the culture of investments," he said, before calling for more transparency in management to consolidate the Moroccan firms image with national and international investors.

The minister pledged that the government will go ahead with reforming the capital market to make of it an efficient tool for the mobilization of savings and the financing of investments.

"We will consolidate the solidity, security and efficiency of the banking sector and its competitive edge (...). We will also seek to reform the capital market to make of it an efficient tool for the mobilization of savings and the financing of investments," he said.

Part of the measures destined to reinforce Morocco's nascent private sector, Oualalou announced that France, Spain, Italy, portugal and the European Union have earmarked concessional loans for Morocco to finance equipment purchase by Moroccan small and medium enterprises and for the constitution and development of joint ventures.

Morocco will continue discussions with its creditors on the possibility to swap Morocco's debt into investments, he said.

Previous Stories:
  Moroccan-German trade deficit worsens to Rabat's detriment   (1/26/1999)
  Italian institute to enhance industrial investment in Morocco   (1/25/1999)
  Moroccan delegation to tour Gulf states next month   (1/22/1999)

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