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From left: Morrocon Ambassador to India Mr. Larbi Moukhariq, Honourable Minster of Commerce and Industry Shri Kamal Nath, Morrocon Minister in charge of Economic Affairs, Mr. Rachid Talbi El Alami and The Director of Investing in Morrocco Mr. Hassan Bernoussi |
Morocco’s minister in charge of economic affairs, Rachid Talbi El Alami, accompanied by the director of “Investing in Morocco”, Hassan Bernoussi, recently announced the fourth edition of the “Fundamentals of Investment” that will take place in Morocco on December 7-8, 2006.
This year, India has been accorded the Country of Honour by His Majesty, Mohammed VI at the summit. India is an example for Morocco in terms of flourishing offshoring, electronics and information technology sectors. Also, India and Morocco have the same stakes regarding training and education of their human resources to attract foreign investors. This will be an occasion to share mutual experiences.
Over the years, bilateral relations between the two countries have shown tremendous growth. Morocco has a very strong economic relationship with India in the fields of phosphates and fertilisers. Bilateral trade between the two countries has steadily increased from $373.93 million in 2002 to $619.06 million in 2005, poised to grow to $1 billion by 2010.
The first Indian joint venture, called IMACID was in 1999 between Chambal Chemicals and Fertilizers Ltd of the Birla Group and Office Cherifien des Phosphates, which was later joined by Tata Chemicals Limited in 2005 as an equal partner. TCS is actively pursuing setting up a joint venture in Morocco, and BEML and Ranbaxy have also made inroads into the Moroccan market. Indian exports to the country are growing rapidly and leading the pack are industrial machinery, tractors and automobiles.
With political and economic stability, development of democratic institutions and economic and social reforms, Morocco is evolving as a stable country. Its strategic location as a gateway to Europe and Africa makes it even more attractive for investments from other countries. Additionally, availability of good ports, air links, infrastructure facilities and trained manpower makes it a favourable destination for investment.
To generate employment, the government is following a four-pronged programme launched this year. These include following an active policy to support the recruitment of young graduates; improving employability of job-seekers; creation of new companies, and improving the governance of the labour market.
These initiatives have already been implemented and have proved a success, in particular in the cutting unemployment, female entrepreneurship, micro credit, the functional elimination of illiteracy, youth training, training for engineers, training for executives and so on.
With a controlled rate of inflation of 2% and a growth rate of 7.7 % in the first half of 2006, Morocco offers strong investment and development opportunities in particular within the driving sectors of the Moroccan economy—food processing, aeronautics, automobiles, offshoring, electronics, textiles, leather and tourism.
Almost all sectors are from now on open to outside capital. Also, the legal framework in which companies evolve, was modernised to increase the facility of adaptation by foreign companies to the Moroccan system.
A major role in economic development is played by the Investment Department. Created in 1995, it is in charge of initiating and developing investments in Morocco. It plays in particular an active role in the promotion, the canvassing and the accompaniment of investments on the Moroccan market. |
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