Category: Market

Meknes – The Agricultural Development Agency (ADA) and the United Nations Development Programme (UNDP) signed a memorandum of understanding in Meknes on Friday, focusing on strengthening the ecosystem of youth entrepreneurship in the agricultural sector and developing initiatives to increase resilience in the face of climate change.

Signed by ADA Managing Director El Mahdi Arrifi and UNDP Deputy Resident Representative Noëlla Richard at a ceremony presided over by Minister of Agriculture, Fisheries, Rural Development and Water and Forests, Mohamed Sadiki, on the sidelines of the 16th Morocco International Agricultural Fair (SIAM), this memorandum of understanding is fully in line with the ambitious objectives of the ‘Generation Green 2020 – 2030’ strategy, which aims to create a new generation of young entrepreneurs in the agricultural sector, and to build a more resilient and eco-efficient agriculture.

It is also in line with the UNDP’s commitments to the Sustainable Development Goals (SDGs) linked to the
creation of decent jobs, economic growth and the fight against climate change.

Speaking on the occasion, Arrifi noted that the partnership aims to stimulate and support entrepreneurship in rural areas, particularly among young people and women, in the field of sustainable agriculture.

For her part, Richard said she was proud to partner with ADA to promote innovative, sustainable, resilient and inclusive youth entrepreneurship, in the context of efforts already undertaken by the Kingdom in favor of its green transition and its transition to a new development model, in line with the Paris Agreement and the SDGs.

Source: Agence Marocaine De Presse

Rabat – Participants in the Morocco-France Economic Forum, held Friday in Rabat under the theme “Together towards a renewed impetus for economic and social opportunities”, called for a new paradigm for Morocco-France economic relations, with “made with Morocco” as the watchword for better complementarity and integration of the two economies.

Managing Director of the Mohammed VI Investment Fund, Mohamed Benchaaboun, said that the new paradigm should be based on a solid, long-term relationship that draws on the rich shared history of the two countries, and is fully in line with the ambitions and objectives that Morocco has set itself under the enlightened leadership of His Majesty King Mohammed VI.

The former Moroccan ambassador in Paris pointed out that the partnership between Morocco and France is intended to transcend the strict framework of bilateral relations and become part of a perspective linking two continents, with Morocco standing out as a platform and hub between Europe and Africa, adding that Rab
at and Paris can “together make this project a reality in the interests of both our countries”.

For his part, Managing Director of Renault Group Maroc, Mohamed Bachiri, pointed out that Moroccan and French operators need to work together to set up new co-location and industrial integration schemes that combine proximity, security and competitiveness.

CEO of Avril Group, Jean-Philippe Puig, called for complementarity between French and Moroccan stakeholders to accelerate the implementation of current initiatives, stressing the need to support farmers and integrate them into the global value chain of agro-industrial players.

Chairman of Safran Board of Directors, Ross Mcinnes, said he preferred the notion of “made with”, rather than “made in”, to promote better complementarity and integration of value chains.

It’s time to move on to a new chapter, that of “grow with”, to grow together, he stressed, highlighting the importance of training, research and development, particularly in the field of supply chains.

Source: Agence Marocaine De Presse

Rabat – France has made the strategic choice to strengthen its economic ties with Morocco in the context of post-Covid global developments, particularly in terms of geopolitics and the reorganization of value chains, said, on Friday in Rabat, French Minister of the Economy, Finance and Industrial and Digital Sovereignty, Bruno Le Maire.

Speaking at the opening of the Morocco-France Economic Meeting, Le Maire expressed his country’s willingness to cooperate with the Kingdom of Morocco in various fields, particularly in clean energies.

He also voiced France’s keenness to collaborate with Morocco in the development of energy transport infrastructures and the production of nuclear energy, as well as to further expand cooperation between the two countries in the rail, aeronautical and automotive sectors.

For his part, president of the Mouvement des Entreprises de France (MEDEF), Patrick Martin, noted that the Morocco-France economic meeting was of vital importance and part of the renewal of economic relations b
etween the two countries, adding that his talks with his Moroccan counterpart were an opportunity to emphasize the crucial importance of economic diplomacy.

Aware of Morocco’s central role as a hub for Africa, MEDEF Head expressed the wish that Moroccan companies would continue to work with French peers, with a view to mutual benefits.

Source: Agence Marocaine De Presse

Rabat – Morocco and France can consider new collaborations on future-oriented economic initiatives addressing current global challenges, said, on Friday in Rabat, Minister of Economy and Finance, Nadia Fettah.

Speaking at the opening of the Morocco-France Economic Meeting, Fettah cited the development of renewable energies as a particular initiative, a field in which Morocco has made significant progress, particularly in terms of solar and wind power.

In this regard, she noted that France, a pioneer in green technologies, can provide its expertise to reinforce these efforts, noting that the field of digital transformation offers opportunities for the creation of startups and innovation, enabling the two countries to work together to stimulate the digital economy.

“Sustainable mobility is another area where our visions come together, with joint initiatives to promote environmentally-friendly transport and reduce our carbon footprint,” said the Minister, emphasizing that these collaborations could not only c
ontribute to the economic growth of both countries, but also have a positive impact on Africa and the rest of the world.

Faced with global challenges such as the energy transition, the fight against global warming and sustainable mobility, “our ability to overcome them will also depend on the level of collaboration and renewal of our common partnership on renewed, balanced and mutually beneficial foundations”, she underlined.

For his part, president of the Moroccan Employers’ Association (CGEM), Chakib Alj, stressed the importance of establishing new foundations to strengthen economic relations between Morocco and France, within the framework of a mutually beneficial partnership.

He also emphasized the need to mobilize the Moroccan private sector, as well as Moroccan skills and entrepreneurs based in France, to support the major expansion of the Moroccan economy, through stepping up the pace of investment across the national territory and forging new solid, reliable and “win-win” partnerships.

Alj added t
hat this economic meeting is an opportunity for frank and pragmatic exchanges on the challenges to be met together and the answers and solutions to be formulated, while capitalizing on all that has already been achieved.

Held by CGEM and the Mouvement des Entreprises de France (MEDEF) under the theme “Together towards a renewed impetus for economic and social opportunities”, the meeting brought together over 500 Moroccan and French business leaders. French Minister of the Economy, Finance and Industrial and Digital Sovereignty, Bruno Le Maire, and MEDEF Head Patrick Martin also took part in this event.

Source: Agence Marocaine De Presse

Rabat – Morocco offers international companies access to an immediate market of nearly one billion consumers on the African continent, said, on Friday in Rabat, Minister of Economy and Finance, Nadia Fettah.

“Morocco, which enjoys institutional and macro-economic stability, is today in a position to enable international companies to address an immediate market of nearly 450 million consumers in West Africa and nearly a billion on the continent as a whole,” said Fettah at the opening of the Morocco-France Economic Meeting.

From Morocco, it’s possible not only to benefit from an attractive legal and fiscal framework, and infrastructure up to international standards, but also to draw on a financial and services ecosystem offering a full spectrum to operators keen to develop their activities in Africa, she explained.

The Minister pointed out, however, that this depends on close collaboration between private sector players sharing common characteristics, and even a common “culture”, enabling them to envisage ve
ry close partnerships to stand out when it comes to high value-added projects.

Held jointly by the Moroccan Employers’ Association (CGEM) and the Mouvement des Entreprises de France (MEDEF) under the theme “Together towards a renewed impetus for economic and social opportunities”, this meeting brings together over 500 Moroccan and French business leaders.

The event is attended by France’s Minister of the Economy, Finance and Industrial and Digital Sovereignty, Bruno Le Maire, as well as CGEM and MEDEF chairmen, Chakib Alj and Patrick Martin, respectively.

Source: Agence Marocaine De Presse

New York, The best week for U.S. stocks since November closed out with more gains thanks to Alphabet and Microsoft on Friday.

The SandP 500 rallied 1% to finish its first winning week in the last four. The Dow Jones Industrial Average rose 153 points, or 0.4%, and the Nasdaq composite jumped 2%.

Alphabet leaped 10.2% after breezing past analysts’ expectations for profit last quarter. The parent company of Google also said it will start paying a dividend to investors and authorized a program to buy back up to $70 billion of its stock, a signal of how much cash it’s generating.

Microsoft, meanwhile, climbed 1.8% after reporting stronger profit and revenue than expected. It cited strong growth in its cloud-computing business as it pushes artificial-intelligence technology to its customers.

They helped offset a 9.2% drop for Intel. It reported stronger profit for the latest quarter than expected, but its revenue fell short of analysts’ estimates. So did its forecast for profit in the current quarter.

Stocks
have broadly been under pressure this month after hopes withered for multiple cuts to interest rates this year by the Federal Reserve.

A series of reports this year showing inflation remaining worse than forecast has traders expecting maybe one cut this year, down from forecasts for six or more at the start of the year.

Still, the higher-than-expected inflation readings will likely keep the Fed on hold at its next policy meeting on Wednesday. Its main interest rate has been sitting at the highest level since 2001 in hopes of undercutting inflation by putting downward pressure on the economy and financial markets.

Source: Bahrain News Agency