Rabat – Morocco’s embassy in Tokyo, Japan, celebrated on Friday the official start of two trade agreements that Morocco and Japan had originally signed in January 2020.
The agreements focus on investor protection and eliminating tariffs between the countries, according to a report from Morocco’s press agency (MAP).
During the ceremony, Morocco’s ambassador to Japan Rachad Bouhlal underscored the significance of the two agreements in attracting Japanese companies to Morocco.
The Moroccan official recalled the significant strides his country has taken towards becoming a business hub attracting European and African businesses.
The country’s “strategic geographical position, quality infrastructure, optimal investment climate, and the significant number of free trade agreements Morocco has, including with the European Union and the United States, have all contributed to enhancing Morocco’s image as a go-to business destination,” he explained.
Highlighting the depth of bilateral cooperation between the two countries, Bouhlal stated that the number of Japanese businesses operating in Morocco has more than doubled over the past decade. With 75 Japanese businesses, Morocco is the second most attractive African business destination for Japan.
Even at the height of the COVID-19 pandemic, Japanese businesses continued to flock to the North African country and strengthen their market foothold there, he added.
Japan is Morocco’s first foreign employer generating 50,000 job positions, contributing to the socio-economic development of the country, Bouhlal pointed out.
Aside from the automotive and aeronautical sectors, Morocco’s leading renewable sector is ripe with opportunities for Japanese investors, the diplomat said.
Speaking at the event, the Japanese President of the Chamber of Councillors, Akiko Santo, said she was delighted at the two agreements entering into force and said her country hopes that they will mark the beginning of stronger bilateral ties between the countries.
Japanese Parliament Vice-Minister of Foreign Affairs, Honda Taro, also welcomed them, saying he believed they foster collaboration on investment and trade.
While describing Morocco as a Euro-African business hub, the Japanese official said his country will continue to support the expansion of his country’s businesses in Morocco, and contribute to its development by promoting investment and bringing cutting-edge technology and know-how.
The event featured a long list of high-profile officials from Japan including the Chairman of the Foreign Affairs Committee at the Japanese House of Representatives.
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