Moroccan Minister of Commerce, Industry and Crafts, Alami Tazi announced that Morocco is willing to incur further deterioration in its trade balance with Korea, provided that overall trade levels increase.
"Although total trade between Morocco and Korea stands at above $120 million, it is the wish of the Moroccan government that total trade volume be boosted to levels of $500 million to $600 million a year," Tazi told the Korea Herald.
In 1999, Korea exported approximately $77.62 million worth of goods, with household products, machinery and automobiles chiefly among them. Imports amounted to $49.94 million from taking in phosphate ores, fishery products and textiles.
"Korean firms would greatly benefit from the abundant supply of high-skilled labor in Morocco and special tax breaks the government offers to foreign industrialists," Tazi announced, adding, "...consequently, the business climate in Morocco would be particularly appealing to the electronics, automobile and tourism sectors, which the Moroccan government is keen on pulling in."
The Minister conveyed that both nations would soon establish a Business Council for strengthened bilateral relations. Three meetings to discuss trade have been scheduled for July, October and November this year, according to officials at the Ministry of Foreign Affairs and Trade.
The Moroccan Minister's visit to Korea from June 1-3, marked the first visit by a Minister-level Moroccan official in nearly a decade, and the third meeting of the Korean-Moroccan Joint Committee since the two nations created diplomatic ties in 1962.
© 2000 Mena Report (www.menareport.com )