Morocco and the Gulf:a strategic shift?
Morocco is eyeing the cash rich Gulf countries as a destination for exports and investment opportunities.
Source : https://www.marocafrik.com/english/Morocco-and-the...
Maroc Export says that there is tremendous potential in the Gulf which it estimates is worth $24 billion . Sustained growth has resulted in a need for imports which Morocco can satisfy. Maroc Export is looking for a win-win relationship with the two regional hubs of the Maghreb and the Mashreq.These are important markets for Morocco and also act as a bridge for Asian markets.
For example, nearly 50% of food imported by the UAE is re-exported back to over 160 countries, which makes these Gulf countries one of the largest re-export markets in the world. Conversely, Morocco can offer these countries preferential access to African and European markets.
Morocco has several advantages to offer potential trading partners starting with the Free Trade Agreements (FTAs) signed with 55 countries representing a market of over one billion consumers.
Saad Benabellah the General Manager of Maroc Export has just completed visits to Bahrain, Saudi Arabia and Oman with a delegation of 39 Moroccan businessmen.
The last stop was Oman where a Memorandum of Understanding was signed at the Oman Chamber of Commerce and Industry between the OCCI and the Moroccan Centre for Export Promotion (Maroc Export) on enhancing technical co-operation and exchanging information.It will help Omani businessmen to explore investment opportunities in Morocco.Oman has a thriving and diversified economy backed by the stock exchange.
Oman has some oil and a strong banking system backed by an established stock exchange. The Port of Salalah provides an entry point for exports and imports and Oman has an important fisheries industry . There are a number of foreign and local banks and Oman is also an important trading hub for key Asian markets. It has four free zones including Salalah Free Zone,Sohar Industrial Port, Mazyona Free Zone and Masandam Free Zone.
Between 2000 and 2009, the UAE was number 3 of all foreign investment in Morocco after France and Spain. For its part,Morocco occupies 49th place in terms of volume of trade and foreign trade of the UAE with the world.
Whilst there are challenges in the region,principally the cost of transport , the dynamic economies backed by strong financial markets and stock exchanges looking for investment and trade opportunies make it well worth the effort.
For example, nearly 50% of food imported by the UAE is re-exported back to over 160 countries, which makes these Gulf countries one of the largest re-export markets in the world. Conversely, Morocco can offer these countries preferential access to African and European markets.
Morocco has several advantages to offer potential trading partners starting with the Free Trade Agreements (FTAs) signed with 55 countries representing a market of over one billion consumers.
Saad Benabellah the General Manager of Maroc Export has just completed visits to Bahrain, Saudi Arabia and Oman with a delegation of 39 Moroccan businessmen.
The last stop was Oman where a Memorandum of Understanding was signed at the Oman Chamber of Commerce and Industry between the OCCI and the Moroccan Centre for Export Promotion (Maroc Export) on enhancing technical co-operation and exchanging information.It will help Omani businessmen to explore investment opportunities in Morocco.Oman has a thriving and diversified economy backed by the stock exchange.
Oman has some oil and a strong banking system backed by an established stock exchange. The Port of Salalah provides an entry point for exports and imports and Oman has an important fisheries industry . There are a number of foreign and local banks and Oman is also an important trading hub for key Asian markets. It has four free zones including Salalah Free Zone,Sohar Industrial Port, Mazyona Free Zone and Masandam Free Zone.
Between 2000 and 2009, the UAE was number 3 of all foreign investment in Morocco after France and Spain. For its part,Morocco occupies 49th place in terms of volume of trade and foreign trade of the UAE with the world.
Whilst there are challenges in the region,principally the cost of transport , the dynamic economies backed by strong financial markets and stock exchanges looking for investment and trade opportunies make it well worth the effort.
Source : https://www.marocafrik.com/english/Morocco-and-the...