Inter-Arab cooperation, appropriate means to face up globalization

Moroccan Minister of Economy and Finance Fathallah Oualalou has stated that the upgrading of inter-Arab cooperation is the appropriate means to take up the challenge of globalization and face up regional groupings.

Oualalou told the Doha-based satellite TV Al Jazira Wednesday that inter-Arab cooperation should no longer remain a whim but should be considered from a modern standpoint integrating the Maghreban, Mediterranean and Arab dimensions.

He said despite the relations binding Morocco to the European Union, the kingdom remains deeply attached to its Arab roots. "It is beneficial for both Morocco and its brethren in the Arab world to consolidate ties and upgrade cooperation," he said.

He stated further that if Arab investors chose Morocco as a gate to European markets, this would consolidate its negotiating power with the European market.

After he surveyed the positive aspects of the Moroccan investment code and the customs and fiscal advantages provided to any investment exceeding $50 million, as well as the country's political stability and economic liberalization, Oualalou said.

The rate of foreign investments in Morocco in 1999 increased by 16%, he added.