A senior British economic official emphasized the strength of the economic Moroccan-British relations, highlighting an openness to broad prospects in both industrial and commercial sectors, and their mutual interactions.
During a seminar held by the chamber on Thursday evening to discuss “How Morocco imposes itself as a preferred new destination for industrial processing?”, Stephen Orr, President of the British Chamber of Commerce in Morocco (BritCham), said that the Moroccan economy solidifies its position as the most competitive industrial nation on the African continent regarding industrial development. He emphasized the significant progress made in diversification, value creation, and competitiveness in various industrial activitieand that Morocco has prioritized manufacturing, making it a cornerstone of its comprehensive development policy for about 20 years, paving the way for it to become an industrial hub on the regional and international levels.
According to the president of BritCham, Morocco called upon to move forward towards a new and more resilient industry era, capable of confronting new global economic stakes, and creating more job opportunities and value, recalling its resilience in a global and regional context marked by high inflation and disrupted supply chains.
Market Entry Stage
Mohamed Rahj, Professor of Economics and Management at The Higher Institute of Commerce and Business Administration -ISCAE-, stated that the UK has strengthened its relations with Morocco notably since Brexit, leading to boost bilateral relations with Morocco, especially in terms of raising exports of Moroccan agricultural products and enhancing the presence of multinational British companies in Morocco. He further said that Britain aspires to establish a foothold within the 10,000 foreign companies currently in the Kingdom.
He emphasized that British investments can benefit from advanced infrastructure across most regions of the country through Morocco’s industrial acceleration zones and the twelve free zones, especially with the direct connection between Tangier and London through sea and air, as well as the ports of Casablanca and the industrial acceleration zones in the Nador region, in the western Mediterranean competent in the petroleum industry, as well as the port of Dakhla, which will ensure British access to African markets.”
The British are currently in the entry stage to the Moroccan market through its widest doors and in promising industrial sectors that ensure the creation of hundreds of thousands of jobs (mainly in automotive and aerospace industries), Rahj pointed out to the availability of a favorable Moroccan legal and tax system that allows foreign investment to stabilize and benefit from support grants provided by the Investment Charter for high-value industrial projects.
He concluded that “The competitive industry in Morocco along with its incentive investment environment seem ready to test the readiness of British companies to invest in Morocco, which are calculated ventures with considerable returns and benefits for both Rabat and London.”
Strong Trade Momentum
Driss Aissaoui, an expert in international economic affairs, highlighted the promising opportunities that awaits development of longstanding trade relations between the United Kingdom and Morocco, emphasizing that the economic representation of BritCham in the economic capital of Morocco completed nearly 100 years of attendance in 2023, with a strong trade momentum for bilateral trades.
In a statement to Hespress, Aissaoui said that the available opportunities for the two kingdoms have been praised and acknowledged in late February 2024, bythe report of the British Institute for Free Trade presented to the British House of Lords, in the presence of political leaders responsible for investment, businessmen, and diplomats.”
He further stated that he believes that Stephen Orr’s speech during a visual symposium in Casablanca, supports this logical and very reasonable trend, especially as Morocco has made pivotal strides in acquiring skills and technologies, as part of a significant continental approach rather than an individual one, the most prominent of which is improving its position economically in Africa, strengthening Moroccan economic policy towards African countries, and extending Rabat to an Atlantic initiative to open the door to Sahel countries.”
The same economist pointed out that Morocco is seen by British economic officials as an economy that is capable of emerging from the circle of the countries facing difficulties and has even been able to impose itself as a key player in value-added industries and job-creation sectors,” reflecting the theme of the symposium. He highlighted the major projects underway in the Moroccan industrial sector are robust, such as the aerospace and automotive industries. Despite ongoing difficulties in overall performance owing to the succession of circumstantial or structural crises, Morocco is deemed a manufacturing country “.
Aissaoui concluded by referring to the “volume of bilateral trade” between London and Rabat, which amounted to around 23 billion dirhams in 2022. Trade increased by about 50 percent, moving from 15.3 billion dirhams in 2019 to 22.9 billion dirhams in 2022.
Translated from Hespress Arabic by Wissal Mellal
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.