Partners reap cooperation benefits
Northwestern Africa’s Morocco welcomes companies to participate in nation’s growing economic development
China has been developing its strong relationship with Africa, especially in the last 20 years, and its efforts have brought plenty of benefits to African countries, said Aziz Mekouar, ambassador of the Kingdom of Morocco to China.
The ambassador made his comments prior to the 2018 Beijing Summit of the Forum on China-Africa Cooperation which runs from Monday to Tuesday.
“So our focus about the forum is to give a frame to this cooperation between China and African countries,” the ambassador added.
Morocco’s government ministers will attend the summit.
Mekouar said that Africa is a continent with enormous potential. Africa has 1 billion people and by 2050 there will be 2 billion people. Africa has all the resources that other countries need, such as mines and oil, thanks to its amazing geology.
Morocco is located in the northwest of the African continent and stands at the crossroads of major trade currents and Europe’s major markets, which gives it a privileged place both on the financial and commercial levels, according to the country’s embassy in China.
Foreign trade accounts for 35 percent of Morocco’s GDP, and as a result has attracted a large number of international companies. Many of them have been operating their businesses in Morocco for many years.
High-tech industries such as aviation and automotive are also booming in Morocco, according to the ambassador.
Chinese companies are very much welcomed to participate in the development as they can bring experience, knowledge and technology, Mekouar said.
“The Belt and Road Initiative is an excellent initiative because it has built up the link to trade,” he said. “We need to work together under the framework of the initiative and create a community of common future for shared interest.”
Mekouar said that 40 years ago, China was a relatively poor country. But today, the Chinese people are becoming wealthier. China is becoming one of the biggest consumer markets in the world. Everybody is interested in trading with China.
Facing the challenges of the rising trend of trade protectionism, Mekouar said he believes that the only solution in the world is free trade because the more trade you have, the wealthier people will become.
To support overseas investment, Morocco has launched tax exemption policies and an investment promotion fund. Currently, every expatriate in the country has the right to own and inherit property in Morocco without paying inheritance tax. Mortgage rates in the country are currently at 5 percent.