Ryad Mezzour, Morocco’s Minister of Industry and Commerce, received Martin Kocher, Federal Minister of Labor and Economy of the Republic of Austria, at the Ministry’s headquarters on Tuesday and signed a memorandum of understanding to strengthen economic collaboration.
The agreement aspires to strengthen economic ties, trade, and investment between the two countries, with a focus on industry and green technologies. It also seeks to facilitate industrial exports and imports, and to identify important sectors to address. The ministers also agreed to increase informational exchange.
Mezzour noted Morocco’s industrial strengths as a potential investment hub for Austria, noting that the memorandum inked today represents new opportunities for cooperation between Morocco and Austria, paving the way for future collaborative ventures.
Ministers Mezzour and Kocher expressed satisfaction with the Moroccan-Austrian relations as they celebrated the 240th anniversary of the two countries’ enduring friendship.
In addition, they reaffirmed their shared commitment to expanding bilateral trade, which resulted in the signing of the MoU.
Austria stands as Morocco’s 10th largest trading partner, with exports amounting to 2.14 billion MAD and imports totaling 2.90 billion MAD in 2022. Austrian foreign direct investments in Morocco reached 136 million MAD in the same year, highlighting the economic significance of this evolving partnership.