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Morocco Joins OECD Declaration On International Investment

by Lorys Charalambous,, Cyprus

26 November 2009

Morocco has signed the Organization for Economic Cooperation and Development’s (OECD) Declaration on International Investment and Multinational Enterprises, in a bid to support an open environment for international investors and to encourage responsible investment by multinational companies as a means to promote prosperity and growth.

In signing the declaration, Morocco undertakes to treat foreign investors in the same way as domestic investors and to promote responsible business conduct. Moroccan investors abroad will receive similar equitable treatment in other signatory countries, including all 30 OECD countries plus Argentina, Brazil, Chile, Egypt, Estonia, Israel, Latvia, Lithuania, Peru, Romania and Slovenia.

Morocco’s adherence to the declaration follows a thorough review of its investment policies by the OECD’s Investment Committee, which is due to be published shortly.

OECD Secretary-General Angel Gurría welcomed Morocco’s adherence to the Declaration, recognising its efforts to develop a more open and transparent investment regime and to ensure improved business conditions for both domestic and foreign investors.

Nizar Baraka, Morocco’s Minister-Delegate to the Prime Minister in charge of General and Economic Affairs, stressed that Morocco sees its adherence not only as a recognition of its investment policy achievements but also as a roadmap for future reforms in line with OECD countries’ best practices and standards.

According to Baraka, Morocco has experienced strong economic growth in recent years, as a result of rising domestic demand by both consumers and investors. It now needs to broaden its sources of growth, he added.

Baraka concluded that, by working with the OECD and the other 41 countries that are party to the declaration, Morocco aims to remove obstacles to inward investment and to make its economy more attractive to investment by foreign companies.

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