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Rabat – Chakib Alj, the president of Morocco’s General Confederation of Enterprises (CGEM), held a meeting on February 8, with the Pakistani Ambassador to Morocco, Hamid Asghar Khan, to discuss bilateral trade and investment relations.
During the meeting, which aimed to deepen Morocco-Pakistani economic cooperation, the two officials announced plans to set up a joint business council to establish a roadmap for stronger bilateral cooperation, especially in the agribusiness sector, according to CGEM.
Morocco and Pakistan enjoy robust diplomatic and commercial relations. The two countries signed their first Trade Agreement in 1994 and a Trade and Economic Agreement in 2002.
The two countries agreed to implement a joint roadmap to channel future economic cooperation. Despite the COVID-induced economic recession, Pakistani exports to Morocco grew by 10% in 2020-2021.
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Phosphoric acid, DAP, and rock phosphates constitute the bulk of Morocco’s exports to Pakistan, while Morocco imports a wide range of manufactured goods from the Asian country, including denim fabric, surgical items, leather gloves among others.
The two countries also share a joint venture between Morocco’s Phosphate Office (OCP) and the Pakistani Phosphor Company (PMP) in Al Aljadida Jorf Lasfar, on Morocco’s Atlantic Coast.
The bilateral cooperation will also extend to other sectors, including marble manufacturing.
A Pakistani delegation of businessmen operating in the marble industry is due to visit Morocco to meet with their Moroccan counterparts to discuss possible venues of cooperation. Pakistan has a significant reserve of different marble varieties at competitive prices.
Tourism is also a promising horizon for joint ventures, as Pakistani tourists and businessmen show great interest in visiting Morocco, and exploring the economic opportunities in the North African country.
On the diplomatic front, the state of Pakistan is the Guest of Honor at Morocco’s 2022 National Diplomatic Rally scheduled for March.
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