King's visit to Singapore, new impetus to economic cooperation

King Mohammed VI of Morocco Started Thursday an official visit to Singapore at the invitation of President Sellapan Rama Nathan.

This visit, the first by the monarch to the Asian country, is to give a new impetus to economic cooperation and bilateral relations between Morocco and Singapore and consolidate the diplomatic ties established in January 1997, especially that the two countries enjoy political stability and share democratic principles and an economic system enhancing private enterprise and overture.

The visit is of utmost importance for it will enable the two countries to intensify their exchanges and explore economic prospects and potentials, particularly that Singapore is regarded by multinational companies as a strategic location that opens doors to the 500 million strong Asia-Pacific region.

The overall trade exchanges between Morocco and Singapore stood in 2004 at MAD 333 million, about 30 million euros, a substantial rise compared to the previous year with MAD 240 million. Moroccan exports to Singapore recorded a 875.6 rise in 2004 earning MAD 151.14 million to MAD 15.49 million in 2003, while Moroccan imports from Singapore decreased from MAD 218.95 to 182.12 million, which is a 16.82 decline.

Singapore, member of the Association of South-East Asian Nations (ASEAN), boasts a substantial economic growth and development and has become as early as the end of the 19th century an important platform of international trade.