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Join on Telegram Rabat – Morocco and Saudi Arabia agreed on Monday to implement a roadmap to work together on industrial programs, to increase investment opportunities between the countries and boost employment.
The remarks were made during a videoconference meeting between Morocco’s Minister of Industry and Trade Ryad Mezzour, and Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef.
Mezzour told Morocco’s state news agency MAP that the pair agreed to work on projects related to innovation, human capital, and industrial integration.
Mezzour noted that Morocco aims to boost investment in the Gulf country, mainly in terms of car exports and the agricultural sector, to allow the country to meet its growing demands.
Morocco is committed to further building a competitive industry, increasing the amount of industrial products that make up the national Gross Domestic Product, and promoting the country’s business climate as part of its 2021-2025 Industrial Acceleration Plan.
Saudi Arabia’s similar “Vision 2030” strategy aims to diversify the kingdom’s economy, while developing public service sectors such as health, education, infrastructure, and tourism.
Mezzour also spoke about the importance of building a shipping route between the two countries, calling on both sides to work together and reduce high shipping costs.
The Minister recalled the Moroccan-Saudi Business Forum’s pivotal role in giving a new impetus to economic and trade relations between the two kingdoms.
During the business forum, which was launched on Monday in Jeddah, the Moroccan and Saudi delegation reviewed the results of bilateral relations and pledged to boost cooperation.
Saudi businesses and groups currently have around 240 investment projects in Morocco, while the North African country has 11 large-scale industrial investments in the Gulf country.
Mezzour said that Saudi Arabia is Morocco’s first partner in the Arab world and the overall value of trade between the two countries reached MAD 17.2 billion ($1.76 billion) in 2021.
Morocco’s imports amounted to MAD 16.40 billion ($1.68 billion) in 2021, while exports reached MAD 771 million ($79 million).
Meanwhile, Saudi direct investment in Morocco, in the industrial, real estate, tourism and agriculture sectors, stood at MAD 246 million ($26.6 million) in 2020.
Mezzour and the Moroccan delegation took part in an Iftar alongside the Saudi Minister of Commerce, Majid bin Abdullah Al Qasabi, the Minister of Tourism Ahmed Al-Khateeb, the Moroccan Ambassador in Riyadh Mustapha Mansouri, as well as several Saudi businessmen.
