South Korea Keen To Increase Economic, Cultural Cooperation with Morocco

Rabat – South Korea’s Ambassador to Morocco, Keeyong Chung, has expressed his country’s interest in increasing investments in the North African country and advancing bilateral cooperation in the cultural sector.

Morocco’s Minister of Youth, Culture, and Communication Mehdi Bensaid met with ambassador Chung on Wednesday in Rabat.

The two officials discussed the state of relations between their two countries, stressing the urgency of further strengthening bilateral cooperation in the sectors of culture, communication, and youth training.

During the meeting, Ambassador Chung and Bensaid especially explored the need to advance economic cooperation for the benefit of both countries.

While reviewing the ongoing projects his minister has launched in recent months, Bensaid noted that Morocco can learn from the South Korean experience in the e-gaming and film industries.

On July 6, Morocco and South Korea celebrated the 60th anniversary of their diplomatic relations, stressing the need to expand the scope of their friendship.

As part of the celebrations, the Korean embassy granted the Global Korea Scholarship (GKS) to six Moroccans to pursue their higher studies in various fields at top-ranking Korean institutions.

“I hope that your experience in Korea will build not only a bridge between Korea and Morocco but bridges among nations and cultures promoting diversity and multilateralism in this ever-divided world,” Ambassador Chung said in an address to the Moroccan scholars.

For his part, Morocco’s Ambassador to Korea, Chafik Rachadi, held a meeting with several Korean companies and businessmen to commemorate the good diplomatic relations between Rabat and Seoul. The meeting highlighted Morocco’s business-friendly climate and investment opportunities in key sectors such as renewable energy, automotive, and aeronautics.

According to the OECD, Korean exports to Morocco have increased over the past 25 years at an annual rate of 7.66% to reach $364 million in 2020, up from $57.5 million in 1995.

Meanwhile, Moroccan exports to the Asian country have increased by a higher annual rate of 9.42%, from $15.8 million in 1995 to $149 million in 2020.

This past July, South Korea exported $27.4 million and imported $14.7 million from Morocco, resulting in a positive trade balance of $12.7 million.