LONDON, October 5, 2012 /PRNewswire/ --
TheCityUK and the Moroccan Financial Board signed a formal partnership agreement at the Mansion House yesterday that will bring London and Casablanca financial centres closer together.
A delegation from the Kingdom of Morocco is in London to attend the signing ceremony and take part in a business visit from the Kingdom to The City of London.
The agreement was signed by Mr Chris Cummings, CEO of TheCityUK, and Mr Said Ibrahimi, CEO of Moroccan Financial Board at the Mansion House and was attended by, amongst others: HH Princess Lalla Joumala Alaoui, the Moroccan Ambassador to London, David Wootton, Lord Mayor of the City of London, a Moroccan delegation of high representatives from the capital market, insurance and banking sectors, and leaders of major UK-based financial and professional institutions.
HH Princess Lalla Joumala Alaoui, Moroccan Ambassador to London, said:
"The thriving economic relationship we are celebrating today between Morocco and the UK was made possible thanks to a wider context of positive social and political transformations that provided us with a foundation of shared values and principles on which to build a solid partnership.
"Since its independence in 1956, Morocco embarked upon a sustained course of comprehensive reforms, based on a set of constant fundamentals: political pluralism, tolerance, free enterprise and openness to the outside world.
"Under the leadership of His Majesty the King, Morocco has significantly deepened and accelerated this reform process to foster democratic norms and the Rule of Law, expand rights and freedoms, deal with social disparities and upgrade the economy.
Particular attention has been given to the economy as a lever for human development. Morocco has worked tirelessly to promote competitiveness, boost infrastructure networks, improve the business climate and further open its market to the outside world."
Said Ibrahimi, Chief Executive of Moroccan Financial Board said:
"Casablanca Finance City will help British businesses and financial institutions to access growth in North and West Africa at a time when developed economies, particularly in the Eurozone, are seeking new opportunities. Through collaboration with TheCityUK and other financial centres around the world we can help investors access untapped potential in an emerging Africa."
Chris Cummings, CEO of TheCityUK, said:
"The recognition of Casablanca as a developing international financial centre is due to Morocco's growth as a hub for financial and professional services in North Africa and francophone West Africa. TheCityUK and the Moroccan Financial Board share the common goals of ensuring the Moroccan financial services sector continues to be well regulated, transparent and competitive in a global market.
"This agreement will further strengthen our relationship and provide export opportunities for businesses in both nations. As a leading financial hub, Casablanca will also help to open up opportunities for businesses across the whole of North Africa."
In addition to traditional areas of cooperation, including mutual exchange of information, joint organization of seminars and business delegations to both countries, cooperation between TheCityUK and Casablanca Finance City will focus specifically on the following areas:
- Development of the derivatives market in Casablanca, including the development of products and the establishment of an attractive legal framework for those products
- Implementation of globally recognised training programs and professional qualifications
- Strengthening the competitiveness of the Moroccan insurance industry
Casablanca Finance City (CFC) is a financial hub designed to ease access to African markets for international investors by pioneering a more collaborative way for African countries to work together and grow sustainably. CFC aims to provide a secure and efficient business environment, local knowledge and expertise, a supporting capital market, and a strong network of partnerships throughout the region, all in a single platform, to help investors access the many, as yet uncharted, opportunities across North, West and Central Africa.
Notes to editors
TheCityUK is the independent, cross-sector voice for UK financial and professional services and champions the international competitiveness of the sector. Created in 2010, TheCityUK supports the whole of the sector, promoting UK financial and professional services at home and overseas and playing an active role in the regulatory and trade policy debate.
Financial and professional services is the UK's leading export earner, contributing £47bn in 2011 which was significantly more than any other sector. TheCityUK plays a key role in promoting the breadth and quality of services offered by the sector to a global audience, and helping to remove trade barriers to overseas markets. It works to highlight the UK's expertise in areas such as dispute resolution services, public-private partnerships and Islamic finance.
TheCityUK is also involved in the establishment of International Financial Centres across the globe, including Moscow, Dubai, Toronto and Nairobi.
TheCityUK is politically neutral.
For further information please see http://www.thecityuk.com
About Moroccan Financial Board
The Moroccan Financial Board, is a public-private initiative, responsible for the overall management and promotion of Casablanca Finance City. It aims to make Casablanca a regional hub for financial institutions, multinationals and professional services. Casablanca Finance City is a gateway to Africa, in particular to the countries of North, West and Central Africa.
SOURCE Casablanca Finance City