Moroccan wants to increase poor trade levels with Gulf states
Morocco-United Arab Emirates, Politics, 2/8/1999

A large Moroccan delegation, led by Minister of Economy and Finance Fathallah Oualalou, arrived on Sunday in Abu Dhabi for the first leg of a tour of six Arab Gulf countries.

The visit to the UAE will be crowned by the signing of an agreement on preventing double taxation and tax evasion and an accord on the encouragement, protection and guarantee of investments.

The 68-member delegation, that comprises managers of state-owned and private enterprises and ministerial departments officials, will confer with high executives of the Arab Monetary Fund and the Abu Dhabi Fund for Development as well as with UAE economic operators.

The delegation, to visit later on Oman, Bahrain, Kuwait, Saudi Arabia and Qatar, will try to encourage Gulf economic operators to invest in Morocco and will expound the advantages provided by the new Moroccan code of investments to foreign investors.

Morocco's trade exchange with the Gulf states remain low as is the case for inter-Arab trade exchanges in general. Inter-Arab trade actually accounts for only 2% of overall Arab trade exchange.

Morocco's economic relations with the UAE are stagnant and the Gulf state ranks in the 65th position in terms of buying Moroccan exports and 57th in terms of selling to Morocco.

Moroccan imports from the region are mainly made up of oil, plastic and chemical products while exports consist of citrus fruits, canned food, shoes and ready-to-wear garments.

Total Gulf investments in Morocco are estimated at around $1.0 billion, mainly in real estate, tourism and oil sectors. Morocco seeks a more active role in trade promotion between the Arab states, Europe and Africa.

Previous Stories:
  Large Moroccan delegation tours Gulf states to start economic cooperation   (2/6/1999)
  Trade can reach $ 200 million next year between Egypt and Morocco   (2/5/1999)
  Morocco expects boosting of Gulf states' investments   (2/4/1999)

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