Morocco is increasingly strengthening its diplomatic strategy based on the search for agreements and treaties with new international partners. One of these is Switzerland, with which relations now seem to be settling down and becoming stronger. Both countries have enormous growth potential, according to several economic experts, and it seems that they are demonstrating this through mutual cooperation.
Thanks to the various agreements they have in terms of free trade, collaboration between the two nations is showing considerable growth. This success is also due to the interest of both parties in seeking avenues of communication and cooperation. "The potential for growth between Morocco and Switzerland in terms of free trade is extremely important," said Guillaume Scheurer, the Alpine country's ambassador in Rabat.
The Swiss ambassador was speaking during a seminar organised by the European Free Trade Association (EFTA). The theme is 'EFTA-Morocco Free Trade Agreement' where Scheurer highlighted the relationship of Switzerland and the Kingdom so that other EU countries are encouraged to start collaborating with the North African nation.
"Today, more than fifty Swiss companies are already established in Morocco and operate in particular in the agri-food sector, the chemical and pharmaceutical industry, but also electronic devices," said the Swiss ambassador in Rabat, as also reported by the Menara media.
The arrival of large businesses in the Alawi kingdom has allowed both the Moroccan and Swiss national economies to benefit from the strategies and opportunities offered to companies to establish themselves in the North African nation. This is due to Morocco's customs facilities and the low taxes and restrictions it imposes on international business. The Kingdom has a very good economic and political stability, so within its borders there is a favourable environment for investment.
For Switzerland, Morocco is the third most important trading partner in the formation of treaties and business. Scheurer commented during the assembly that, in 2020, the volume of bilateral trade reached CHF 555 million. Even so, the doctor emphasises that these are still very low figures compared to the real potential of economic relations between the two territories.
Scheurer therefore encourages all economic operators to continue to strengthen this bridge between Europe and Africa, and to make the most of the potential of the Swiss-Moroccan alliance. Among this potential, Morocco's work and efforts to establish a good business climate and to guarantee business during the coronavirus pandemic were also highlighted.
The Moroccan ambassador to Switzerland, Lahcen Azoulay, was also present at the meeting, where he highlighted the progress of economic relations in recent years. The Moroccan ambassador said that this was due to the creation of a solid legal framework in which several cooperation agreements have been established. These include technical treaties and the free trade agreement that allows the two countries to trade 80% of their products.
Even so, Azoulay stresses that this agreement dates back to 1997 and needs to be updated as the economic reality is not the same as it was more than 20 years ago. If this is done, the potential of the two nations would begin to be exploited even more than it already is and would produce even greater economic benefits than at present.
"A more favourable framework must be created for the development of economic and trade relations between the two countries in light of numerous reforms undertaken by Morocco in the economic sector," Azoulay commented.
It is worth noting that, like any other country interested in entering the African market, Morocco is the gateway. Many international companies have decided to set up in the region in order to gain access to other countries on the continent where the products they offer are difficult to reach in those areas. "Being in Morocco only promotes the development of exchanges," said the Swiss ambassador to the Kingdom.