Morocco aspires to become export platform toward Europe, Arab states and Africa, official

Morocco is aspiring to become an export platform toward European, Arab and African markets, said Moroccan finance and privatization minister, Fathallah Oualalou, explaining that Morocco has opted for an open strategy based on gradual liberalization of its foreign trade and the conclusion of free trade agreements to diversify its outlets.

The minister, who was speaking at the opening of a conference probing the experiences of Turkey and Malaysia, said the Kingdom has also adopted a series of measures to upgrade the competitiveness of its economy and its preparedness to international competition. He cited, in this context, the consolidation of infrastructures, the modernization of its industrial plants and the improvement of the economy's ability to attract foreign investments.

At the same time, he went on, Morocco is keen on maintaining its micro-economic balances, by keeping the budget deficit at 3% and inflation below 1.5%.

In parallel, the general economic environment has experienced a deep change, consisting in the inception of the regional investment centers, one-stop centers for investors.

The conference is organized by the Islamic Development Bank (IDB-based in Jeddah) and the Moroccan government to study pilot experiences of exports promotion in some countries.

Regarding imports, Moroccan external trade minister, Mustapha Mechahouri, stressed that Morocco has also adopted a gradual openness strategy and is encouraging exporting enterprises. As part of endeavors to improve the business environment, Morocco has further taken a package of measures, including fiscal perks, facilities for currency exchange and financing, creation of a free trade zone and easing procedures.

The official conceded that several constraints continue to hinder exports by Moroccan companies and affect their competitiveness.

Several experts from Morocco, Turkey, Malaysia and the IDB are taking part in the two-day conference.