Moroccan- Egyptian businessmen set up three joint ventures and investment-promotion agency

Moroccan and Egyptian businessmen set up in Rabat Tuesday three joint ventures and an investment-promotion agency.

The first joint venture is a Moroccan-Egyptian maritime transport and services company, with a capital of $ 60 million and an initial investment of $ 12 million. The Egypt-based company is scheduled to generate 200 jobs.

The two sides also set up a $ 20 million joint venture, to be based in the Moroccan northeastern city of Nador, for fish freezing and marketing.

Another Egyptian-Moroccan counseling firm with branches in both countries was set up to assist businessmen wishing to carry out investment projects in either country.

The investment-promotion agency, to be based in Rabat, comprises 50 Moroccan and 50 Egyptian members. It will be endeavoring to encourage investment, trade, expertise exchanges, technology transfer and creation of communication channels between the two countries' business operators.

A delegation of Egyptian businessmen, from 22 enterprises, is presently visiting Morocco.

Trade between the two states is estimated at an annual $ 100 million. Morocco and Egypt are bound by a free-trade zone agreement and both have signed separately with Jordan and Tunisia a similar agreement. A free trade zone between the four countries is envisioned as a prelude to the wider Arab free-trade area.