Rabat – With Morocco and Korea celebrating their 60th anniversary of the establishment of diplomatic ties, the two countries seek to give a new impetus to their partnership in the economic sector.
Morocco’s Ambassador to Korea Chafik Rachadi held a meeting with several Korean companies and businessmen, in order to highlight the Kingdom’s business-friendly climate and investment opportunities in various sectors.
During the meeting, Rachadi shed light on Morocco’s rapid economic growth in recent years and the transformations it had undergone in many fields including infrastructure and development projects in southern regions.
Latest data from the Arab Monetary Fund assessed that Morocco’s business landscape is the fourth most competitive of all Arab countries, after the United Arab Emirates, Saudi Arabia, and Qatar.
The Moroccan ambassador noted that such growth enabled the country to become a regional hub for business “with strong assets including stability, competitiveness, global connectivity and robust infrastructure.”
Morocco’s efforts to become a regional business hub reached a new high in 2021 when the country launched its ambitious international marketing campaign “Morocco Now.”
The campaign boasts the many advantages Morocco offers to foreign investors, including access to over 1 billion customers through Morocco’s more than 45 Free Trade Agreements (FTAs).
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The North African country’s geostrategic position has allowed it to become a gateway to the African continent, the diplomat added.
The meeting was held as part of an action plan established on the occasion of the 60th anniversary of diplomatic relations between Rabat and Seoul. Ambassador Rachadi stated that such meetings will help Korean business actors learn more about investment projects in Morocco.
The event saw the participation of various Korean CEOs, vice-presidents, and businessmen operating in automotive, infrastructure, e-gaming, fishery, and cosmetics industries.
Korea established its first diplomatic mission in Morocco – and the first in Africa – in 1962.
With this year being a landmark in Morocco-Korea relations, embassies in both countries launched a series of events and initiatives to highlight the strategic relations between the two nations.
For six decades, the two countries have shaped their relations in several fields, showing notable and constant cooperation in the automotive sector, the medical sector, technological innovation, the media industry, and the fight against the climate crisis.
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