Casablanca - Morocco’s Minister of Industry, Trade, Investment and Digital Economy Moulay Hafid Elalamy called on Tuesday in Casablanca German business community to seize the many business and partnership opportunities offered by the economic environment in Morocco.
This commission is a unique platform for both countries to seize the economic opportunities offered by their "excellent" bilateral relations, said Elalamy who was speaking at the opening session of the 2nd meeting of the Moroccan-German Joint Economic Commission, in the presence of the Uwe Beckmeyer, Parliamentary State Secretary at the German Federal ministry for Economic Affairs and Energy, the President of the General Confederation of Moroccan Enterprises (CGEM), Myriem Bensalah Chaqroun.
The minister deplored "modest" level value of trade and investment between the two countries despite the good bilateral relations, noting that trade between the two countries only reached € 2 billion in 2013, an equivalent of 4.11 % of the Kingdom’s overall foreign trade.
He added that German direct investments in the Kingdom did not exceed € 118 million in 2013, which is only 3 % of foreign direct investments in Morocco and 6 % of German investment flows in North Africa.
The Moroccan official also highlighted the large-scale projects launched in the Kingdom which mobilized significant foreign investments including Morocco’s major strategies in Agriculture (PMV), Energy and industry.
For his part, Beckmeyer stressed the importance of the German-Moroccan Joint Commission in promoting economic cooperation relations, noting that the commission includes nearly 50 representatives of German companies.
The German official also recalled the Morocco-EU relations which provide and "excellent" framework for economic win-win cooperation between the two countries.