Latest news with #Rabat
Reuters
9 hours ago
- Business
- Reuters
Morocco's annual inflation drops to 0.4% in May
RABAT, June 20 (Reuters) - Morocco's annual inflation, measured by the consumer price index, dropped to 0.4% in May from 0.7% a month earlier, the North African country's statistics agency said on Friday. Food prices, the main driver of inflation, rose 0.5% from a year earlier, while non-food inflation increased 0.3%. Core inflation, which excludes more volatile goods such as food, was up 1.1% year-on-year and stable month-on-month.
Zawya
12 hours ago
- Business
- Zawya
Morocco attracts 150 aerospace firms
Morocco is cementing its position as a global aerospace hub after attracting 150 companies operating factories nationwide and generating 2.5 billion euros ($2.8 billion) in annual revenue, a Moroccan Minister has said. Speaking to French newspaper 'Le Point' at the renowned Paris Air Show, Minister of Industry and Commerce Ryad Mezzour said these projects are concentrated in Casablanca, Tangier, Rabat and Fez In his comments, published by Morocco's newspapers, he said these enterprises provide full-time employment to 26,000 individuals and that their primary focus include producing fuselages, structural components, interior furnishings, and wiring systems. Mezzour also highlighted collaboration between national carrier Royal Air Maroc (RAM) and French aerospace giant Safran concerning the CFM engine. 'During French President Emmanuel Macron's visit to Morocco last October, an agreement was signed extending the partnership to the next-generation CFM-Leap engine,' the Minister said. 'Morocco's competitive edge lies in its ability to handle advanced technology, with 23,000 engineers graduating annually, 400 of whom enter the aerospace field…production costs are competitive at €25 per hour, compared to €100-120 in Europe or the US,' he said. Looking ahead, the minister outlined ambitious plans: 'We will expand our offer to cabin fittings, landing gear manufacturing, and within ten years, we think we can offer a final assembly line for commercial aircraft.' He revealed that RAM is currently exploring the acquisition of the Airbus A220, a narrow-body jet well-suited for its European routes. 'A study is underway by RAM for procuring the Airbus A220, a small-to-medium range jet suited for its European network,' he said. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Reuters
2 days ago
- Business
- Reuters
Morocco to review Turkey trade deal over expanding deficit, sources say
RABAT, June 18 (Reuters) - Morocco is planning to review its trade agreement with Turkey and push for more Turkish investment to offset an expanding trade deficit driven largely by Turkish fabric imports, two sources told Reuters. Omar Hjira, the Moroccan cabinet member in charge of trade, will soon visit Turkey - Morocco's sixth-biggest trading partner - to discuss measures aimed at mitigating the $3 billion deficit, the sources, who attended a meeting with Hjira, said on Tuesday. They asked not to be named due to the sensitivity of the matter. Morocco's trade and industry ministry did not immediately respond to a Reuters request for comment. Initially signed in 2004, Morocco and Turkey introduced amendments to their free trade deal five years ago, including a 90% tariff on Turkish textile and clothing imports to protect Moroccan manufacturers and jobs. Moroccan companies still import large volumes of Turkish fabric, however, to meet the needs of the country's apparel sector. Morocco's overall trade deficit widened 22.8% to 109 billion dirhams ($12 billion) in the first four months this year, according to official data. The deficit expanded 7% to 306 billion dirhams last year, and Morocco's deficit with Turkey was its third-largest after the U.S. and China.
Zawya
4 days ago
- Politics
- Zawya
Panama Considers Autonomy Initiative as 'Most Serious, Credible and Realistic basis' & 'Only Solution for Future' to Resolve Regional Dispute over Moroccan Sahara
The Republic of Panama considers the autonomy initiative as 'the most serious, credible and realistic basis for resolving the regional dispute' over the Moroccan Sahara. This position was expressed in a Joint Communiqué signed, on Monday in Rabat, following talks between the Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates, Nasser Bourita, and Panama's Minister of Foreign Affairs, Javier Martínez-Acha Vásquez, who is on a working visit to the Kingdom on June 16. The Panamanian minister also stated during a press briefing following the meeting that the autonomy initiative presented by Morocco in 2007 "should be the only solution for the future," emphasizing his country's clear support for the autonomy plan as a means to advance toward a lasting resolution of the dispute. Panama's support for the autonomy initiative proposed by the Kingdom to resolve the Moroccan Sahara dispute comes after its decision to sever all ties with the so-called 'sadr' in November 2024. In the same Joint Communiqué, the Kingdom of Morocco and the Republic of Panama reaffirmed their commitment to the sanctity of the principles of sovereignty and territorial integrity. Distributed by APO Group on behalf of Kingdom of Morocco - Ministry of Foreign Affairs, African Cooperation and Moroccan Expatriates.
Zawya
4 days ago
- Politics
- Zawya
Morocco's Bourita Receives Panama's Foreign Minister (FM), Bearer of Written Message from Panama's President to His Majesty (HM) the King
Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates, Mr. Nasser Bourita, received, on Monday in Rabat, the Panamanian Minister of Foreign Affairs, Mr. Javier Martínez-Acha Vásquez, who delivered a written message to His Majesty King Mohammed VI, may God assist Him, from the President of the Republic of Panama, His Excellency José Raul Mulino. The message from the Panamanian President reflects the shared will of the Heads of State of both countries to strengthen the positive momentum in relations between the Kingdom of Morocco and the Republic of Panama and to elevate them to broader horizons of cooperation and complementarity in the service of the two friendly nations. Distributed by APO Group on behalf of Kingdom of Morocco - Ministry of Foreign Affairs, African Cooperation and Moroccan Expatriates.
