Rabat – Morocco’s General Confederation of Entreprises (CGEM) has signed a strategic partnership agreement with Israel’s Business and Employers Association (IEBO) and Federation of Chambers of Commerce to advance trade, investment, and technological development between the two countries.
“Today [March 15] will be marked in history as a symbolic day as it represents a new milestone towards achieving a strong and sustainable economic partnership between our countries,” said CGEM’s President Chakib Alj during the Israel-Morocco Business Forum.
The strategic partnership agreement was signed by President of CGEM Chakib Alj, President of IEBO Ron Tomer, and President of Israel’s Federation of Chambers of Commerce Uriel Lynn in Tel Aviv.
Under the agreement’s framework, the three partners will establish a bilateral business council to develop the exchange of information and expertise between Morocco and Israel in the fields of trade, innovation, technologies, and research and development.
They will also conduct a joint economic study to explore potential trade opportunities existing in both markets.
Additionally, the three organizations will share lists of importers and exporters operating in both countries as well as documents related to economic development, foreign trade, investment policies, taxation, and legislative changes.
Through encouraging trade and knowledge sharing, Moroccan and Israeli economies will “give birth to countless opportunities and unleash the already-existing spirit of entrepreneurship and innovation,” stated Chakib Alj.
“I would like to welcome all of you to Morocco! The relations between our countries have entered a new era. Let’s combine our efforts to ensure a bright future for our cooperation !” he added.
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The CGEM-IEBO partnership agreement follows a series of bilateral agreements in aviation, energy, agriculture, and fish farming between Moroccan and Israeli companies and ministries.
The diplomatic and economic rapprochement result from the signing of the Abraham Accords in 2020 between Morocco, Israel, and the United States.
In February, the Israeli Minister of Trade and Industry Orna Barbivai signed a trade and investment cooperation deal with her Moroccan counterpart Ryad Mezzour. The deal encourages businesses in both countries to cooperate in sectors such as automotive, renewable energy, and agribusiness.
Prior to Barbivai’s visit, Israeli Defense Minister General Benny Gantz visited the North African country in November. During his visit, he concluded Israeli’s first defense memorandum of understanding with an Arab country.
“This is a highly significant event that will allow us to enter into joint projects and allow Israeli [defense] exports to here. I think the ties between Morocco and Israel need to continue to get closer, to continue to develop and expand, and I am glad that we have a part to play in that,” said Gantz.
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