Chairperson of the Federation of Saudi Chambers of Commerce and Industry Hassan Al-Huwaizi said on Sunday in Riyadh that the volume of trade between Morocco and Saudi Arabia increased by 223% to 43.7 billion USD from 2021 to 2022, praising the remarkable development of Saudi-Moroccan economic relations.
Speaking at a recent Saudi-Moroccan Business Council meeting, Al-Huwaizi noted the significant growth in bilateral trade in other recent years, rising from 1.3 billion USD in 2021 to 143.7 billion USD in 2022, when Saudi exports to Morocco increased by 234%, and Moroccan exports to the Kingdom of Saudi Arabia grew by 153%.
President of the Saudi-Moroccan Business Council Khalid Benjelloun focused on the need to work towards easing administrative and customs restrictions in commercial transactions between the two countries, as well as protecting the intellectual property of investors. He indicated that the Saudi-Moroccan Business Council has a roadmap to unleash energies and develop the necessary mechanisms to make the two kingdoms’ bilateral cooperation a model for the Arab and international communities.
Ambassador of Morocco to Riyadh Mustapha Mansouri affirmed that Morocco continues to invest in major projects and strategic initiatives domestically to ensure the country’s development.
Mansouri added that Morocco has become a destination for foreign investments in recent years due to major reforms in financial and economic structures, as well as legislative and legal frameworks, which have greatly contributed to improving the business environment and strengthening confidence in the future of the Moroccan economy.
He described the Kingdom’s New Development Model as a tool to build a strong and prosperous Morocco based on enhancing skills, preserving solidarity, increasing sustainability, and creating a more attractive, competitive, and wealth-generating framework for employment opportunities.
He also highlighted that Saudi Arabia’s Vision 2030 provides a useful framework to advance economic relations, create trade and investment opportunities, and enhance commercial exchanges between the two kingdoms.
The Saudi Chambers of Commerce, in collaboration with the Moroccan employers’ association (CGEM), is planning a visit to KSA for a delegation of over 100 Moroccan companies representing 15 economic sectors to discuss commercial partnership opportunities and investment between the two kingdoms and to host economic events with the participation of representatives from both countries’ public and private sectors.
In addition to a regular Saudi-Moroccan Business Council meeting, the agenda for the visit includes a stop at the Saudi-Moroccan Economic Forum at the headquarters of the Saudi Chambers of Commerce to review the investment environment and opportunities in both countries, the role of funds and financial partners and bilateral meetings between Saudi and Moroccan company representatives to explore cooperation and partnership opportunities and investigate available investment prospects.
The Moroccan trade mission’s visit aims to explore investment opportunities between Moroccan and Saudi companies in various sectors, including agriculture, industry, finance, renewable energy, real estate, construction, services, healthcare, and technology.