The Hon Albert Isola, the Minister for Commerce, led a financial services delegation to Morocco from Monday 28th to Wednesday the 30th November; attending and hosting a series of meetings and a breakfast conference.

The Minister first attended private meetings in Marrakech including a two hour series of presentations on Gibraltar and Morocco at a hotel venue organised by Deloitte Gibraltar. The 12 or so participants included senior representatives from Deloitte, tax and accounting specialists from firms in Marrakech as well as delegates from the Marrakech business development agency. Separately, the Minister was also the guest of honour at a private luncheon attended by Marrakech based financiers and businessmen.

In Casablanca, the Minister visited the offices of a Gibraltar linked investment services firm that is a member of the Casablanca Finance City or CFC and was subsequently invited to a dinner with investment banking professionals and senior lawyers specialising in corporate finance.

On the morning of Wednesday 30th November, Minister Isola hosted a breakfast conference at the equivalent of the Confederation of Moroccan Industry (Confederation Generale Des Enterprises Du Maroc) CGEM. The breakfast conference was co-hosted by the Vice-president of the CGEM, Mr Hakim Marrakchi and was attended by, amongst others, financial services delegates from Gibraltar and member firms from the CGEM. Minister Isola commented on the vision and strategic drive being implemented by the Moroccan Government over many years and urged a greater level of cooperation between Gibraltar and Moroccan business partners. There were also presentations by Aon Gibraltar on behalf of the insurance industry as well by Hyperion Gibraltar; the latter taking the opportunity to comment on social and cultural links as well as speaking on behalf of the investment industry generally.

Minister Isola said, “This visit to two of Morocco’s major cities has, in great part, been an opportunity to learn more about the very significant developments in Morocco’s economy. I have been stunned by Morocco’s diversification of its economy from the more traditional areas of agriculture, fishing and phosphates into such sectors such as automobile production and aviation high end support supply. It is clear that Morocco is leading an investment charge into neighbouring countries in Africa and others further afield; providing services in technology, specialist construction and banking to name but a few. We have also taken advantage during this visit to update and inform potential business partners of the specialist areas of financial services being offered from Gibraltar.”

The Minister was accompanied by the Finance Centre Director, James Tipping and the Chief Minister’s Chief of Staff, Gareth Flower. Logistics and marketing personnel from Gibraltar Finance were involved in the preparation of meetings and events ahead of the visit.

       Minister Isola addressing a meeting in Marrakech

Minister Isola addressing financial services professionals in Marrakech

Minister Isola and Mr Hakim Marrakchi, the Vice President of the Confederation of Moroccan Industry based in Casablanca

          The breakfast seminar in Casablanca