More than 100 enterprises from Vietnam and Morocco have attended the Vietnam – Morocco Investment and Business Forum held by the VCCI in coordination with the Morocco Embassy in Vietnam on November 25.
At the Forum, H.E. Abbas El Fassi, Prime Minister of the Kingdom of Morocco, called "More than ever, Vietnam and Morocco need to establish a Combined Business Council soon. This will be an appropriate forum allowing realisation of investment projects and partnership in each field between the two countries".
Important milestones
Mr Abbas El Fassi affirmed that the role of enterprises was as important as that of politicians. This direct meeting will open specific cooperation to strengthen the bilateral cooperation. "The visit of Moroccan business delegation to Vietnam this time expects to find directions and methods in order to establish a mutual-benefit relationship with Vietnam. The history of relationship and special geographical position of the two countries and desire of building a model of economic cooperation will be an advantage that Vietnam and Morocco should completely utilise", said Mr Abbas El Fassi.
He added that the political and diplomatic relation between the two countries really made successes when representative offices were opened in Rabat in July, 2005 and in Hanoi in August, 2006. The dynamic relation is also shown in the exchange of governmental official and business delegations between the two countries. Under this framework, the visit and business trip by former Prime Minister Phan Van Khai escorted by Vietnamese leaders of ministries and businesses in Morocco four years ago opened a new era, which is decisive in the progress of cooperation development between Vietnam and Morocco. In March, 2008 in Rabat, the organisation of the first meeting of the combined Committee of scientific-technical and economic-cultural cooperation has marked another significant milestone in the bilateral relation development.
In addition, operation of joint venture between Morocco Phosphate Company and the Fertiliser Company of PetroVietnam Corporation in May, 2008 to build a complex of manufacturing phosphoric acid and phosphate in Vietnam is another landmark in the bilateral relationship.
Morocco is currently a "great construction site" with series of projects building roads, coastal tourism zones, seaport and airport complex, system of warehouses, high-tech parks, foreign investment preferential zones, hydropower, thermo-electric, and solar-energy stations, and railways. Morocco is also undergoing the economic reform with the objective of promoting all economic initiatives and inner power, changing methods and institutions to facilitate trade and investment, encouraging foreign and domestic investment, pushing up the economy based on creativeness and renovation, limiting risks, etc.
"Morocco is emerging as the regional development hub and needs to expand the relationship with Asia, especially Vietnam. Morocco expects Vietnam to participate in its great construction site, establish new partnership and reinforce the current relations", said Mr Abbas El Fassi.
Creativeness is crucial for development
Mr Abbas El Fassi assessed that the bilateral trade remained modest though being growing fast, in which Morocco mainly imported from Vietnam agricultural produce, particularly coffee, electronics and textile-garment products. Morocco’s export to Vietnam is still limited, which does not reflect the potentials of the two countries. Therefore, governments and businesses of Vietnam and Morocco should be more creative to give the impetus for the bilateral economic and commercial relationship.
According to Mr Vu Tien Loc, VCCI Chairman, the economic and commercial cooperation has recently made positive changes with higher year-on-year trade turnover. In the first nine months of 2008, the trade turnover has grown to US$27 million, equivalent to the total value of 2007. "The two countries have opened embassies, founding the inter-governmental cooperation committee, signing double-tax avoidance agreement. To improve the cooperation framework, the business community request the Government to continue negotiations to sign the agreement in investment promotion and protection, cooperation agreements in customs, banking, agriculture and aquiculture, to provide trade incentives, especially in fields of potential cooperation such as aquiculture, fertiliser production", suggested Mr Loc.
VCCI and Morocco’s Federation of Commerce-Industry Chambers had signed cooperation agreements and would closely coordinate to speed up investment and trade promotion activities between the two countries and under the multilateral framework of the Vietnam-Africa Business Forum initiated by the VCCI, in which Morrocco was seen as a key market, an important trade gateway for Vietnam and North Africa in particular and in Africa in general, he added.
"Although the number of businesses in this visit to Vietnam is small but they are all leading companies, representing for Morocco’s biggest groups and associations. It is hoped that enterprises of the two countries will find out future reliable partners", said Mr Loc.
Quynh Chi
Vietnamese
