Saudi, Moroccan private sectors agree to increase cooperation in various sectors

Representatives of the Saudi and Moroccan private sectors on Sunday agreed on a joint strategy to boost cooperation and integration between the Kingdom and Morocco, the Saudi Press Agency reported.

A business delegation, comprising executives of over 100 Moroccan companies, is visiting Riyadh to explore investment opportunities in Saudi Arabia across 15 economic sectors including agriculture, industry, finance, renewable energy, real estate, construction, services, health, and technology.

The visit is organized by the Federation of Saudi Chambers in collaboration with the General Confederation of Moroccan Enterprises.

As part of the visit, a Saudi-Moroccan Economic Forum was also held in Riyadh. More than 250 Saudi companies took part in the event.

During the forum, a package of initiatives was finalized to increase collaboration between the two countries. This includes activating direct maritime transport line projects, establishing a joint investment fund, supporting Saudi companies in accessing African and European markets, intensifying the activity of trade delegations and exhibitions, and exchanging information about opportunities and markets as well as accelerating the pace of Moroccan companies’ participation in the Saudi Vision 2030 projects.

Speaking at the forum, FSC President Hassan Al-Huwaizi said ties between the two countries have witnessed tangible momentum in trade and investment, as the volume of trade exchange multiplied five times to reach more than SR16 billion ($4.26 billion).

The president of the General Confederation of Moroccan Enterprises, Chakib Alj, said integration of Moroccan and Saudi economies provides investment opportunities. He said 250 Saudi companies have invested in Morocco and 20 Moroccan companies have a presence in the Kingdom.

Moroccan Ambassador to the Kingdom Mustafa Al-Mansouri drew attention to the economic reforms in his country that have strengthened confidence in the investment climate and the future of the Moroccan economy, indicating that the Kingdom’s Vision 2030 constitutes an appropriate framework for developing economic relations between the two countries.

The chairman of the Saudi-Moroccan Business Council, Mohammed bin Fahd Al-Hammadi, also stressed the council’s interest in developing trade and investment partnerships between the two countries.

Khalid Benjelloun, head of the Moroccan-Saudi Business Council, identified sectors with potential for Saudi-Moroccan cooperation, such as energy, cars, construction, tourism, food, and textiles.