(VOV) - Vietnam and Morocco signed an agreement on investment promotion and protection in capital Rabat on June 15.
Addressing the signing ceremony, Vietnamese Deputy Foreign Minister Bui Thanh Son affirmed Vietnam’s determination to strengthen cooperative relations with Morocco and engage in this country’s development efforts.
Vietnam wants to explore the Moroccan market to boost its investment in the North African country, said Son.
Moroccan Minister of Finance and Economy Nizar Baraka said the signed agreement will help increase two-way trade and investment.
The Moroccan government, through the agreement, wants to diversify its market to further attract foreign investment, especially when the Vietnamese economy has achieved steady growth in recent years, said Baraka.
In addition, he said the agreement will help open up new opportunities for the two countries’ business communities to further engage in each other’s markets, so as to boost bilateral trade.
The same day, Son met with Moroccan Minister of Foreign Affairs and Cooperation Saad Dine El Otmani, to discuss measures to strengthen bilateral cooperation, especially in economics.
Vietnam and Morocco established diplomatic ties in 1961 and opened their embassies in their capitals in 2006.
The two countries have signed a number of agreements, including those on trade, economic, cultural, scientific and technological cooperation, visa exemptions for diplomatic and official passport holders, and double tax avoidance.
However, two-way trade remains modest, fetching US$6 million in 2003 and amounting to US$31 million in 2009. Vietnam mainly exports coffee, pepper, seafood, garments, electronic appliances and rubber tyres to Morocco, and imports scrap steel, animal feed, plastic materials, and construction stone.