MOROCCO – Morocco’s Bank of Africa (BMCE Group) has signed a partnership agreement with the Chinese Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCME) to boost trade between the two countries.
The agreement was signed by Vice President of CCCME Liu Chun on behalf of the Chinese chamber of commerce and the General Manager of BMCE’s branch in Shanghai, Said Arden.
The signing was also attended by Advisor at Morocco’s embassy in China, Reda Oudghiri, along with CCCME President Zhang Yujing.
According to Morocco World News the agreement seeks to consolidate cooperation between BMCE and CCCME in financial and commercial operations.
“This partnership agreement seeks to establish milestones for a lasting cooperation between the Moroccan bank and members of the CCCME by offering them trade finance and corporate banking products adapted to their business needs.”
BMCE Bank
CCCME is one of the major chambers of commerce in China, with 10,000 members who make up 60% of China’s total exports.
The agreement reflects the strong diplomatic relations between China and Morocco, who continue to vow to reinforce cooperation in all fields and comes at a time when Morocco and Chine are marking the 60th anniversary of their diplomatic relations.
It also follows King Mohammed VI’s earlier visit to China which resulted in the two countries vowing to strengthen collaboration in several sectors, including tourism.
Wang Bingnan, Chinese vice minister of Commerce said that China is the third largest trading partner of Morocco, and the Chinese government attaches great importance to the development of China-Morocco economic and trade relations.
China has experienced a strong growth in terms of exports to Morocco, to become the 3rd supplier behind France and Spain.
These exchanges consist mainly of capital goods, textile, electronic devices and green tea. China also wants to make Morocco a platform for export its products to Europe and to the United States.
Trading Economics said Morocco’s exports to China stood at US$283.21 million in 2019 and were mainly comprised of phosphates, frozen fish, cobalt, textiles, and leather.
The number of Chinese tourists visiting Morocco has also been on the rise. Between 2016 and 2019, reaching 350,000 annually after Morocco’s decision to remove a visa requirement.
The two countries signed a memorandum of understanding on Belt and Road Initiative in 2017 further cementing their trade relations.
Finance is however a major enabler of international trade, and this is where Bank of Africa – which is one of the largest commercial banks in Morocco- comes in.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE
