Riyadh, January 21, 2024, Representatives from the private sectors of Saudi Arabia and Morocco have collaboratively established a comprehensive joint work program and a set of initiatives aimed at advancing economic cooperation and integration between the two nations. The initiatives include the activation of direct maritime transport line projects, the establishment of a joint investment fund, support for Saudi companies accessing African and European markets, and the enhancement of trade delegations and exhibitions. Additionally, the package involves the exchange of information on opportunities and markets, as well as the acceleration of Moroccan companies' participation in Vision 2030 projects.
This significant announcement emerged during the Saudi-Moroccan Economic Forum held in Riyadh, organized by the Federation of Saudi Chambers in collaboration with the General Confederation of Moroccan Enterprises (CGEM). Over 250 companies from both Saudi Arabia and Morocco, along with representatives from government and private agencies, participated in the forum. The main objectives were to showcase investment environments and opportunities in both nations and underscore the role of Saudi funds and financing bodies in supporting international investors.
Hassan Al-Huwaizi, the President of the Federation of Saudi Chambers, highlighted in his speech at the forum that Saudi-Moroccan relations have experienced substantial growth in trade and investment. The volume of trade exchange has increased fivefold, surpassing SAR 16 billion, with noteworthy growth rates in both Saudi exports to and imports from Morocco.
The economic relations between Saudi Arabia and Morocco have witnessed remarkable development in recent years, with a record 223% increase in the volume of trade exchange to reach SAR 16.4 billion in 2022, compared to SAR 5 billion in 2020. The value of Saudi exports to Morocco has surged by 234%, and Moroccan imports to the Kingdom have increased by 153%. This signifies a positive trajectory in economic collaboration and signals the commitment of both countries to fostering a robust and mutually beneficial partnership.
