Rabat - Business opportunities offered in Morocco and the prospects for Moroccan-British cooperation were at the heart of the 2nd edition of the "Morocco Capital Markets Days", held on April 24-25 at the London Stock Exchange.
Rabat – Business opportunities offered in Morocco and the prospects for Moroccan-British cooperation were at the heart of the 2nd edition of the “Morocco Capital Markets Days”, held on April 24-25 at the London Stock Exchange.
The event, which was initiated in partnership with the Casablanca Stock Exchange, was an opportunity to promote the Moroccan financial market internationally and to present the Moroccan economic and financial environment as well as the potential of the Moroccan capital market.
Speaking on the occasion, British Minister for the Middle East and North Africa Tobias Ellwood highlighted the tremendous business opportunities offered in both partner countries. The British official also stressed the strengths of the Moroccan economy, its exceptional geostrategic position, the strong presence of the Moroccan private sector in Africa and the political and economic stability of the Kingdom, which is now the gateway to the African economic market, reports MAP.
State Secretary for Tourism Lamia Boutaleb, for her part, stressed the importance of the “Morocco Capital Markets Days”, describing it as “a platform for a fruitful exchange between business leaders and investors of both countries.”
“Morocco has become an attractive destination” for foreign investors and tourists thanks to its competitive assets, she said, affirming that the tourism sector occupies an important place in the Moroccan economy and contributes to the socio-economic development of the country.
Boutaleb added that this sector attracts considerable investment, generates substantial revenues, and is an indispensable source of foreign exchange. It is also the second largest contributor to national GDP and the second largest creator of jobs.
Aziz Mekouar, ambassador for the multilateral negotiation of COP22, said he is honored to participate in this meeting held at the heart of the British financial market, which proves that Morocco occupies a strong position in the international scene. “COP22 in Marrakech was an opportunity to mobilize capital markets to fight climate change,” he said, pointing out that the Green Bonds market provides support to developing countries and the financing of transition to low-carbon and resilient economies.
Morocco’s ambassador to the United Kingdom, Abdesselam Aboudrar, welcomed the development of Moroccan-British cooperation, inviting British businessmen to take advantage of the investment opportunities offered by the fast-growing Moroccan economy in Africa.
“Morocco enjoys solid political stability, a favorable climate for investment, modern infrastructure and investor’s trust,” said the diplomat, expressing the wish to see this meeting become an annual rendezvous to further strengthen Moroccan-British cooperation and establish a “win-win” bilateral partnership.
For Karim Hajji, Managing Director of the Casablanca Stock Exchange, this event offers British investors partnership projects in strategic sectors such as automotive, aeronautics, tourism and agriculture, without forgetting an opportunity to invest in the Casablanca Stock Exchange.
“This year, the “Morocco Capital Markets Days” were attended by some thirty renowned investors with more than 160 B-to-B meetings,” he said, welcoming the growing interest of British businessmen in Morocco.
Amine Marrat, Chief Economist of Attijariwafa Bank, highlighted the performance of the Moroccan economy, the recovery of public finances, the promising growth prospects and the investment opportunities offered by Morocco. “Morocco’s current economic and financial situation favors targeted investments in productive sectors and strengthens the industrial acceleration strategy,” he stressed.
Currently, more than 200 Moroccan companies export their products to Great Britain and nearly 100 British companies are already present in Morocco, including the likes of GlaxoSmithKline, Shell, British Airways, Unilever, and many others.
The United Kingdom exports petroleum products, lubricants, passenger cars, electric motors, medicines, machinery, chemicals, plastics, woolen fabrics, synthetic fibers, tobacco, disinfectants, perfumery, radio/TV receivers to Morocco, while British imports consist mainly of clothing, wires, cables for electricity, natural fertilizers, chemicals, hosiery, citrus and fish.