Morocco and Australia are deepening their economic and trade relations with the creation of a new agency, the Australia Morocco Business Network (AMBN), inaugurated on July 31 in Adelaide, South Australia.
AMBN is the “first” organization dedicated to promoting bilateral trade between Australia and Morocco, the agency said in a statement.
The launch of AMBN is particularly significant as it coincides with the 25th anniversary of King Mohamed VI’s reign.
The agency is spearheaded by Soufiane Rboub, a Moroccan-Australian with a distinguished background in international trade.
Before leading AMBN, Rboub headed the Australian Arab Chamber of Commerce and Industry and served on the advisory board for the Minister of Foreign Affairs on Australian Arab Relations (CAAR).
AMBN’s board of directors comprises a diverse group of experts committed to both Moroccan and African economic interests, according to a statement from the agency.
The launch event was attended by prominent figures including Tally Reaburn, representing the Minister of Trade, and Andrew Kay, CEO of the South Australian Chamber of Commerce.
Rboub emphasized that Adelaide was the ideal choice for the agency’s launch, given the shared priorities in renewable energy and green hydrogen between South Australia and Morocco.
He noted that South Australia’s advanced water resource management and innovative recycling techniques could offer valuable insights for Morocco, which faces its own significant water scarcity challenges.
Growing Bilateral Trade
Trade between Morocco and Australia has shown robust growth. In 2022, bilateral trade reached approximately AUD 250 million ($163 million), with Australian exports totaling around AUD 180 million ($117 million).
Key Australian exports to Morocco include grains, meat, and dairy products, while Morocco exports phosphates, chemicals, and textiles to Australia. The trade in services, particularly in education, tourism, and professional services, is also flourishing.
Morocco’s strategic position as a gateway to Africa offers Australian businesses unparalleled access to emerging markets on the continent.
Jade Evans, Director for the Middle East and Africa at Dragoman Consulting and an AMBN board member, highlighted Morocco’s stable, business-friendly environment and its recognition of the role of women in economic growth.
Morocco’s network of free trade agreements (FTAs) with the European Union, the United States, and several African countries provide Australian companies with preferential market access, enhancing Morocco’s attractiveness as a hub for expanding into Africa and beyond.
Australian firms operating in Morocco’s special economic zones (SEZs) can benefit from tax incentives, top-tier infrastructure, and direct access to international markets via Morocco’s FTAs.
The launch of AMBN also opens avenues for Moroccan exporters to penetrate the Australian market. Australia’s diverse market holds significant potential for Moroccan products, including food, textiles, and handicrafts.
AMBN is poised to support these efforts by facilitating connections with Australian importers, providing market insights, and organizing trade missions.
Professor Tim Harcourt, Chief Economist at the Institute for Public Policy and Governance (IPPG) at the University of Technology Sydney and an AMBN board member praised the establishment of AMBN as a major advancement in bilateral economic relations.