AACCI hosts Moroccan Ambassador
The Ambassador of His Majesty the King to Canberra, Mr. Karim Medrek took part to an economic roundtable held in partnership with the Australian Arab Chamber of Commerce and Industry, on March 10, 2020 in Sydney.
During this roundtable, the Ambassador shed lights on the economic choices made by the Kingdom since an early phase after its independence, opting for economic and financial openness liberalism, which has been a determining factor to make it what it is today, a regional hub with brilliant prospects of growth in the upcoming decades.
In this regard, Mr. Medrek seized this opportunity to highlight the major assets of the Moroccan Economy, based on the deepening of competitive modernization reforms, the consolidation of partnerships with key players of the globalized system, and the progressive diversification of partnerships with emerging and developing countries within the framework of the South-South cooperation. According to the Ambassador, this has given brilliant results as the country achieved a steady and stable growth rate all over the last years as well as a lower inflation rate and unemployment average.
Mr. Medrek also shed lights on the major sectors contributing to the growth of Moroccan Economy, notably Agriculture, Mining, Service sector and Tourism in addition to the Major sectoral strategies and how they have been successfully implemented during the last decade. In this respect, the Ambassador drew on the examples of the Moroccan Green Plan- which fulfilled all its promises by reaching the majority of its objectives since it has gone beyond 1 million hectares of land planted with olive trees and reached a remarkable production in terms of cereals and fruit trees- the Hallieutis Plan for fisheries which made local production increase by 40%, the Offshoring Plan which made of Morocco one of the best world destinations for offshoring or the Tourism Vision allowing the country to reach around 15 million visitors per year.
To explain Morocco’s economic growth, the Ambassador considered that it is important to see how the Moroccan Industrial acceleration plan has contributed through excellent turnovers and performances in the automotive sector (Morocco, being the 1st car producer in Africa and the Middle East Region), the aerospace sector ( The Kingdom is among the top 5 attractive countries in terms of the installation of subcontractors) and renewable energy as Morocco has one of the biggest solar plants in the world with a total production capacity of 2000 MW. In this regard, the Ambassador mentioned how these industrial sectors have attracted foreign investments from international big companies such as Renault, Peugeot, Bombardier and others. Besides, he added that this plan aims to bring the industrial sector’s contribution to GDP to 23% and create 500.000 jobs by 2030.
The Ambassador also seized the occasion to underline the importance of the Foreign Trade Agreements and Triangular cooperation to the Moroccan Economy.
This dynamic roundtable has allowed exchanging views of common interest with the attendees, hoping that this will pave the way for further initiatives of economic cooperation between the Kingdom of Morocco and the Commonwealth of Australia.