Moroccan Economic Delegation Visits New York Stock Exchange to Strengthen Financial Ties

A high-level Moroccan business delegation, led by the Casablanca Stock Exchange and the Moroccan Capital Market Authority (AMMC), held meetings at the New York Stock Exchange on Wall Street on Monday. The visit aimed to strengthen cooperation and exchange between financial operators in Morocco and the United States.

The delegation included representatives from major Moroccan financial institutions such as the Casablanca Stock Exchange, AMMC, Banque Centrale Populaire, CFG Bank, and MAROCLEAR. Morocco's Ambassador to the United States, Youssef Amrani, was also part of the delegation.

During the visit, Ambassador Amrani highlighted the "solidity of the multidimensional relations uniting Morocco and the United States" and the "dynamic cooperation underway across the entire ecosystem of the Moroccan and American capital markets". He noted that the Free Trade Agreement signed between the two countries in 2004 has significantly strengthened economic ties, leading to a substantial increase in U.S. investments in Morocco and growth in bilateral trade, which reached $5 billion in 2023 compared to just $925 million in 2005.

Why this matters: The visit by the Moroccan economic delegation to the New York Stock Exchange underscores the growing financial partnership between Morocco and the United States. As Morocco positions itself as a regional economic powerhouse and a gateway to Africa, strengthening ties with Wall Street could attract more U.S. investment and support Morocco's ambitions to become a major financial hub.

Ambassador Amrani also emphasized Morocco's strategic position as a free trade hub and its efforts to improve economic connectivity in Africa. He said the implementation of the African Continental Free Trade Area (AfCFTA) and over 50 similar agreements present a "huge potential" for American companies to invest in Morocco and access the African market.

The Moroccan economic delegation discussed opportunities for a strengthened partnership between the Casablanca Stock Exchange and Wall Street, which could deepen U.S.-Morocco cooperation in the financial markets sector. They explored the possibility of skills exchange concerning the launch of derivatives markets in Morocco and bringing the Casablanca financial center and the Moroccan market closer to American investors.

The visit to the New York Stock Exchange is part of the broader strategic relations between Morocco and the United States. As Ambassador Amrani noted, the meetings could be a significant development for enhancing cooperation between the Moroccan financial center and Wall Street, boosting their wider alliance within Africa and the Middle East. With Morocco's growing economic clout and its position as a gateway to Africa, strengthening financial ties with the U.S. is a key priority for the North African nation.

Key Takeaways

• Moroccan business delegation met with NYSE to strengthen US-Morocco financial ties.
• Morocco-US trade grew from $925M in 2005 to $5B in 2023 after 2004 FTA.
• Morocco aims to become a regional financial hub and gateway to Africa for US.
• Discussions on expanding Morocco's derivatives markets and attracting US investors.
• Visit part of broader strategic relations, boosting Morocco's economic clout in Africa.