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Wednesday 17 November 2021

UK Ambassador Underlines 'Complementary' Economic Cooperation between his Country and Morocco

UK Ambassador Underlines 'Complementary' Economic Cooperation between his Country and Morocco

Economic cooperation between Morocco and the United Kingdom is "complementary", especially in a post-Brexit context, noted on Tuesday the United Kingdom's ambassador to Morocco, Simon Martin.

"Our respective economies are very complementary and with the association agreement governing our trade after the Brexit, we have built a real structure capable of allowing the identification of sectors where we can change the rules as well as the terms of our economic relations to increase opportunities for Moroccan investors in the United Kingdom and vice versa", underlined Mr. Martin during a webinar organized by the British Chamber of Commerce in Morocco under the theme: "Post-Brexit: One year afterwards, first assessment."

After recalling Morocco's role as a gateway to the African continent, particularly West Africa where the presence of British industry and services remains limited, Mr. Martin highlighted the strong commercial relations that already exist between the two parties in the sectors of agriculture, tourism, automotive industry, and aeronautics.

He also said that there are a lot of opportunities to be exploited, particularly with regards to the exchange of expertise in the financial field.

For example, he said, "we can imagine a stronger presence of British financial companies in Casablanca Finance City (CFC), but we can also work on the development of new financial products, whether in Morocco or in the African continent".

For her part, Wafaa Settar, director of the strategy and communication pole at the Moroccan Agency for the Development of Investments and Exports (AMDIE) stressed that the exemplary management of the health crisis has revealed to the whole world Morocco's adaptability and its strategic agility, noting that it is in this regard that the Kingdom announced the deployment of its new brand "Morocco NOW", thus going on the offensive on the investment side.

To this end, she said that the manufacturing sector such as textile and automobile, where Morocco has an advantage in terms of labor intensity in factories, constitutes a crucial sector for the United Kingdom.

"In the sector of textile, Morocco has long collaborated with several major British brands and we want to revitalize this trend," she pointed out.

The same goes for the green energy sector or that of medical equipment, she went on, recalling that Morocco now has a "perfectly ambitious" project in terms of social security and "therefore collaboration in this direction could only be fruitful for both parties”.

MAP 17 November 2021