Private sector plays key role in spurring economy on, king says

King Mohammed VI on Thursday stressed the major role that the private sector plays in spurring the economy on and accelerating growth.

"The private sector plays a key role in spurring the economy on and accelerating growth rate," the King said in a speech at the opening session of the National Promotion and Planning Council.

Incepted in 1957, the council is an advisory body to the king dealing with issues related to national promotion, economic and social development planning.

This year's session is devoted to the 2000-2004 economic and development plan.

The king noted that for Morocco, market economy and private initiative are not imposed by the pressures of globalization. It is rather, he said, a conviction that constantly underlaid the policy of late King Hassan II.

The king underlined the need to carry on the restructuring and modernization of public enterprises to improve their performance. "We want to see the environment of Moroccan firms improved and their competitive edge sharpened to help them face up the fears of protectionist policies."

King Mohammed VI also called for consolidating Morocco's productive tissue and promoting creativity and initiative spirit as well as the capacity to adapt to rapid regional and international changes and to technological innovations.