Hyundai assesses possibility of installing in Morocco

The giant South Korean Hyundai group is prospecting the possibility of installing in Morocco and benefiting from the country's growth and business potentials.

The industrial and commercial sectors interesting Hyundai in Morocco as well as its development projects and Morocco's privatization program topped the talks a senior Hyundai executive held recently in Rabat with Moroccan Economy Minister Fathallah Oualalou.

The two sides reviewed Morocco's trade regulations, incentives granted to investors and sustained efforts to build a competitive economy.

The Hyundai executive, who arrived early this week in Morocco, had conferred with Moroccan Industry Minister Alami Tazi on the business opportunities offered in Morocco as well as Morocco's liberal economic system, political stability and proximity to Europe.

In 1998, Hyundai posted a $80 billion in sales and contributed 16 percent to Korea's gross domestic product. It specializes in heavy industry, car manufacturing, shipbuilding, railways, electronics, electric equipment and chemicals.