Strengthened Morocco-EU Partnership
28 November 2012
Read by 1373 persons
"The EU plans to increase its economic cooperation with Morocco to promote growth and employment"
The European Union (EU) intends to continue supporting Morocco's efforts to modernize its economy and infrastructure by intensifying industrial cooperation and providing technical and financial support, stated Antonio Tajani, European Commission Vice-President and Commissioner for Enterprise and Industry.
Aware of the need to create conditions for growth that can reduce youth unemployment, the EU also plans to increase its economic cooperation with Morocco to promote employment, Tajani indicated in an interview with MAP, on the occasion of his visit to Morocco next Monday, heading a delegation of about fifty European business leaders interested in the Kingdom's investment opportunities.
This economic mission (November 26 and 27), also composed of representatives from several organizations and business federations, is part of the "missions for growth", an initiative of the European Commission aimed at encouraging the internationalization of European companies so that they can benefit from the high growth prevailing in some emerging countries.
Morocco will thus be the first country in the European neighborhood to benefit from this initiative. For Tajani, the choice of the Kingdom is not accidental. "Morocco is a privileged partner for the EU. At a time when many eyes are turning to emerging countries far away, I remain convinced that our proximity to Morocco, geographically, linguistically, culturally, and in terms of administrative practices, remains a major asset for both the Kingdom and the EU," he said.
The numbers speak for themselves, launched Tajani. Every year, European investors inject one billion euros in foreign direct investment into the Moroccan economy. The EU is by far the most important trading partner for Morocco, as more than half of the Kingdom's imports and exports are with the EU.
The Vice-President of the European Commission also affirmed that the EU attaches great importance to its partnership and cooperation relations with Morocco, noting that this has resulted in an increase in the cooperation budget (€270 million in 2012), which has allowed for more extensive technical assistance and support for structural reform programs in various areas.
Tajani also justified the choice of Morocco by the EU's desire to promote economic integration among the countries of the Southern Mediterranean, especially in this economic downturn where markets are very fragmented, which hinders economies of scale and business partnerships at the regional level.
The European Commission, which has successfully coordinated this regional integration process for 17 years, in collaboration with neighboring Mediterranean countries and numerous partners, is keen to give this cooperation its full meaning, he insisted, adding that Morocco plays a leading role in South-South integration.
The European official was keen to specify that the actions implemented to this effect have helped create a unified Euro-Mediterranean business climate that promotes investment conditions in the region, noting that the EU and neighboring countries are relying on their common strengths and complementarity to consolidate their position within a globalized economy.
Tajani stressed in this regard that the EU is pleased that Morocco has managed to maintain sound macroeconomic policy management despite a difficult economic environment, particularly following the eurozone crisis.
"We particularly welcome the control of inflation, thanks in particular to a sound monetary policy," he specified, adding that the EU understands that the Moroccan government had to make a number of unpopular decisions in this context, such as the increase in the price of fuel and subsidized food products in June 2012 to alleviate pressure on the budget."
He also expressed the EU's wish to encourage Morocco to pursue structural reforms, including the subsidy system, while developing a well-targeted social protection program.
"This courageous and forward-looking policy pursued by Morocco was welcomed by the European Union in 2008 by recognizing the special nature of the partnership linking the EU and Morocco, through the Advanced Status," he said, adding that the EU is fully aware of the efforts made by Morocco to successfully carry out this economic modernization project and to achieve the ambitions of the Advanced Status.
As a result, the EU, notably through loans from the European Investment Bank (€2.3 billion for 2007-2012), the Neighborhood Investment Facility, or the European Neighborhood Instrument, continues to support Morocco's efforts to modernize its infrastructure, which will make Morocco even more competitive on the global market.
More than one hundred European firms operating in the energy, tourism, automotive and aeronautical industries, and new information and communication technologies, have expressed their wish to participate in this economic mission led by Tajani to Morocco.
This mission's main objective is to promote sustainable and inclusive growth in both Morocco and the European Union. It also aims to raise awareness among European companies, particularly SMEs, to take advantage of the business and investment opportunities offered by Morocco in various sectors.
During this economic mission, European business leaders will also have the opportunity to establish business-to-business (B2B) contacts with their Moroccan counterparts through the General Confederation of Moroccan Enterprises (CGEM), among others.
MAP
Lematin.ma
Published on November 24, 2012.
Posted online on November 28, 2012.
The European Union (EU) intends to continue supporting Morocco's efforts to modernize its economy and infrastructure by intensifying industrial cooperation and providing technical and financial support, stated Antonio Tajani, European Commission Vice-President and Commissioner for Enterprise and Industry.
Aware of the need to create conditions for growth that can reduce youth unemployment, the EU also plans to increase its economic cooperation with Morocco to promote employment, Tajani indicated in an interview with MAP, on the occasion of his visit to Morocco next Monday, heading a delegation of about fifty European business leaders interested in the Kingdom's investment opportunities.
This economic mission (November 26 and 27), also composed of representatives from several organizations and business federations, is part of the "missions for growth", an initiative of the European Commission aimed at encouraging the internationalization of European companies so that they can benefit from the high growth prevailing in some emerging countries.
Morocco will thus be the first country in the European neighborhood to benefit from this initiative. For Tajani, the choice of the Kingdom is not accidental. "Morocco is a privileged partner for the EU. At a time when many eyes are turning to emerging countries far away, I remain convinced that our proximity to Morocco, geographically, linguistically, culturally, and in terms of administrative practices, remains a major asset for both the Kingdom and the EU," he said.
The numbers speak for themselves, launched Tajani. Every year, European investors inject one billion euros in foreign direct investment into the Moroccan economy. The EU is by far the most important trading partner for Morocco, as more than half of the Kingdom's imports and exports are with the EU.
The Vice-President of the European Commission also affirmed that the EU attaches great importance to its partnership and cooperation relations with Morocco, noting that this has resulted in an increase in the cooperation budget (€270 million in 2012), which has allowed for more extensive technical assistance and support for structural reform programs in various areas.
Tajani also justified the choice of Morocco by the EU's desire to promote economic integration among the countries of the Southern Mediterranean, especially in this economic downturn where markets are very fragmented, which hinders economies of scale and business partnerships at the regional level.
The European Commission, which has successfully coordinated this regional integration process for 17 years, in collaboration with neighboring Mediterranean countries and numerous partners, is keen to give this cooperation its full meaning, he insisted, adding that Morocco plays a leading role in South-South integration.
The European official was keen to specify that the actions implemented to this effect have helped create a unified Euro-Mediterranean business climate that promotes investment conditions in the region, noting that the EU and neighboring countries are relying on their common strengths and complementarity to consolidate their position within a globalized economy.
Tajani stressed in this regard that the EU is pleased that Morocco has managed to maintain sound macroeconomic policy management despite a difficult economic environment, particularly following the eurozone crisis.
"We particularly welcome the control of inflation, thanks in particular to a sound monetary policy," he specified, adding that the EU understands that the Moroccan government had to make a number of unpopular decisions in this context, such as the increase in the price of fuel and subsidized food products in June 2012 to alleviate pressure on the budget."
He also expressed the EU's wish to encourage Morocco to pursue structural reforms, including the subsidy system, while developing a well-targeted social protection program.
"This courageous and forward-looking policy pursued by Morocco was welcomed by the European Union in 2008 by recognizing the special nature of the partnership linking the EU and Morocco, through the Advanced Status," he said, adding that the EU is fully aware of the efforts made by Morocco to successfully carry out this economic modernization project and to achieve the ambitions of the Advanced Status.
As a result, the EU, notably through loans from the European Investment Bank (€2.3 billion for 2007-2012), the Neighborhood Investment Facility, or the European Neighborhood Instrument, continues to support Morocco's efforts to modernize its infrastructure, which will make Morocco even more competitive on the global market.
More than one hundred European firms operating in the energy, tourism, automotive and aeronautical industries, and new information and communication technologies, have expressed their wish to participate in this economic mission led by Tajani to Morocco.
This mission's main objective is to promote sustainable and inclusive growth in both Morocco and the European Union. It also aims to raise awareness among European companies, particularly SMEs, to take advantage of the business and investment opportunities offered by Morocco in various sectors.
During this economic mission, European business leaders will also have the opportunity to establish business-to-business (B2B) contacts with their Moroccan counterparts through the General Confederation of Moroccan Enterprises (CGEM), among others.
MAP
Lematin.ma
Published on November 24, 2012.
Posted online on November 28, 2012.
