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Sunday, May 26, 2024

Morocco-Austria: Signing of Protocol Agreement to Boost Economic, Commercial Cooperation

A Protocol agreement for cooperation was signed, Monday in Casablanca, between the Austrian Federal Economic Chamber (WKO) and the General Confederation of Moroccan Enterprises (CGEM), in order to boost economic and commercial cooperation between the two countries.

Signed by the CGEM Vice President Ghita Lahlou and the Vice President of the Austrian Federal Economic Chamber (WKO) Wolfgang Hesoun, this protocol agreement, concluded for a period of five years renewable by tacit agreement, aims to contribute to developing and diversifying trade and encourage investment between Austria and Morocco.

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

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

Similarly, the two sides will exchange their experiences in terms of assistance to businesses, developing cooperation on programs of integration and support for young graduates and young entrepreneurs, including incubators and business incubators, in addition to working to establish a framework for mutual assistance in training of executives and economic operators, and facilitate the development of partnership between training institutes in their respective countries.

Speaking on this occasion, 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, automotive industry, water resources management and pharmaceutical industry.

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

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

He also said 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 exhibitions and international fairs held in Morocco and Austria.


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