Canada grants Morocco 500 million euros to strengthen bilateral economic exchanges : 29/03/2013

Canada grants Morocco 500 million euros to strengthen bilateral economic exchanges

A memorandum of understanding was signed Thursday, March 28th, 2013 in Rabat, between the Ministry of Economy and Finance and "Export Development Canada" (EDC) company, to provide the kingdom with 500 million euros to increase investments and exports of Canadian companies to Morocco.

This agreement, signed by the Minister of Economy, Mr. Nizara Baraka, and the Regional Director for Africa in the EDC, Mrs. Diane Belliveau, will serve as a framework to the financial cooperative relations between Morocco and EDC, through accompanying measures with a total amount of ? 500 million for allowing Canadian companies wishing to invest in Morocco to finance their projects and Moroccan businesses to buy Canadian goods and services. "This document aims to establish a framework for cooperation between companies and investors wishing to access the Moroccan market, which could transform the Kingdom into a platform for trade and investment, as well as an African gateway for Canada", stated Mr. Baraka.

In this context, he pointed out that the Ministry of Economy will allow Canadian companies to have a better knowledge of the Moroccan economy and business opportunities offered by the Kingdom, while providing the necessary support through public procurement, noting the importance of the investment of the Canadian giant "Bombardier Aerospace" in Morocco.

Canada`s investments in Morocco would be reinforced, thanks to the trust of the international organizations in the Moroccan economy (investment grade) and the adoption of the act on Public-Private Partnership submitted to the Council of government and the improvement of the business climate in the Kingdom, he indicated.

For her part, Mrs. Belliveau, after expressing satisfaction at the "transparent and fair" tendering processes in Morocco, urged Canadian companies to access these calls and take advantage from the support of the EDC for their investment projects, services and exports in Morocco.

Mrs. Belliveau noted that this protocol which aims to further deepen trade between Morocco and Canada focuses on industry in which Canada holds a leading position.

Furthermore, the two parties have also expressed the wish to see the dynamics of the current cooperative relations between Morocco and Canada, contributing to the increased flow of Canadian investment in the Kingdom.

Trade between Morocco and Canada amounted to 522.6 million dollars in 2012, against 418.9 million dollars in 2011, an increase of about 25%. Moroccan importation reached 368.5 million dollars in 2012 while exports amounted to 154.2 million dollars.