Maghreb Arab Press

Moroccan Companies Interested in Investing in Vietnam, Ambassador Says

Hanoi  -  
Moroccan companies are very much interested in investing in Vietnam, particularly in the areas of agri-food, IT, pharmaceuticals and tourism, Morocco’s ambassador to Vietnam, Azzeddine Farhane, said.

The Moroccan Office for Promotion of Trade and Export has undertaken a series of trade and B2B missions to Vietnam in order to establish contacts between Moroccan and Vietnamese enterprises and explore opportunities for cooperation, the Moroccan diplomat added in an interview with Vietnam Economic Times.

These exploratory missions, along with the support of the Moroccan Embassy, have identified strategic industries in Vietnam in which Moroccan companies are interested, he added, noting that Morocco and Vietnam have substantial potential for cooperation in investment and trade. 

The two countries have signed more than 15 agreements to enhance the legal framework for investment in several fields, the ambassador said, adding that “Vietnam remains a success story in terms of strong economic growth, among other markets that were floundering during the economic downturn.”

“I am confident that Vietnam will continue to offer remarkable opportunities to investors,” Farhane said, noting that Vietnam’s recent ranking in the World Bank’s Doing Business Report 2018, where it was in 68th place, is testimony to the country’s improved business environment, thanks to its broad-based growth, low wages, and strong economic outlook. The Doing Business 2018 report ranked Morocco 69th among the 190 countries surveyed, with a score of 67.91 points, consolidating its leadership in North Africa compared to Tunisia (88th), Egypt (128th), and Algeria (166th), the diplomat pointed out.

It also ranked third among countries in the Middle East and North Africa, behind the United Arab Emirates (21st) and Bahrain (66th), and for the first time overtaking Oman (71st), he added, noting that the results achieved by Morocco are down to its attractive business environment, tax advantages, business creation, simplification of procedures, and improvement and strengthening of online services for the benefit of business and cross-border trade.

Last modified : 13 November 2017

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