Morocco set to adhere OECD investment committee, Minister

Paris - Morocco is strongly committed to adhere to the investment committee of the Organization for Economic Co-operation and Development (OECD), Moroccan deputy minister of economic and general affairs, Nizar Baraka, said on Thursday.
 
    "Morocco has adhered to all OECD values in terms of market economy, economic freedom, respect of human rights or the consolidation of democracy,"the minister said in the French capital at the opening of the 7th edition of the Global Forum on OECD international investments.

    The strong economic growth that has marked the Moroccan economy in the last five years revives the country's ambitions to become a platform for investment and export, the minister said.

    Indeed, the rate of foreign investments has flared up from 20% of the GDP in the nineties to 30% today, which was made possible through the north African country's decision to cut corporate taxes, decrease income tax to boost recruitment, and reduce tariffs, he recalled.

    The kingdom has sketched a program set on maintaining the stability of the macroeconomic framework, reducing the budgetary deficit, laying out a renewed sector strategy and improving economic governance in order to ensure further transparency and reinforcing ethics in the business realm, he said.

    The Moroccan economic strategy is based on integrating sectors with a strong added value such as offshoring, nanotechnologies, automotive technology, aeronautics and electronics to attract foreign investors, the minister added.

MAP