MOROCCO – The Minister Delegate of Foreign Affairs, African cooperation, and Moroccans Residing Abroad, Mohcine Jazouli, has signed three partnership agreements with the Japanese Minister of State for Foreign Affairs Keisuke Suziki to encourage Japanese investment in Morocco.
The first accord touches on the promotion and protection of investment and aims to create advantageous conditions for investments in both countries, as well as promoting economic and bilateral relations.
The two ministers also signed an agreement to avoid double taxation and to prevent tax evasion and fraud. The accord applies to persons residing in both countries.
Meanwhile, the third agreement, part of the Japanese program “the economic and social development program,” involves equipping five production facilities in certain Moroccan prisons.
The signing ceremony took place in the presence of the Japanese Ambassador to Morocco, Takuji Hanatani, and the Moroccan Ambassador to Japan, Rachad Bouhlal, as well as representatives of the ministerial departments of the two countries.
Since 2014, the number of Japanese companies in Morocco has almost doubled to around 70.
According to a report in Japanese Times, Morocco’s market size and growth potential is a key factor for trade between the two countries with 87.5 percent of Japanese companies considering Morocco and neighboring countries as key growth markets,
Tax incentives, free trade zones, a concentration of ‘partner companies,’ effective government programs, strong infrastructure and the country’s favorable geographic location make Morocco a preferred investment destination for Japanese investors, the Japanese Times report noted.