Day: April 24, 2024

New York - An economic delegation from Morocco has met, Monday on Wall Street, with leaders from the New York Stock Exchange. This visit comes in line with the strategic relations uniting Morocco and the United States in various areas, including the promotion of capital markets. Led by the Casablanca Stock Exchange and the Moroccan Capital Market Authority (AMMC), in the presence of Morocco's Ambassador to the United States, Youssef Amrani, the visit aims to strengthen cooperation and exchange between the respective financial operators. The Moroccan delegation is made up of the Director General of the Casablanca Stock Exchange, Tarik Senhaji, the Director of Financial Operations and Markets at the AMMC, Nasser Seddiqi, the Director General of the Banque Centrale Populaire (BCP), Kamal Mokdad, the CEO of CFG Bank, Younes Benjelloun and CEO of MAROCLEAR, Mounir Razki. It also comprises the Director of Development at the Casablanca Stock Exchange, Zineb Guennouni, the Director of Market Operations at the sam e Stock Exchange, Ahmed Arharbi, in addition to Lahcen Danoun from the Ministry of Economy and Finance and Siham Talbioui from Bank Al Maghrib. Speaking at the meeting, Morocco's Ambassador to the United States underscored the strong ties between the two nations and the ongoing collaboration across the entire ecosystem of both Moroccan and American capital markets. 'This long-standing friendship along with our shared strategic interests have made our two countries critical partners on many issues and challenges ranging from security threats, climate change, energy to promoting common values of peace, stability and economic liberalism', he said. He underlined that in order to strengthen these existing bilateral relations, the two countries signed a Free Trade Agreement in 2004 and implemented it in 2006, making Morocco the only African nation and the second Arab country to have an FTA with the U.S. Thanks to the FTA, the United States is today the 3rd largest trading partner of Morocco, after France and Sp ain, while Morocco is the 4th US trading partner in Africa, Youssef Amrani pointed out, adding that because of the FTA, Morocco has experienced a substantial increase of US investments. He recalled that last year, US investments accounted for more than 30% of total 'Foreign Direct Investments' (FDI) in Morocco, placing the United States as the leading investor in Morocco, indicating that bilateral trade has tremendously increased to reach 5 billion in 2023, compared to only 925 million in 2005, a year before the implementation of the FTA. U.S. exports to Morocco increased in value by 700%, from $480 million in 2005 to $3.4 billion in 2023, while Morocco's exports to the United States tripled in value to reach $1.6 billion in 2023 compared to $445 million in 2005, he pursued. Speaking of the relations to Africa, the diplomat stated that this part of the world is steadily emerging as a "new driver" for global growth and closely moving towards a continental free trade zone, underlining that Morocco's deep tie s in the Continent 'undeniably offer vast potential for US companies'. He further noted that Morocco is the second largest investor in Africa and first in West Africa with 85% of the country's total Foreign Direct Investment, pointing out that with the implementation of the African Continental Free Trade Area (AfCFTA) and more than 50 similar agreements, Morocco is establishing itself as a free trade hub providing access to a consumer market of 2.5 billion people. He also underlined that as part of Morocco's ongoing endeavors for a prosperous Africa, a new mechanism of cooperation has recently emerged through a bold international initiative launched by HM King Mohammed VI, to enhance Atlantic Ocean access for African countries. 'The strategic initiative aims to alleviate the economic bottlenecks of the region by increasing connectivity - making our roads, ports and rail infrastructures available to the Sahel countries to strengthen their participation in international trade including with the United States ', Amrani explained. He stated that during the past two decades, Morocco has pursued, under the leadership of His Majesty King Mohammed VI, a number of far-reaching political and economic reforms, adding that all these efforts have made Morocco, today, not only a regional economic powerhouse, but also an integrated financial African hub with a modern and highly diversified economy. The Ambassador recalled that more recently, Morocco has entered a new phase of development, with the emphasis on reforms to foster financial inclusion, digital entrepreneurship, and access to digital infrastructure and services for individuals and businesses to support job creation, especially for women and young people. 'In this spirit, the launch of the Moroccan derivatives market at the Casablanca Stock exchange will complement a long series of structural reforms of the Moroccan Capital Markets', he further said. Underlining the importance of the Casablanca Stock Exchange as a 'vital' institution shaping Morocco's financial destiny and playing a pivotal role in connecting investors with opportunities and businesses with capital, Youssef Amrani called for enhanced cooperation between the Moroccan financial center and Wall Street. 'Such a partnership could be a real game-changer that would help not only deepen US-Morocco cooperation in the financial market sector, but also boost our wider strategic alliance within the African continent and the Middle East', he stated. For his part, the director of the Casablanca Stock Exchange indicated that this visit aims to bring the market and American investors closer to the opportunities offered by the Casablanca financial center and the Moroccan market. It also aims to examine the possibility of an exchange of skills, concerning the launch of derivatives markets to which Morocco is voluntarily committed and which it will carry out this year, Tarik Senhaji told MAP. He noted that today's visit is specific as it prospects cooperation with leading financial infrastructures in New York, lik e the New York Stock Exchange, the Nasdaq and the International Continental Exchange. The visit 'is an opportunity for us and for the operators accompanying us', mainly the regulators and the banks to establish partnerships with American counterparts, he continued, adding that stock exchanges play a leading role as sources of financing but also as an important promotional tool for countries. Source: Agence Marocaine De Presse

Meknes - In a move towards enhancing water resilience, Morocco and the Food and Agriculture Organization (FAO) inked a project document on water resilience, part of the 2013 Water Scarcity Initiative. This project, comes as part of the 2013 Water Scarcity Initiative, was signed on the sidelines of the 16th International Agriculture Exhibition (SIAM) in Morocco's Meknes. With a budget of around 31.5 million dollars, this project, whose document was signed by the Minister of Agriculture, Fisheries, Rural Development, Water and Forests, Mohamed Sadiki, and the FAO representative in Morocco, Jean Senahoun, will run from June 2024 to September 2028. The expected results are to strengthen governance, improve the resilience of food systems and water services to climate change, and share and disseminate knowledge and experience to enhance food and water security. This project follows on from the positive results of a first project entitled 'Water Efficiency, Productivity and Sustainability in the NENA Region' (Nea r East and North Africa), carried out between 2016 and 2022 with the financial support of the Swedish Internantional Development Cooperation Agency for an amount of $14 million for the benefit of 8 countries, including Morocco. Organized until April 28 under the theme 'Climate and agriculture: For sustainable and resilient production systems', the 16th SIAM will see the participation of nearly 70 countries, including Spain as guest of honor, and 1,500 exhibitors. More than 950,000 visitors are expected to attend this major Moroccan and international agricultural event, which features a rich program of 40 conferences and round tables on crucial topical issues. Source: Agence Marocaine De Presse

Casablanca - In a bid to expedite the processing of patent applications, the Moroccan Office of Industrial and Commercial Property (OMPIC) and the Saudi Authority for Intellectual Property (SAIP) inked a significant agreement on Tuesday in Casablanca. The agreement, focused on the Patent Prosecution Highway (PPH) pilot program, aims to streamline the issuance of invention patents. The signing ceremony took place during a joint commission meeting chaired by Abdelaziz Babqiqi, the Director General of OMPIC, and Abdulaziz bin Mohammed Al-Suwailem, the Executive President of SAIP. According to a statement released by OMPIC, the initiative rests on the premise of sharing examination outcomes, with the overarching goal of slashing the time required for processing patent applications while simultaneously enhancing the quality of granted patents. The meeting also served as a platform to deliberate on collaborative ventures between the two offices. Discussions primarily revolved around exchanging insights into the latest developments in industrial property within their respective nations. Furthermore, experiences and best practices in managing and scrutinizing applications for industrial property protection were shared, paving the way for a more robust framework. Geographical indications protection and valorization systems also took center stage during the discussions. Participants exchanged experiences in this domain, alongside activities aimed at promoting awareness among enterprises regarding the significance of industrial property protection and rights compliance. Notably, training programs devised by both offices to bolster the capabilities of pertinent stakeholders were underscored. In a forward-looking gesture, the two offices agreed to broaden the scope of their cooperation, venturing into novel realms such as artificial intelligence and information and communication technologies. The agreement signifies a concerted effort to foster innovation and strengthen intellectual property frameworks, marking a milest one in the bilateral relationship between Morocco and Saudi Arabia. Source: Agence Marocaine De Presse

Meknes - Morocco and Spain have common responses to climate change challenges, Spanish Minister of Agriculture, Fisheries and Food, Luis Planas, said Tuesday in Meknes. In a statement to the press following talks with Minister of Agriculture, Fisheries, Rural Development, Water and Forests, Mohamed Sadiki, on the sidelines of the 16th Morocco International Agriculture Exhibition in Morocco (SIAM), Planas welcomed the 'very great' mutual trust which allows the two countries to work together to successfully meet these challenges. "The identification of common responses to climate challenges makes me very optimistic about the future and reinforces my conviction in the great mutual trust that drives us,' the Spanish minister said, adding that this trust is the foundation of the two countries' capacity to work together to progress and overcome these challenges. Planas also underlined that this meeting was an opportunity to discuss trade exchanges which testify to the solidity of bilateral relations and joint co mmitment, reaffirming the common willingness to strengthen cooperation and increase these exchanges. Exports play a crucial role in supporting farmers, he noted, recalling the efforts made by Spain and Morocco to support farmers in facing current climate challenges. For his part, Sadiki said the choice of Spain as guest of honor of the 16th SIAM, testifies above all to the "strong and very solid" relations between the two Kingdoms in all areas. "We share a common history and the Mediterranean culture, and in the agricultural sector we share the same challenges and enjoy excellent relations. Moroccan farmers' challenges are also those of Spanish farmers,' he said. "As two countries located in the western Mediterranean, we face challenges, but we also have enormous potential unique to our region. Our farming populations are innovative when it comes to coping with climate change and environmental shocks, particularly the impact on water resources which are difficult to manage", he added. Sadiki stressed the importance of strengthening cooperation around these themes. 'It is through innovation and research that we will solve the equation of doing more with less in terms of resources. Spain and Morocco have the privilege of carrying out leading research together". Held on April 22-28 under the theme 'Climate and Agriculture: Advocating Sustainable and Resilient Production Systems', the 2024 SIAM brings together 70 countries and 1,500 exhibitors with 40 conferences and round tables on the program. It offers visitors a wide range of products and the latest generation of agricultural machinery, designed to promote agricultural and livestock production, as well as key sectors of the regional economy, including agri-food and its corollary, the food industry. Source: Agence Marocaine De Presse