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Wednesday, December 7, 2022

Entry into Force of Two Morocco-Japan Trade Agreements

The Ambassador of Morocco to Japan, Rachad Bouhlal organized, Friday, at the headquarters of the Residence of Morocco in Tokyo, a ceremony on the occasion of the entry into force of two trade agreements signed on January 22, 2020 between Morocco and Japan.

These are an agreement for the promotion and protection of investments and a convention on the elimination of double taxation.

Speaking on this occasion, Bouhlal stressed the importance of the two agreements to encourage more Japanese companies to settle in the Kingdom.

He stressed, in this context, that Morocco, under the High Directions of His Majesty King Mohammed VI, has stood out as an essential hub to the European and African continents, not only because of its strategic geographical position, but also because of its quality infrastructure, its optimal investment climate and its various free trade agreements with the European Union and the United States.

The Moroccan diplomat also recalled that over the past 10 years, the number of Japanese companies operating in Morocco has more than doubled to 75, making Morocco the second destination of Japanese companies in Africa.

Even during the Covid-19 pandemic, several Japanese companies decided to set up or consolidate their activities in Morocco, he pointed out, stressing that Japan is the first foreign private employer in Morocco, generating more than 50,000 jobs and contributing to the socio-economic development of the country.

In addition to the automotive and aerospace industries, Bouhlal noted that the Japanese private sector could strengthen its presence in Morocco in the renewable energy sector, recalling that the Kingdom is a world leader in this field.

In a message to the participants of this event, Akiko Santo, president of the Japanese Chamber of Advisors, said she was particularly pleased with the entry into force of the two trade agreements between her country and Morocco, expressing her willingness to give a stronger pace to friendly bilateral relations.

For his part, Honda Taro, Japanese Deputy Minister of Foreign Affairs, welcomed the entry into force of these agreements, which will contribute, he said, to further promote investment and trade between Japan and Morocco.

Describing Morocco as a hub to Europe and Africa that actively attracts foreign investment, the official said that the Japanese government will continue to support the expansion of Japanese companies in Morocco, and contribute to their development by promoting quality investments.

Minoru Kiuchi, chairman of the Foreign Affairs Committee of the Japanese House of Representatives, highlighted the progress made by the Kingdom under the leadership of His Majesty King Mohammed VI, in the field of investment promotion.

He also praised the Kingdom’s role as a continental leader, citing the example of the Covid-19 vaccine production project, launched in January 2022.

The official stressed that Japanese companies could also take advantage of investment opportunities offered by Morocco, especially in the field of renewable energy, where the Kingdom has shown the example as a model of energy transition.

Hirofumi Nakasone, former Minister of Foreign Affairs and current president of the Japan-Morocco Parliamentary Friendship League, said he was particularly happy as a great friend of Morocco to see the exchanges between the two countries develop in all fields.

He noted that more and more Japanese companies are fascinated by the high economic potential of Morocco.

For his part, Nobuhiko Sasaki, president of the Japan External Trade Organization (JETRO), said that Japanese companies are increasingly turning to Morocco, including through its stable political and social environment, as well as its economic policies favoring the automotive industry and other manufacturing industries.

Morocco is strategically very important for Japan, he said, indicating that in addition to its domestic market of 35 million people, the Kingdom is connected to European and Middle Eastern markets through several free trade agreements.

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