It is a great idea and an awesome opportunity for Morocco to attract foreign investments as well as stir up the financial industry locally. Especially that Morocco is in the process of launching a fantastic solar energy program which should spur energy and carbon credit trading.
However, as the article states, a major new infrastructure needs to be created. Based on my experience with American financial market, confidence in the rules governing the system is the most important factor in the market. Without confidence there’s no trade, no trade means no investments. The number one reason the US government issued the TARP just so investors do not lose confidence in a market that is mainly based on trust.
Thus, Morocco will need to acquaint itself with three concepts that it only knows in theory but not in practice; TRANSPARENCY, INTEGRITY, and ACCOUNTABILITY.
A market that does not employ these three concepts in its fundamental makeup (infrastructure) is doomed to fail.
Ahmed Tantan
No comments:
Post a Comment