Morocco's economic and political stability highlighted in Washington
Morocco's economic and political stability in a turbulent world and the wide steps covered by the Kingdom towards modernization and democracy were outlined at a luncheon-debate between the Moroccan economy and finance minister and a group of US businessmen.
The presence of US businessmen at the meeting was the result of "the interest in the stability and the progress that Morocco is witnessing", said Lester Pollack, chairman of the Morocco-US Council on Trade and Investment, which sponsored the debate.
Pollack, a renowned U.S. businessman, particularly in the New York financial market, added that Morocco is a "haven of serenity for investments and a promising market". The kingdom's relations of friendship and cooperation with the United States are as old as the American republic, he said.
For his part, Othman Benjelloun, co-chairman of the Morocco-US Council, underlined that in the present turbulence shaking the world financial markets, Morocco enjoys serenity and resolutely continues its "unique democratic experience".
Benjelloun also hailed the promising prospects of the Moroccan economy, which is readying for the emergence of a new Euro-Mediterranean free exchange zone.
Moroccan Economy and Finance Minister Fathallah Oualalou underlined that the political change ushered in in Morocco will help the Kingdom "succeed its transition in serenity and peace" and to start the 21st century well-armed to take up the challenges of competition and economic growth.
He added that the Moroccan government's policy targets the consolidation of the fundamental economic balances and the foundation of an "economy of progress, of struggle against poverty".
Touching on Morocco's economic prospects, Oualalou said Morocco, which is expecting a growth rate of 7 percent this year, targets a regular average annual rate of 6 percent.
He urged the American economic personalities to adopt a stronger presence in Morocco to shore up this development effort and benefit from the various advantages offered by the Moroccan business environment. He recalled, in this regard, that US investments in Morocco totalled 1.3 billion US dollars last year.
On Morocco's efforts to reduce the burden of foreign debt, Oualalou said these efforts were crowned with success as Rabat managed to downsize its debt to 52 percent of the Gross Domestic Product (GDP) against 100 percent before 1990.