Representatives of the Saudi and Moroccan private sectors agreed on a joint work program and a package of initiatives to advance the path of economic cooperation and integration between Morocco and Saudi Arabia.
The joint work program includes activating direct maritime transport line projects, especially between the ports of Jeddah and Tangier Med, establishing a joint investment fund and supporting Saudi companies in accessing African and European markets, intensifying the activity of trade delegations and exhibitions and exchanging information about opportunities and markets, as well as accelerating the pace of Moroccan companies’ participation in Vision 2030 projects.
This came during the activities of the Saudi-Moroccan Economic Forum, which was organized by the Federation of Saudi Chambers and continued its activities today, Monday, in the capital, Riyadh, in cooperation with the General Confederation of Moroccan Enterprises, with the participation of more than 250 Saudi and Moroccan companies and representatives of government and private agencies, with the aim of introducing the environment and investment opportunities available in the Kingdom and Morocco and the role of funds and Saudi financing entities. In supporting international investors.
The forum continued today with bilateral meetings between businessmen and contractors from the two countries to discuss partnerships and explore investment opportunities available between Moroccan and Saudi companies in various sectors, including tourism, agriculture, industry, finance, renewable energy, real estate, construction, services, health and technology.
In this regard, Mohammed bin Fahd Al-Hammadi, Chairman of the Saudi-Moroccan Business Council, said in press statements that the Kingdom of Saudi Arabia is showing interest in several sectors in the Kingdom of Morocco, most notably automobiles, tourism and maritime transport, with the aim of promoting joint investments, raising the volume of intra-regional trade, and increasing exports to… West African markets.
He added that Saudi Arabia seeks to benefit from Morocco’s successful experience in the automobile industry, as a Saudi delegation is expected to visit the country to see the development of the automobile production system in partnership with European countries.
After bilateral meetings between businessmen from the two countries, the Moroccan delegation will visit the headquarters of the Saudi Export-Import Bank to learn about its operating mechanisms and the incentives and facilities it provides to investors. The President of the Federation of Saudi Chambers, Hassan Al-Huwaizi, confirmed during his speech at the forum that Saudi-Moroccan relations witnessed tangible momentum and development and an improvement in trade and investment, as the volume of trade exchange multiplied five times to reach more than 16 billion riyals, while the Kingdom’s exports to and imports from Morocco achieved high rates. Outstanding growth.
For his part, President of the General Confederation of Moroccan Enterprises, Chakib Alaj, explained that the integration of the Moroccan and Saudi economies provides great investment opportunities and partnerships, noting that 250 Saudi companies invest in Morocco and 20 Moroccan companies in the Kingdom, expressing the Moroccan side’s aspiration to accelerate the pace of Moroccan companies’ investments in vision projects.
In turn, the Moroccan Ambassador to the Kingdom, Mustafa Al-Mansouri, pointed out the economic reforms in Morocco that have strengthened confidence in the investment climate and the future of the Moroccan economy, highlighting that the Kingdom’s Vision 2030 constitutes an appropriate framework for developing economic relations between the two countries.
The head of the Moroccan-Saudi Business Council, Khaled Ben Jelloun, also referred to sectors that provide potential for Saudi-Moroccan cooperation, such as energy, cars, construction, tourism, food and textiles, calling for easing import procedures and customs barriers.