International experts hail Morocco as model emerging market nation

13/04/2008

Finance and trade officials from 18 countries attended the first African Emerging Markets Forum in Rabat from April 7th-9th. Guests discussed the development experience of various nations, as well as opportunities for further regional co-operation.

By Sarah Touahri for Magharebia in Rabat – 13/04/08

[Sarah Touahri] The first African Emerging Markets Forum, held last week in Rabat, attracted officials and experts from 18 countries.

The first African Emerging Markets Forum, held in Rabat from April 7th-9th, brought together officials and experts from 18 countries. Hailed as the first major event of its kind, the forum provided an opportunity for exchange and dialogue between government leaders and world-renowned specialists.

Economics professor Salim Karroumi told Magharebia that major events of this kind encourage foreign investment and stimulate the job market: "It's very important for Morocco to host this kind of meeting since it will raise the country’s profile in the eyes of investors. It will also have a tangible impact on the national economy, which will become better able to cater to jobseekers."

Due to the high profile of participants, the forum was more than a mere meeting, economist Noureddine Sefrioui noted. "The discussions attended by Moroccan representatives will help us benefit from the experiences of developed countries and will therefore have an impact on the growth of our economy," he added.

Moroccan Economy and Finance Minister Salaheddine Mezouar said Morocco has advanced in three areas to help maintain the country's socio-economic growth: democracy and freedom, openness and social development. "Our country has defined its distinguishing features and the assets on the basis of which it can build a strong and attractive economy. It has therefore chosen to take advantage of its strategic geographical location, its highly qualified workforce, its natural resources and its openness by means of free trade agreements. Morocco now offers greater visibility to economic operators, which makes it more attractive in terms of investment and business," he said.

Calling a united Maghreb a "strategic imperative" as well as an economic opportunity, Minister of Foreign Affairs Taieb Fassi Fihri insisted on the need for regional co-operation. He deplored the fact that the Arab Maghreb Union, created in 1989, is the "least developed" such body on the continent.

He said that while nations have made advances in bilateral relations, economic integration at the regional level is essential for further progress.

Several attendees at the forum hailed Morocco for its development experience. Former Swiss President Joseph Deiss said that for an emerging country, Morocco is advancing at a steady and well-managed pace: "Morocco, which has considerable potential, including its significant human resources, is on the right track with a solid institutional framework and stability which is highly conducive to development."

Michel Camdessus, Honorary Governor of Banque de France and former managing director of the International Monetary Fund, said Morocco is consolidating the basis of its economic growth but is also seeking to do so by means of regional exchange with other countries.

Ahmed Zerhouni, a third-year political science student, was delighted by the attendance of a variety of leading political, financial and business figures including former heads of state, ministers and officials from major financial institutions. "I followed the proceedings and I think the forum will make a difference, not only for Morocco, but also for African co-operation," he said, adding that Morocco was held up as an example for emerging African economies.

The meeting in Rabat was a prelude to the annual meeting of the Emerging Markets Forum scheduled to take place in Hanoi in June, the latest meeting under a global initiative led by the Centennial Group, a not-for-profit organisation headquartered in Washington DC.