Rabat - The Moroccan-Saudi business council expects a significant development of economic relations between the two countries in the coming years, in the wake of the importance given by both countries' business sector to joint investment.
Rabat – The Moroccan-Saudi business council expects a significant development of economic relations between the two countries in the coming years, in the wake of the importance given by both countries’ business sector to joint investment.
In a report, the council highlights the achievements of the current session (2013-2016) and the growing interest of the Saudi business sector in Morocco’s initiatives to encourage investment, notably through tax concessions, in addition to the sectoral strategies adopted by Morocco and the opportunities available to Saudi investors.
In this regard, the council calls for the consolidation of economic relations between the two kingdoms on the governmental and business levels, in order to lay the foundations for a strategic alliance that protects the interests of both countries.
It also recommends the development of bilateral trade and the encouragement of private investment in ports, the strengthening of maritime navigation and the creation of a maritime link between the two countries.
The document also stresses the need to facilitate investment with a long-term economic and social impact, encourage the private sector to invest in productive industrial sector and in services, finance small and medium-sized industries, develop trade of goods and services, strengthen exports, and to develop industries of the future and technological cities.
The report highlights the significant increase in Saudi investments in Morocco during this period (2013-2016) after exceeding in the last two years 2 billion dollars, notably in the fields of energy, agricultural production, industry and real estate.
According to the document, the volume of bilateral trade has considerably improved, especially and Morocco’s imports from Saudi Arabia have recently been diversified.
The petroleum products topped the list of imported materials with 2.1 billion dollars, that is 60% of Moroccan imports of crude oil, while the main Moroccan exports to Saudi Arabia include ready-to-wear clothes, citrus fruits, phosphoric acid and fish.