The Moroccan-Saudi Business Council just held a remote meeting on Tuesday to discuss and boost economic cooperation ties between the Moroccan and Saudi Arabain business communities. During the working session providing an opportunity for businessmen in both countries to discuss mutual challenges.
The working session created a common investment fund that favors micro, small and medium-sized enterprises creating the shared desire to deepen trade between the Saudi and Moroccan business communities. Also discussed was the holding of a second annual Moroccan-Saudi Investment Forum. Council co-chair Khalid Benjelloun voiced concern on using the meeting to give new impetus to economic relations between the two MENA countries.
Recommendations arrived at were:
- Identify priority cooperation sectors between Riyadh and Rabat
- Relaxing administrative formalities on import-export
- Create a joint committee looking at challenges hindering business and investment opportunities.
- Creation of a Moroccan Saudi Investment Fund supporting small businesses from countries while encourages partnerships.
- Launch a maritime line between Morocco and Saudi Arabia boosting trade and exports
Trade between the two countries currently exceeds $1.65 billion where only $181.8 million is Moroccan exports. There are 250 Saudi-owned companies in Morocco while fewer than 20 Moroccan companies operating in the Saudi kingdom.
Source: Morocco World News