Morocco seeks more Canadian private investments

Morocco wants more Canadian private investment because Moroccan - Canadian cooperation has broken new ground by developing new instruments between private sectors of the two countries, said Moroccan Economic Forecasts and Planning Minister Abdelhamid Aouad.

The official, who was addressing the Moroccan-Canadian partnership forum which opened in Tangiers Monday, said that Canadian investments in Morocco only represented in 1997 0.5% of the total foreign direct investment in Morocco.

He called on Canadian entrepreneurs to take advantage from the accord on mutual protection and encouragement of investments which has been finalized by the two countries.

The minister further underlined the moves initiated by Morocco to promote private investment in Morocco including a program on industrial zones and parks and a project to set up a free-export area in Nador (northeastern Morocco).

Ivon Richter, an official from the French-speaking Quebec province, said that the economy of the province, which hosts 195,925 enterprises, is increasingly oriented towards high technology including aerospace, biotechnologies, telecommunications, pharmaceutical and environment technologies.A group of Canadian businessmen is attending the forum to explore partnership opportunities with Morocco.

The delegation is due to meet local peers and visit the Tangier free zone and major industrial units in the region.

The delegation represents twelve Canadian companies operating in Quebec and New Brunswick and six companies operating in technology, information and environment.