signing of a memorandum of understanding for the promotion of economic and trade cooperation

A memorandum of understanding for cooperation was signed, Monday in Casablanca, between the Federal Economic Chamber of Austria (WKO) and the General Confederation of Moroccan Enterprises (CGEM), for the promotion of economic and commercial cooperation between the two country.

Signed by the vice-president of the CGEM, Ghita Lahlou and the vice-president of the Austrian Federal Economic Chamber (WKO), Wolfgang Hesoun, this memorandum of understanding, concluded for a period of five years renewable by tacit agreement, aims to contribute to the development, diversification of trade and the encouragement of investment between Austria and Morocco.

Considering the importance of mutual cooperation in promoting trade and economic development between countries, the two parties will ensure, under this agreement, to inform their economic operators of business opportunities in their respective countries and to provide the necessary assistance for their operation, taking into account the significant economic potential available to the two countries.

They will also promote direct relations between businessmen of the two countries. As such, they will encourage the development of commercial partnership, the creation of joint ventures in all sectors of economic activity, as well as all forms of associations likely to promote economic relations between the two countries.

Similarly, the two parties will exchange their experiences in business assistance, in particular by developing cooperation on integration and support programs for young graduates and young entrepreneurs, including in incubators and nurseries. companies, in addition to working towards the establishment of a mutual assistance framework for the training of executives and economic operators, and will facilitate the development of the partnership between the training institutes of their respective countries.

Speaking on this occasion, Ms. Lahlou highlighted the complementarities between the economies of the two countries, noting that economic ties should be strengthened in some promising areas of common interest, including renewable energy, technology and innovation, l automotive industry, water resources management and the pharmaceutical industry.

In this regard, she affirmed that the companies of the two countries have a great opportunity to take advantage of the potentialities of the two economies and the current economic context, noting that in 2021, the volume of trade between the two countries reached 606 millions of euros.

For his part, Mr. Hesoun stressed the importance of this protocol signed with the CGEM, noting that the Moroccan economy presents enormous investment opportunities for Austrian companies.

He also indicated that this is a “win-win” partnership, which will allow the organization of trade missions and encourage the participation of businessmen from both countries in international exhibitions and fairs organized in Morocco and in Austria.

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