Moroccan delegation ends two-week long Gulf tour
Morocco-Gulf, Economics, 2/22/1999

A 68-member Moroccan delegation on Saturday wound up a two-week long Gulf tour that led it to the United Arab Emirates, Oman, Bahrain, Kuwait, Saudi Arabia and Qatar and that was crowned by the signing of several cooperation accords.

The delegation, led by minister of economy and finance Fathallah Oualalou, included managers of public and private enterprises and government officials.

The delegation discussed with Gulf interlocutors new cooperation and partnership opportunities and expounded the advantages provided by the Moroccan new investments laws to foreign investors.

Talks covered means of increasing investments, fostering contacts between Morocco and Gulf countries' private sectors, lowering the obstacles hampering the development of trade and promoting air and sea links.

The setting up of free trade areas between Morocco and each of the visited countries was also brought up during the talks.The Moroccan delegation stressed the need to explore new prospects to diversify trade exchanges that it described as "very limited" and "weak" compared to the huge potentials of Morocco and the Gulf countries.

The gulf tour was the first to the oil-rich region by a minister at the Moroccan Socialist-led coalition government since it was appointed in March 1998.

Several accords were concluded during the tour, including agreements on the encouragement, protection and guarantee of investments between Morocco and Dubai, one of the seven emirates forming the United Arab Emirates, between Morocco and Bahrain, and between Morocco and Qatar.

The Federation of Moroccan chambers of trade, industry and services also signed agreements with the chambers of trade and industry of Abu Dhabi, of Bahrain, of Kuwait and of Qatar. The agreements provide for the consolidation of relations between Gulf and Moroccan businessmen, and for encouraging the setting up of joint ventures.

The Casablanca stock exchange and the Bahraini financial market also concluded a memorandum of understanding that provides for the consolidation of cooperation between the two countries' financial markets and the encouragement of investments.

The visit to Oman was crowned by the setting up of a Moroccan-Omani business council under an accord that provides for the promotion of investment partnership between the two countries' businessmen.

The Moroccan delegation's Gulf tour was meant to encourage Gulf economic operators to invest in Morocco and expound the advantages provided by the new Moroccan code of investments to foreign investors.

Morocco's imports from the region are mainly made up of oil, plastic and chemical products while exports consist of citrus fruits, canned food, shoes, handicraft items, ready-to-wear garments and some mining products, including phosphates.

Total Gulf investments in Morocco are estimated at around $ 1.0 billion, mainly in real estate, tourism and oil sectors.

Previous Stories:
  Moroccan-Saudi accords must be updated, Moroccan minister says   (2/19/1999)
  Kuwait receives Moroccan economic delegation   (2/16/1999)
  Bahrain and Morocco initial accord on guarantee and protection of investments   (2/15/1999)

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