Highlights

Strengthening cooperation between Morocco and Libya : 23/10/2009

Strengthening cooperation between Morocco and Libya

Mr. Salah-Eddine Mezouar, Minister of Economy and Finance, received in Friday, October 23rd, 2009, at the headquarters of the Ministry, Mr. Mohamed Ali Lahouij, Secretary of Libyan People`s Committee of Industry, Economy and Trade.

The meeting is acquainted with the 8th session of the High Moroccan-Libyan Commission co-chaired by the Prime Minister Abbas El Fassi and the Secretary of the Libyan General People`s Committee (Prime Minister), Mr. Al Baghdadi Ali Al Mahmoudi.

In his speech, the Minister praised the level of bilateral cooperation which reflects the deep fraternal ties that link the two parties.

Within the same framework, the Minister called for stimulating cooperation and supporting the free movement of capital between the two countries.

In addition, the Minister welcomed the beneficial outcomes of the work of the 8th session of the Joint High Commission which is expected to further develop relations between the two countries in the fields of finance and investment.

As to customs, an additional protocol, besides the previous ones, was signed between the two countries in the field of mutual administrative assistance which would enable to prevent and withstand the customs offenses.

In the field of investment, a memorandum of understanding was signed between the Moroccan Investment Agency and the Libyan authorities for the Promotion of Investments.

Concerning banking, negotiations are underway to conclude an agreement between the Casablanca Stock Exchange and the stock market in Tripoli.

For his part, Mr. Mohamed Ali Lahouij, Secretary of Libyan People`s Committee of Industry, Economy and Trade was pleased with the Moroccan-Libyan relations and expressed his country`s willingness to develop and promote them.

During this meeting, it was agreed that the efforts of both countries should focus on sectors that will play a leading role in promoting bilateral relations namely the creation of a shipping line to enhance trade between the two countries, creating a forum bringing together businessmen from both parties and promote investment in undertaking joint projects particularly in the field of phosphate and energy.

Moreover, the two ministers agreed upon facilitating exchanges between the two countries, simplifying banking procedures and using national currencies to help improve trade between both sides.