Hungary Plans Investments worth $600 mln in Morocco

Hungary Plans Investments worth $600 mln in Morocco

Hungary plans to beef up its economic ties with Morocco through investments worth $600 million in the North African country in the coming years, said Hungarian Deputy Minister for economic diplomacy, Levente Magyar.

The announcement was made in a statement to the press following the 3rd Joint Economic Committee held in Rabat.

The Hungarian Minister voiced willingness to bolster economic and trade ties with Morocco, notably in the field of tourism with the launch of direct flights between the two countries.

He said that the upcoming opening of the Casablanca-Budapest direct flight will add to two other direct flights linking the Hungarian capital to Morocco’s tourist resorts of Agadir and Marrakech.

Magyar also said that his country will increase scholarships offered to Moroccan students.

For his part, State secretary for foreign trade, Rkia Derham, said that Rabat and Budapest are on track to achieve their common ambition to an enlarged cooperation in the economic arenas.

On the sidelines of the 3rd Joint Economic Committee, the two countries signed several cooperation agreements. These include agreements providing for cooperation in the field of industry through the exchange of experiences, information, statistical data and publications relating to the industrial policy of the two countries.

The agreement is also aimed at strengthening the partnership between the institutions in charge of promoting SMEs and developing cooperation between the Moroccan office for industrial and commercial property (OMPIC) and its Hungarian counterpart.

A cultural cooperation agreement was also sealed with a view to strengthening cultural ties and mutual understanding between the Moroccan and Hungarian people.

The two countries also signed a memorandum of understanding on cooperation between the Moroccan Normalization Institute (IMANOR) and the National Accreditation Body of Hungary (NAH).

Another cooperation agreement between Morocco’s Institute of Agriculture and Veterinary Medicine (IAV) and Hungarian National Agricultural Research and Innovation Centre establishes cooperation in the fields of sustainable agriculture, climate changes, and agroforestry.

The National Library of the Kingdom of Morocco and Hungary’s National Széchényi Library on their part signed a Memorandum of Cooperation aimed at developing cultural and scientific cooperation and establishing fruitful cooperation in library sciences.


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