Egyptian-Moroccan economic cooperation continues
The joint Egyptian-Moroccan Committee will convene May 10 in Rabat under the supervision of both states’ ministers of economy, reported the London-based daily Al-Sharq Al-Awsat. The committee will discuss further cooperation between the two countries, which has grown substantially in recent years.
On the agenda is the third phase of the Egyptian-Moroccan bilateral free trade accord, which calls for the reduction of customs imposed on exchanged merchandise. Both countries will decrease the customs rate on mutually traded goods from 25 percent to 10 percent.
Also to be discussed are five joint investment project proposals that will require $150 million in long-term investments with an initial $75 million investment. These proposals include a $13 million Egyptian medical supplies project in Morocco, a $20 million Egyptian fish canning project in Ayoon (Morocco), a clothing factory in Casablanca, and a joint Egyptian-Moroccan-Danish bicycle manufacturing plant and sweets factory in Port Said.
These proposals will further boost what is already a growing economic relationship between Egypt and Morocco, which has risen from $20 million in 1999 to $60 million in 2000. According to head of the Egyptian Moroccan Chamber of Commerce, Ibrahim Abu Umeira, exports to Morocco reached $45 million in 2000, whereas Egyptian imports from Morocco amounted to $15 million. — (MENA Report)
© 2001 Mena Report (www.menareport.com)