The Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) and the Secretariat of the Union for the Mediterranean (UfM) have signed an agreement on Wednesday 26th of November 2014 to strengthen the private sector’s involvement in economic and social development in the Mediterranean region.

ASCAME and the Secretariat of the UfM have signed a new strategic cooperation agreement on November 26th, 2014 in the framework of the 8th Mediterranean Week of Economic leaders which took place from November 26th to 28th in Barcelona.

According to the signatories: the President of ASCAME, Mr Mohamed Choucair and the General Secretary of the UfM, Mr Fathallah Sijilmassi, this strategic agreement, which aims at promoting the participation of the companies and the involvement of the Mediterranean private sector in the activities implemented by ASCAME and the UfM, allows both institutions to pursue their collaboration, already fruitful, started in 2011.

Fostering employment opportunities, promoting social business initiatives, facilitating investment flow and increasing the overall attractiveness of the Euro-Mediterranean region for investment will be some of the alliance’s priority lines of action. More specifically, the agreement aims to support initiatives that promote job creation and entrepreneurship especially targeting small and medium-sized enterprises (SMEs), which account for 90% of businesses in the region.

“The private sector is an essential partner to foster greater investment opportunities and trade as well as technology and knowledge transfer in our region (…)The Secretariat is happy to work together with ASCAME to develop an investment-friendly environment and, thus, foster private sector initiatives which should be the basis for sound, sustainable and long-lasting economic growth”, said Mr Fathallah Sijilmassi. He particularly stressed the importance of developing specific projects which involve young entrepreneurs and which facilitate access to technical and financial tools.

“Our objective is to strengthen collaboration between the private and public sectors, thereby promoting socio-economic development on both shores of the Mediterranean and contributing to job creation, especially for youth”, added the President of ASCAME. “Fostering internationalisation of SMEs and facilitating trade and investment flow in the region will be crucial to emerge from the current crisis and generate opportunities for growth”, he continued.

In the framework of the 8th Mediterranean Week of Economic Leaders, UfM Secretary General Sijilmassi received the ASCAME Prize from the hands of President Choucair in recognition of the UfM Secretariat’s efforts and achievements to promote business development and private sector involvement in the Mediterranean developmental agenda.