Business

Morocco signs $770 million in investment deals

Posted July 04, 2016 7:00 am

The Associated Press

CASABLANCA, Morocco (AP) - Morocco's King Mohammed VI has presided over the signing of new international investment agreements worth 7.5 billion dirhams (about $770 million) as the kingdom seeks to capitalize on its reputation as a safe market in a volatile region.

The 30 investment contracts signed Monday are due to provide 39,000 jobs, according to the government, a welcome boost for Morocco's economy.

Moulay Hafid Elalamy, Minister of Industry, Commerce, Investment and Digital Economy highlighted the increase in investments in industry from Brazil, China, Russia, and India.

During the ceremony in the royal palace in Casablanca, investment contracts were signed between the Moroccan government and a number of international companies, including UK-based automotive manufacturer Delphi and Canadian manufacturer Linamar.

"Morocco's biggest capital is security, which continues to attract investments" said Elalamy.

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