02:37 (GMT +7) - Monday 21/08/2017

Vietnam Today

Prospects bright for Vietnam-Morocco economic cooperation

Released at: 15:00, 07/08/2017

Prospects bright for Vietnam-Morocco economic cooperation

Ambassador Azzeddine Farhane (L) received by PM Nguyen Xuan Phuc in Hanoi in Feb, 2017. Photo: VOV

Host of opportunities continue to be available, according to Moroccan Ambassador.

by Hai Van

Economic relations between Vietnam and Morocco are developing in a positive direction as Morocco has become a new and promising market for Vietnamese enterprises and those planning to access Africa via the country, Ambassador of Morocco in Vietnam, H.E. Azzeddine Farhane, told VET during celebrations of the 18th anniversary of the Enthronement of His Majesty King Mohammed VI of Morocco.

Morocco’s strategic location and market incentives as a gateway to penetrate into African countries, in addition to its strategic geographic location, social and political stability, large network of banks across Africa, and rising GDP means the country offers myriad valuable opportunities for Vietnamese enterprises.  

The Ambassador added that bilateral trade is improving, reaching $200 million in 2016, but is yet to reflect the potential for cooperation between the two countries.

The finance and banking sector remains one of the most promising for bilateral cooperation, as Morocco’s banking industry, which is one of the best developed in Africa and includes some of the continent’s largest banks, can cooperate with Vietnamese banks and businesses willing to expand and carry out business in Africa.

Fertilizer products is another sector of potential for cooperation. Morocco’s OCP is the largest producer and manufacturer of fertilizers in the world, with the country hosting more than 75 per cent of the world’s phosphate reserves.

Vietnam, meanwhile, is one of the fastest growing markets in fertilizer consumption. The two countries are therefore looking to establish sustainable cooperation in terms of phosphate and fertilizer products.

Morocco and Vietnam, as gateways to Africa and Southeast Asia, respectively, can establish solid foundations for win-win bilateral cooperation as a trans-regional model of cooperation that transcends geographic limits to include ASEAN and the African continent.

The celebration for Enthronement Day in Morocco has its historic roots in the immutable pact that binds the King and the People, which has been enshrined in the long history of the Moroccan people and the Royal Alaouite Dynasty for more than three and a half centuries.

The country has followed a gradual approach to political reforms and democratization, which led to the adoption of a new constitution and the holding of free parliamentary elections in 2011. Economic growth, meanwhile, averaged 4.5 per cent between 2000 and 2010 and was 4 per cent in 2015.

During His Majesty King Mohammed VI’s 18-year reign, Morocco’s economy has drastically improved, as its GDP has doubled and economic dynamism has reached high levels, fueled mainly by the acceleration of investments in infrastructure and the realization of major restructuring projects and institutional reforms. This dynamism has efficiently contributed to reducing poverty by half and has seen Morocco become one of the most dynamic markets in Africa and the Middle East - North Africa (MENA) region.

Under the guidance of His Majesty, Morocco has undertaken efficient economic and institutional reforms, with an extended vision seeking to make the country an emerging and strong regional economic power. The country recently launched an “Industrial Acceleration Plan” backed by funding of MAD 20 billion ($2.11 billion). The plan aims to encourage and strengthen export capacity and bolster its small and medium-sized enterprises (SMEs).

Over the past two decades, the King has guided a range of important reforms to liberalize and strengthen Morocco’s economy. The country has implemented various incentives to attract investors, signing free trade agreements with traditional partners and opening up to new markets, mainly ASEAN countries. The liberalization of its economy has provided strong impetus in terms of national GDP growth, the development of foreign direct investment, the emergence of a large middle class, and the modernization of its agriculture, industry and services sectors.

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