Rabat – Representatives from Morocco’s and Israel’s commerce sectors have signed an agreement worth hundreds of millions of US dollars, according to Israeli media.
At the signing ceremony, which took place on March 27, the Middle-Eastern country was represented by the heads of the Israel Manufacturers Association, the Israel Farmers Federation, and the Israeli Federation of the Chambers of Commerce. Morocco, in turn, was represented by the General Confederation of Moroccan Enterprises (CGEM).
Israel Hayom reports that the strategic accord between Jerusalem and Rabat is worth hundreds of millions of dollars.
Since Morocco and Israel resumed diplomatic and economic ties in December, the two countries have signed a variety of memoranda and agreements. In January, Rabat and Jerusalem signed the first agreement to open direct flights between the two countries.
Israel Hayom described the agreement between CGEM and its Israeli counterparts as “unprecedented.” Without question, the accord signed on March 27 represents new heights of ambition from industry stakeholders of the two countries.
The director of international trade at the Federation of Chambers of Commerce, Zeev Lavie explained that “The leading fields of trade will be food and agriculture, spare parts and vehicles, chemicals, and mechanical equipment.” Lavie also noted that “Morocco looks forward to various technologies in the renewable energy fields, water treatments, agriculture, and health.”
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For his part, Chakib Alj, the president of CGEM, believes that “Beyond the important potential for additional trade, there are now infinite investment opportunities that Moroccan and Israeli private sector[s] can take advantage of locally, regionally, and globally.” Alj cited tourism, industry, and innovation as opportune sectors for investment.
Israel Manufacturers President Ron Tomer was “happy and thrilled” to be participating in the historic renewal of ties between the two countries. He noted that many Israelis’ roots rest in Morocco and, as such, “a genuine, long-term partnership” between the two countries comes as no surprise.
According to the Federation of Israeli Chambers of Commerce President Uriel Lynn, “The Israeli market can enjoy cooperation with Morocco, which is situated between the European continent and Africa and can serve as a bridge for Israeli companies for activity in the northern Sahara and the African continent.”
As part of the ever-growing ties, Morocco and Israel agreed to create a “parliamentary friendship group” to boost bilateral cooperation. Members of Morocco’s parliament had their first meeting with Israel’s Knesset representatives on February 18.