Will BIM leave Morocco or Sell Moroccan Products?
BIM subsidiaries face a huge decision after the Free Trade Agreement amendment.
Few weeks after the Moroccan government had amended the Free Trade Agreement (FTA) which binds it to Turkey, BIM’s group said in a press release that the decision taken by the Board of Directors on October 27, 2020 dictates that the CFO is to assess strategic options for the subsidiaries to form partnership alternatives with local or international investors.
This press release is the result of orders by the Minister of Trade and Industry, Moulay Hafid Elalamy to “Sell Moroccan or leave”. The announcement is due to the strong competitiveness of BIM markets on local neighborhood businesses that suffer huge loss whenever a BIM market is open 60 local businesses are shut down due to BIM’s excessive low prices.