Marrakech - The Lord Mayor of the City of London, Fiona Woolf, will visit Morocco this week to build bilateral ties and strengthen the City of London’s relationship with the North African region, according to the British Embassy press section.
Marrakech – The Lord Mayor of the City of London, Fiona Woolf, will visit Morocco this week to build bilateral ties and strengthen the City of London’s relationship with the North African region, according to the British Embassy press section.
The Lord Mayor of the City of London is an important role, which has existed for over 800 years. Today, the Lord Mayor’s primary role is to represent the City of London and its financial services industry. The City of London is London’s financial sector which includes London’s banks, the Stock Exchange and Lloyd’s of London insurance. It is arguably the most significant financial centre in the world. It has been in discussion with Casablanca Finance Center for sometime about assisting it with the know how in its drive to become a leading regional and international financial hub. Some on the British side acknowledged Morocco’s ability to deal with Francophone but questioned whether Morocco was quite as strong in African English speaking countries such as Nigeria, Kenya, Tanzania and South Africa.
These doubts have been diminished recently by King Mohammed VI’s lead to boost Morocco’s trading links with Africa in general because it is the fastest growing economic region in the world. Morocco’s stability in the region and its security expertise are considerable strengths. Its developing private sector is matched by its lead in sectors such as water conservation, agriculture, renewable energy and urban development and planning. These are all important factors in developing the Kingdom of Morocco’s cooperation and links with Africa.
In Morocco, the Lord Mayor of the City of London will open the day’s trading on the Casablanca Stock Exchange before attending a meeting of British and Moroccan business leaders to explore scope for intensifying economic partnerships. This will include possible co-operation on the development of Casablanca Finance City as a regional – and international – hub.
Her visit aims to build understanding between the British business community and their counterparts in Morocco and explore new opportunities to work together to improve infrastructure and the production of clean energy and to further develop Morocco’s sustainable and profitable financial services industry.
Speaking ahead of her visit, the Lord Mayor of the City of London said:
“North Africa is an important market for UK businesses, and the City is keen to develop a partnership with Morocco as a key regional player. I hope this visit will be instrumental in developing strong bilateral ties which will enable us to tackle the challenges and seize the opportunities, and work towards a mutually prosperous future. I hope we can increase trade across financial and professional services, energy, infrastructure, education, healthcare and other areas. The City is here for the long haul; our commitment is strong and we hope to see more UK businesses working with Morocco to facilitate growth by introducing efficient products, services and global expertise, enhancing economic growth and supporting the creation of jobs and growth.”
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