Representatives from the Saudi and Moroccan private sectors reached a consensus on a joint action plan and a series of initiatives aimed at bolstering economic cooperation between the Kingdom of Saudi Arabia and Morocco.
This includes the activation of direct maritime transport lines, the establishment of a joint investment fund, and supporting Saudi companies in accessing African and European markets.
The plan also emphasizes intensifying the activities of trade delegations and exchanging information on market opportunities, as well as accelerating Moroccan companies’ participation in Saudi Arabia’s Vision 2030 projects.
This development emerged during the Saudi-Moroccan Economic Forum organized by the Saudi Chambers of Commerce on Sunday in Riyadh, in collaboration with the General Confederation of Moroccan Enterprises (CGEM).
The event, which saw participation from over 250 Saudi and Moroccan companies, as well as representatives from governmental and private sectors, aimed to showcase investment opportunities and environments in both countries and highlight the role of Saudi funding entities in supporting international investors.
Hassan Al-Hawizi, President of the Saudi Chambers of Commerce, stated in his speech at the forum that Saudi-Moroccan relations have experienced significant momentum and tangible progress, particularly in trade and investment.
The trade volume has increased fivefold, reaching more than SAR 16 billion, with both exports to Morocco and imports from it showing notable growth rates.
Shakib Alj, President of the General Confederation of Moroccan Enterprises, highlighted the synergy between the Moroccan and Saudi economies, offering significant investment opportunities and partnerships.
He noted that 250 Saudi companies are investing in Morocco and 20 Moroccan companies in Saudi Arabia, expressing their eagerness to accelerate Moroccan companies’ investments in Vision 2030 projects, as reported by the Saudi Press Agency.
Moroccan Ambassador to Saudi Arabia, Mustafa Mansouri, drew attention to the economic reforms in Morocco that have boosted confidence in the investment climate and the future of the Moroccan economy. He pointed out that Saudi Vision 2030 provides a suitable framework for developing economic relations between the two countries.
Mohammed bin Fahd Al-Hammadi, President of the Saudi-Moroccan Business Council, expressed the Council’s commitment to developing trade and investment partnerships between Saudi Arabia and Morocco, emphasizing the role of the forum in identifying opportunities in the targeted economic sectors of both countries.
Khaled Benjelloun, President of the Moroccan-Saudi Business Council, mentioned sectors that offer potential for Saudi-Moroccan cooperation, such as energy, automotive, construction, tourism, food, and textiles.
