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The investment gateway to Africa

China Daily | Updated: 2013-11-18 07:00

Casablanca Stock Exchange has played a key role in the Moroccan economy since 1929. It directly supports Morocco's economic development by bringing together investors and issuers in a modern, liquid and transparent market.

Today, the exchange is creating opportunities within the Moroccan economy through its 76 listed companies, with more listings expected. CEO of the exchange, Karim Hajji, is accelerating its growth in line with Morocco's development.

The exchange is involved in the ground-breaking Casablanca Finance City (CFC) project and its new policies are freeing up the market.

Ongoing reforms and a new legal framework governing stock borrowing and lending, derivatives, exchange traded funds, SME market, sukuks - or Islamic bonds - and foreign currency section for foreign companies will provide greater liquidity and strengthen its position as the leading stock market in North, West and Central Africa.

In 2012, foreign investment accounted for a mere 14 percent of the total volume traded on the main market. The swift expansion of CFC should substantially increase that level.

"There are ambitious economic plans for Morocco," said Hajji.

"Morocco enjoys close economic cooperation with Europe, offers international free trade agreements and our strong manufacturing, automotive, banking and aerospace sectors are key growth drivers for the economy.

"Our commercial banks are in a strong position, and new developments are taking place across the financial sector."

Hajji said China is becoming an increasingly important partner for Morocco. The kingdom was one of the first countries to recognize the People's Republic of China, and this historic relationship benefits both countries today. In line with China's role as an increasingly important partner for Africa, Morocco is positioning itself as the gateway to the continent.

"Morocco is a natural entry point into Africa, as we offer a stable political and economic environment with world-class infrastructure," said Hajji.

"As China becomes an increasingly important trading partner for Morocco, we want to encourage the advancement of this partnership."

"We are open to partnering with stock exchanges in China in order to further strengthen our two countries ties," he explained.

"While our economies are vastly different, we share similar challenges. With increased cooperation, we are determined to strengthen the Morocco-China relationship."

www.casablanca-bourse.com

World Eye Reports provided the story

 

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