Direct foreign investments in Morocco doubled in 1997

Direct foreign investments in Morocco have doubled in 1997 totalling more than $1 billion, according to the UN Economic and Social Council which is meeting here.

According to the council's report on the flow of direct foreign investments worldwide, foreign investors reacted favorably to privatization and the reform of investment laws in Morocco and Africa at large, Map reported.

Morocco was among the seven African countries that accounted for 70 percent of the $4.5 billion in foreign investment in the continent. The major recipients were Egypt and Morocco.

In 1997, developing countries received a record $90 billion in direct investments.