Moroccan-Italian partnership day in Casablanca

Casablanca played host Wednesday to a day on Moroccan-Italian partnership cochaired by visiting Italian Minister of Foreign Trade Piero Fassino and Moroccan Minister of Industry, Trade and Handicraft Alami Tazi.

Both sides stressed that trade and industrial relations are below the opportunities offered by the two countries.

Although Morocco is Italy's 3rd trade partner, trade exchange between the two countries did not exceed $750 million (7.5 billion DH) in 1999.

During the period, Moroccan imports were worth $520 million and exports totalled $230 million. Exports to Italy are made up mainly of fertilizers, fresh fish and garments, while imports include cars, machinery and various industrial tools.

Fassino who paid an official visit to Morocco this February 1-2 was accompanied by a delegation of about 90 economic operators.

Economic and financial cooperation, and the reconversion of part of the debt owed by Morocco to Rome-- nearly $636 million (6.36 billion DH)-- were at the focus of Moroccan-Italian talks.

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.

During the visit, Morocco and Italy decided to set up a joint working group to give a new momentum to economic cooperation. The group will hold periodical meetings to promote partnership between enterprises and foster bilateral cooperation.