Morocco under the sign of stability and diversification (Fédération des entreprises Suisse)

In mid-October, Federal Councillor Parmelin, accompanied by a business and scientific delegation, visited Switzerland’s second-largest trading partner in North Africa. The trip to Morocco provided a fascinating insight into the country’s infrastructure development and industrialisation. Reports the Swiss Business Federation economiesuisse

In recent years, Morocco has made considerable efforts to diversify its economy. In addition, the country is characterised by long-standing political stability. Federal Councillor Parmelin’s economic and scientific mission, which took place from 14 to 16 October, gave Swiss economic representatives the opportunity to get a first-hand impression of the country.

Hub for Africa and Industrialisation

TangerMed, the largest industrial seaport in the Mediterranean, is emblematic of the development of infrastructure in Morocco and the country’s role as a gateway to Africa. In this context, Morocco is taking advantage of its strategic geographical position between Africa and Europe, as well as its access to the Atlantic and the Mediterranean.

Thanks to several company visits, the business delegation was also able to gain an important insight into the country’s industrialisation in high added-value sectors (e.g. the automotive industry, aeronautics and renewable energies). To further encourage this process, the government is investing in free zones such as Casablanca Finance City and Tangier Free Zone. These offer companies setting up there various advantages, for example in terms of taxation or regulation.

Improving good and complementary economic relations

Morocco is an important trading partner for Switzerland in North Africa. Both countries are open economies that are closely integrated into world trade. Bilateral trade reached its highest volume in 2022 at CHF 778 million. Switzerland is also a major investor in Morocco, with direct investments of CHF 418 million (2021). In addition to traditional trade in goods, the country also has great potential for growth, particularly in the financial sector and renewable energies.

Several meetings with the authorities took place as part of the economic mission, in particular with the Minister for Investment and Trade. During these meetings, the participants in the economic delegation, led by Christoph Mäder, President of economiesuisse, were also able to voice their questions and concerns.

Bilateral economic relations between Switzerland and Morocco are already based on a solid foreign economic policy framework, with the EFTA-Morocco free trade agreement and the investment protection and double taxation agreements.

In addition to these bilateral agreements, the two countries are also part of the regional Convention on Pan-Euro-Mediterranean Preferential Rules of Origin (PEM Convention). To further promote this good cooperation, however, it is important to continue to reduce trade barriers and administrative obstacles.

Federal Councillor Parmelin’s economic mission impressively demonstrated that it is possible to further deepen bilateral business and investment relations through open dialogue.

Source: eubriefs.com