Strengthening economic cooperation between Morocco and Hungary : 21/03/2012

Strengthening economic cooperation between Morocco and Hungary

The strengthening of economic relations between Morocco and Hungary was, Wednesday, March 21st 2012, the focus of talks in Rabat  between the Minister of Economy and Finance, Mr. Nizar Baraka, and the president of the National Assembly of Hungary, Mr. Laszlo Kover, who is in Morocco for an official visit.    

During the meeting, Mr. Kover stated that bilateral cooperation must include several areas in order to make the relations of "friendship and trust" that link both countries more firm The Hungarian official, who argued in favor of a strong presence of Hungarian firms and businessmen in Morocco, stressed the importance of exchanging visits between officials from both countries.

Morocco is ranked third in terms of trade exchanges between Hungary and African countries, he noted, inviting to translate "words into deeds."

The new Hungarian government is willing to open on non-EU countries," he stated, adding that the Moroccan-Hungarian Joint Commission will be held in the second half of 2012 in Budapest so as to cover several issues. He expressed his country`s willingness to cooperate with Morocco in the fields of port, logistics, agriculture, automotive sector, energy and water.

In his speech, Mr. Baraka supported consolidating bilateral economic cooperation and diversifying trade exchanges. He also discussed the transition to democracy "successful in the Kingdom", thanks to political and structural social reforms, as well as economic progress in the last decade.

"The Government insists on product and investment diversification," noted the Minister, clarifying that trade exchanges between Morocco and Hungary do not exceed EUR 90 million.

He also noted the limited number of Hungarian companies established in Morocco, whereas its trade exchanges with the EU accounts for 65 %.

Mr. Baraka stressed the need to boost the Moroccan-Hungarian businessmen council (CAMH), set up December 2010, to implement the bilateral investment agreements and avoid double taxation and encourage partnerships with Hungary in order to win the Maghreb and sub-Saharan Africa markets.