Morocco, Czech republic sign investment promotion accord

Morocco and the Czech Republic signed here on Monday an agreement on investments protection and promotion and a convention on avoidance of double taxation.

The accords were signed by Morocco's economy, finance, tourism and privatization minister, Fathallah Oualalou, and visiting Czech finance minister, Jiri Rusnok.

The two officials stressed that the two covenants will help set the appropriate legal frame to develop and consolidate business and partnership ties between the two countries. The governments need to work to encourage economic operators of the two countries to draw benefit from this new legal framework and on opportunities offered.

The two countries' geographic location was also highlighted as an additional factor for the promotion of trade and investments and increase of trade flows, partnership and investments.

Morocco suffers a deficit in its trade with the Czech republic as the coverage rate stood in 2000 at only 8.5%, against 10.1% a year before.

Morocco's imports from the east European country were worth 136.3 million DH in 2000 (US$ 12.39 mln) against 164.6 million in 1999 (US$14.96 mln). Exports also regressed by 30% from 16.6 million DH (US$1.5 mln) to 11.6 million DH (US$ 1.05 mln).