Morocco and South Korea sign accords on investment promotion

Morocco and South Korea signed Wednesday in Rabat accords for the promotion of investment and for non-double taxation.

The accords were initialed by Moroccan finance minister Fathallah Oualalou and South Korean foreign and trade minister Hong Soon-yung who arrived Tuesday in Morocco on a two-day work visit.

During the signing ceremony, the two countries officials underlined the importance of the accords which they said will set the legal framework for the consolidation of business and partnership between the Moroccan and Korean entrepreneurs.

They also affirmed that the agreements will contribute to enhancing trade exchanges, economic cooperation and drain more Korean investments to the North African country.

South Korea is one of the main foreign investors in Morocco. Its giant Daewoo Group is planning to invest up to $ 900 million, including $ 200 million in a car assembly plant and another $ 200 million in electronic component manufacture.Daewoo also owns in Rabat a five-star Hotel which it bought in 1997.

Morocco imports from Korea mainly cars, radios, Tv sets and various electronic and industrial equipments while Moroccan exports consist mainly of phosphates, fish, leather, mining products and semi-processed consumption goods.