German businessmen in Morocco
A delegation of German businessmen and heads of enterprises is visiting Morocco this October 13-16 for talks with Moroccan peers on means of upgrading partnership between the two countries.
The delegation started its activities by a meeting in Casablanca with the Moroccan employers' association, La Confederation Generale des Enterprises du Maroc (CGEM).
The German delegation was briefed on the Moroccan privatization program and the efforts made to rev up the economy through the business and the financial market, to open the national economy to the world economy and to encourage investments, both domestic and foreign.
Since the privatization program was initiated in 1993, some 34 companies and 20 hotels have been sold earning the state more than $ 1.5 billion in addition to some 650 million worth of investments, Moroccan minister of the public sector and privatization, Rachid Filali, told the meeting. Foreign participation accounted for 46 percent of total returns, he said adding that the privatization enabled increased stock exchange activity. The daily turnover in shares went up from $ 2.06 million in 1991 to 12.73 million in 1998, scoring a 600 percent increase, and in 1997, foreign investments exceeded USD 1.2 billion, the official said.
The new socialist-led coalition government will carry on the implementation of the privatization program that concerns banks, telecommunications, a car assembling factory, sugar refineries and hotels, Rachid Filali said adding that the government will amend some legal texts to secure more transparency in the privatization process.
The German delegation's visit is sponsored by the Hamburg-based "Africa Verein" association which targets the promotion of partnership between Germany and Africa.
On the eve of this visit, "Africa Verein" issued a statement on the economic situation in Morocco pointing out that the kingdom has successfully carried out its economic adjustment program and can be "rightfully compared to the most advanced nations in matters of liberalism."
The statement also mentioned the sectors that are likely to attract german enterprises such as the mining, food, agri-business and basic infrastructure sectors.
The projected privatization of the Moroccan telecom sector, the program to build 200,000 lodgings, the projects to construct highways, ports and industrial areas are all likely to provide huge opportunities to German investors, the statement said.