The political and economic reforms introduced by Morocco reinforced the confidence of international organizations and foreign investors in Moroccan economy, stated, Tuesday, February 19th 2013 in Madrid, the Minister of Economy and Finance, Mr. Nizar Baraka. "Morocco provided a basis for an inclusive and balanced development model, allowing the Kingdom to perform in recent years, significant progress in terms of economic changes and fight against poverty, insecurity and exclusion", noted M. Baraka, who was the guest of a conference initiated by " Nueva Economia Forum ".
Institutional reforms initiated by His Majesty King Mohammed VI, the adoption of a new constitution and the announcement of a new coalition government made it possible for Morocco to "consolidate its political and social stability and accelerate the dynamics of reforms needed to address economic and social challenges and meet the aspirations of the citizens, "stated the Minister of Economy and Finance.
Despite an "unfavorable" economic climate, Morocco registered a growth rate of nearly 5% in recent years and, thanks to the diversification of productive structures, upgrading high-value-added sectors and the implementation of major projects, explained the Minister before an audience of political officials, businessmen and diplomats accredited in Spain.
During this meeting, Mr. Nizar Baraka noted that despite the European economic crisis, Morocco maintained the levels of investment of both rating agencies " Fitch Ratings " and " Standard & Poor`s " and obtained a Line of precaution and liquidity from IMF $ 6.2 billion in two years.
He also indicated that foreign investment in Morocco increased by 14 % last year, noting that the Kingdom offers huge investment opportunities in all fields.
Referring, on the other hand, to the Moroccan-Spanish relations, Mr. Nizar Baraka stated that for the first time in history, Spain has become in the last year, the leading provider of Morocco with 4.5 billion of Spanish imports, which is an increase of 25 % compared to 2011, specifying that exchanges between the two countries increased despite the global economic crisis.
He, at the same time, restated Morocco`s desire to strengthen its cooperation with Spain which constitutes a "strategic partner" for the Kingdom. He recalled in this regard the Throne speech of His Majesty in which he reiterated his commitment to promote the emergence of new economic conditions conducive to create wealth for both countries with a view that the concrete deep links of solidarity between Morocco and Spain become effective.
The Minister, to this end, called for the setting up of a " reconciliation strategy in terms of both governmental bodies and private-sector actors, by providing an institutional framework for a reinforced economic dialogue that helps identify areas of complementarity within the value chain and promote joint management of economic issues related to investment and trade between the two countries. "
For the Minister, the potential of Moroccan and Spanish markets, as well as the presence of hundreds of SMEs in Morocco and a large Moroccan community in Spain are likely to be a vector to further deepen bilateral relations.
Bilateral changes initiated by the two Governments have, however, to be strengthened and extended to other areas of cooperation, to meet the challenges of the economic crisis, he stressed.
Mr. Nizar Baraka, also found that regional integration through the promotion of a "renewed cooperation" with European partners and particularly with Spain and the Maghreb countries and the Arab world is "necessary to address the economic and social challenges ", emphasizing the importance of working together and mobilizing all energies and public and private actors " efforts in order to achieve the expected development and progress objectives.