Morocco’s Casablanca Stock Exchange unveils prospects for Morocco-UK business cooperation

Casablanca

The Stock Exchange in London, in partnership with the Casablanca Stock Exchange, hosted the 2nd Morocco Capital Markets Day highlighting the Its Investment Opportunities to support Morocco and the possibility of strengthening its relationship with England.The occasion was organized to reinforce the Moroccan financial market in the global platform and to exhibit the economic and financial background of the Kingdom of Moroccan not to mention the capability of its capital market. During the event, the British Minister for the Middle East and North Africa underlined the remarkable business prospects accessible for the two nations. The Minister also promoted the high points of the Moroccan economy, its unique geostrategic location, the stout existence of the Moroccan private sector in Africa as well as the political and commercial steadiness of the Kingdom. The Kingdom of Morocco is currently considered as the entryway to the African economic market.

According to the State Secretary for Moroccan, the event is significant to the Kingdom as it serves as the program for a serious interaction of the frontrunners in business and investment from Morocco and England. Furthermore, the Moroccan tourism was also highlighted for making a mark as a fascinating destination for investors outside the country and travelers due to its competitive resources. Supporting the tourism sector in the economic grid of Morocco has become one of its major socio-economic development strategies. According to Mohamed Dekkak, Chairman and Founder of Adgeco Group, the effort of the Casablanca Stock Exchange to partner with its counterpart in London suggest its commitment to push forward its objectives in improving the economic status of the Kingdom of Morocco. Through the event, business partnership opportunities will be given their required additional promotion. Foreign investments and the tourism sector are expected to be increased and improved.

The tourism industry draws substantial investment, produces significant returns, and is a vital source of foreign exchange. It is also the second largest backer to national GDP and the second main producer of employment. The Managing Director of the Casablanca Stock Exchange explained that the event presents the British investors with partnership proposals in strategic areas such as in tourism, the motor sector, aeronautics, and food production, without overlooking a chance to capitalize in the Casablanca Stock Exchange. The Chief Economist of Attijariwafa Bank also shared the performance history and current economic condition of Morocco. Moreover, the recapture of public funds, the favorable development visions and the investment opportunities to be found in Morocco were also discussed.

At present, there are over two hundred Moroccan firms who are trading with those from Great Britain and approximately one hundred UK-based companies have a presence in Morocco such as British Airways, Unilever, Shell, GlaxoSmithKline, and others. The ambassador for the multilateral negotiation of COP22 also expressed his disposition to attend the meeting at the London Stock Exchange, which signifies that the Kingdom of Morocco has already saved a spot in the international market. While the Moroccan ambassador to the United Kingdom, applauded the development of Moroccan-British collaboration, encouraging the businesses in the UK to capitalize on the investment opportunities found in the flourishing economy of the Kingdom of Morocco.