Economic cooperation, focus of Italian minister's talks in Morocco

Economic and financial cooperation between Morocco and Italy has been at the focus of talks Italian Foreign Trade Minister Piero Fassino held in Rabat Tuesday with several Cabinet members.

Moroccan officials, including Prime Minister Abderrahman Youssoufi and Minister of Economy and Finance Fathallah Oualalou, called at separate meetings with the Italian foreign trade minister, for the reconversion of part of the debt owed by Morocco to Rome.

This debt is assessed at nearly $636 million (6.36 billion DH), i.e. 3.6% of Morocco's public debt and 92% of debts to the Club De Paris.

Piero Fassino confirmed that Italian officials are currently examining the debt reconversion possibility and that Italy wants to establish a privileged partnership with Morocco.

Italy's decision to open over the three coming months a credit line of about $16 million (30 billion liras) for Moroccan small and medium-sized enterprises was also discussed at various Moroccan-Italian talks. The initiative is hailed as a tool to promote partnership and joint ventures.

The Italian official who is accompanied by a large delegation of about 90 economic operators examined with his Moroccan interlocutors the kingdom's relations with the European Union. He described as "historic" the conclusion of the Morocco-European Union association accord that comes into force as of next March. The accord-- which provides for the progressive establishment of a free-trade area over 12 years and for the consolidation of economic, cultural and social cooperation-- provides an adequate and useful frame to improve relations between the European countries and south Mediterranean countries, Fassino said.

Italian economic operators who were called to increase their investments in Morocco are mainly interested, as put by Fassino, by the sectors of agri-business, fisheries, textile, shoes industry, car spare parts, telecommunications, banks and insurance, tourism and infrastructure.

Fassino's talks in Rabat also covered problems facing the 115,000 strong Moroccan community settled in Italy, illegal emigration and family reunion.

The Italian delegation participates this Wednesday in Casablanca in a day on Moroccan-Italian economic partnership and is scheduled to meet Italian businessmen operating in Morocco and to visit a number of Italian enterprises.

Morocco is Italy's third trade partner and trade exchanges between the two countries totalled $679 million in the January-September period last year.

During the period, Moroccan imports were worth $419 million and exports totalled $260 million. exports to Italy are made up mainly of fertilizers, fresh fish and garments, while imports are made up mostly of cars, machinery and various industrial tools.