Moroccan King Visits Italy to Ease Debt Burden
Morocco's King, Mohammad VI is in Italy on a three-day official visit to ease the Kingdom's US$100 million debt burden with Italy. This visit comes amidst general efforts to pay off Morocco's public debts, which are estimated at some US$360 million.
King Mohammad VI is scheduled to meet leading Italian firm representatives such as FIAT and Italia Telecom. The latter has expressed interest in investing in the Moroccan telecommunication infrastructure. The monarch's tour to Italy comes during a time of peak Italian interest in Morocco. Morocco hopes the visit will foster economic activity between these two nations. Exportation from Italy to Morocco last year stood at MD4.2 billion, while the Italians imported Moroccan products valued at MD 2.6 billion. Though Italian investment in the Moroccan industry remains low, it has steadily increased since 1998. (about MD10=$1).
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