Rabat & Santiago Look Forward to Boosting Trade & Investment

Morocco and Chile have agreed to enhance trade exchanges and investment to give a new impetus to their cooperation and partnership that are growing rapidly.

A Memorandum of Understanding was inked on Wednesday in Rabat by Secretary of State for Foreign Trade Rakiya Eddarhem and Chile’s Ambassador to Morocco Alex Geiger Soffia.

The MoU calls for the setting up of a joint commission which will identify the complementarity and priority sectors of cooperation to promote trade and set up a “win-win” partnership between Morocco and Chile.

The two countries have established diplomatic relations in 1963. These relations gained momentum following the historic visit paid by King Mohammed VI in 2004 to Santiago.

It was the Sovereign’s first visit to this Latin-American country which has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions. Copper is Chile’s top export and provides 20 pc of government revenue.

Morocco also has a diverse, open, market-oriented economy. Key sectors of the economy include agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents. Morocco has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa.

President of Chile Sebastián Piñera has renewed lately his country’s full support to Morocco’s territorial integrity and sovereignty over the Sahara, while the Chilean parliament has adopted a resolution commending Morocco’s autonomy plan for the Sahara.

Last year, the Moroccan Upper House of Parliament and the Chilean Senate sealed a MoU to foster cooperation and dialogue between the two legislative institutions and MPs.

The two sides agreed to hold regular consultations on issues of common interest, coordinate stands and efforts at the regional & international levels and unify visions within international parliamentary bodies.