Rabat – Morocco’s Minister of Industry and Trade Ryad Mezzour and the Israeli Minister of Economy Orna Barbivai signed today a trade and investment cooperation agreement aimed at, among other things, creating “qualified industrial zones” in Morocco.
During the meeting, the two representatives vowed to facilitate investment in sectors with high potential, namely Industry 4.0, agribusiness, automotive, aeronautics, textiles, water technologies, renewable energies, outsourcing of services, medical devices, and the pharmaceutical industry.
The creation of qualified industrial zones aims to cement the recently signed tripartite cooperation agreement between Morocco, Israel, and the US in trade and investment. It will also facilitate direct access of goods produced in these zones to the American market.
Through the economic agreement, Morocco and Israel also intend to organize trade fairs and economic conventions in both countries to boost exchanges of expertise.
Under the agreement, the two countries also pledged to establish bilateral cooperation in business between the private sector in Morocco and Israel in research and development and innovation.
To lay the groundwork for economic cooperation, the two parties agreed to hold the first session of the joint committee under the cooperation agreement and organize a forum of business people from the two countries.
The newly signed agreement is a new step to embark on the path of intense and mutually beneficial cooperation between Morocco and Israel.
Israel is set to increase its trade with Morocco from $130 million (MAD 1.2 billion) to $500 million (MAD 4.7 billion), the Israeli minister said following her meeting with Mezzour.
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The Israeli minister also met with her Moroccan counterpart, Nadia Fettah Alaoui, conveying her country’s wish to build a strategic relationship with the North African country.
Meanwhile, Minister Alaoui reiterated Morocco’s satisfaction with the “significant potential” for developing investment between the two countries.
Trade between the two countries spiked after the re-establishment of their diplomatic relations in December 2020. As part of the joint declaration Israel and Morocco signed on December 22 along with the US, Israel has launched direct flights to Morocco.
Meanwhile, Morocco’s Royal Air Maroc is expected to launch its first commercial flight connecting Casablanca and Tel Aviv on March 13, 2022.
