Related Post
President of the Union of Saudi and Gulf Chambers, Hassan Al-Huwaizi, announced today, Sunday, that the volume of trade exchange with Morocco will increase from $1.4 billion in 2021 to $4.4 billion in 2022.
Al-Huwaizi said – during the joint Saudi-Moroccan Business Council held in the capital, Riyadh – that bilateral trade exchange has achieved development over the past few years, and he praised the development of Saudi-Moroccan economic relations.
He considered that this development indicates the success of the joint efforts and the interest that bilateral relations receive from officials in the public and private sectors of the two countries, he said.
According to the Saudi official, Morocco ranks 26th in terms of the Kingdom’s trading partners in terms of exports, and 38th in terms of imports.
Easing customs restrictions
For his part, Chairman of the Joint Moroccan-Saudi Business Council, Khaled Benjelloun, called for the necessity of working to ease administrative and customs restrictions in commercial transactions between the two countries, calling for the protection of intellectual property for investors.
Benjelloun explained that the Moroccan-Saudi Business Council has an ambitious road map to make bilateral cooperation an Arab and international model as well.
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 Saudi Arabia.
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 Saudi Arabia and Morocco. This includes activating direct maritime transport line projects, establishing a joint investment fund, and supporting Saudi companies in accessing African and European markets.
In October 2022, Moroccan Trade Minister Riad Mazour called – during an economic forum in the Moroccan city of Casablanca – to raise trade exchanges between the two countries to $5 billion annually during the next five years.
