Mr. Mohammed BOUSSAID, Minister of Economy and Finance, and Mr. Américo de Oliveira Ramos, Sao Tomean Minister of Finance and Public Administration, signed, Monday, January 25th , 2016 in Rabat, two agreements on the promotion and reciprocal protection of investments and on double taxation between the Kingdom of Morocco and the Republic of Sao Tome and Principe.
At the signing ceremony characterized by the presence of the Minister of Foreign Affairs and Communities of the Republic of Sao Tome and Principe, Mr. Manuel Salvador Dos Ramos and the ambassadors of both countries, both Ministers expressed their satisfaction with the quality of political relationships and friendship between the two countries and expressed the wish to provide new impetus to bilateral cooperation particularly in the economic and commercial fields.
In a statement to the press, Mr. Mohammed BOUSSAID stated that Morocco and the Republic of Sao Tome and Principe hold relations of friendship and cooperation that lie within the scope of the royal guidance to expand South-South cooperation. He added that the latter is based on new principles and values, namely solidarity, the strong partnership and the sharing of experiences and expertise.
Having highlighted the distinguished political relations between the two countries, he stressed that the signing of these important agreements aims to enhance the attractiveness of investment and promote trade between Morocco and the Republic of Sao Tome and Principe, noting that these agreements will make a step forward in economic relations between the two countries.
Mr. Américo de Oliveira Ramos, on the other hand, stressed that these agreements which now provide legal protection for investments in both countries, are an opportunity for Moroccan and Sao Tomean businessmen.
He went on to say that the Republic of Sao Tome and Principe, a small African country, will now benefit from Moroccan investment, which has accumulated a great experience in this field. He expressed the wish to see these agreements pave the way for Moroccan financing in Sao Tome.
These agreements are an invitation to investors and an opportunity for both countries to benefit from private investment, stated the Sao Tomean Minister.
The agreement to Promote and Protect mutual Investments between Morocco and the Republic of Sao Tome and Principe aims to promote the flow of investment between the two countries. It, thus, provides additional guarantees in terms of the protection of investments by Moroccan investors and Sao Tome and Principe in their territories.
As for the Double Taxation agreement, it aims to remove financial constraints that may restrict capital flows and trade between the two countries. It will also fight against international tax evasion and tax fraud through the development of cooperation between tax administrations in terms of sharing information and assistance in taxes and duties collection.