Economy minister Étienne Schneider (LSAP) announced on Wednesday the creation of a Luxembourg Trade and Investment Office (LTIO) in Casablanca.
Economy minister Étienne Schneider (LSAP) is seen in the Tanger Med amphitheatre on 25 September during the economic mission to Morocco
Photo: SIP/Jean-Christophe Verhaegen
“The potential for collaboration and mutual exchange between Morocco and Luxembourg shoes the importance and interest of the establishment of a Luxembourg presence to accompany and support these developments,” Schneider said.
The new office in Casablanca brings Luxembourg’s LTIO new network total to 9. There are also two LTIOs in the US--in New York City and San Francisco--as well as in Tokyo (Japan), Seoul (South Korea), Abu Dhabi (UAE), Taipei (Taiwan), Shanghai (China), and Tel Aviv (Israel).
According to a government communiqué, the move is in line with plans to extend the LTIO network, “especially in high-potential markets such as Africa”.
Schneider’s announcement was made during Luxembourg’s official economic mission to Morocco, 23-26 September, in which Prince Guillaume and Princess Stéphanie are also taking part. On Wednesday, the royal couple and delegation were invited for a presentation on the Tanger-Med port, the largest in Africa, which is expected to increase its annual volume from 3.5m to 4.5m 20-foot equivalent units (TEU) from 2018 to 2019, according to Reuters.