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Join on Telegram Rabat – Orna Barbivai, Israel’s Minister of Economy, announced on Tuesday her country’s plans to open a trade mission in Morocco next year.
According to the Israeli TV channel i24 News, Barbivai highlighted the “tremendous” potential of Moroccan-Israeli economic cooperation during a joint economic conference aiming to boost business relations between Rabat and Tel Aviv.
In February, Barbivai stressed Israel’s ambition to increase the volume of trade with Morocco to reach or exceed $500 million, noting that “the two countries have many opportunities to share in order to reach this level quickly.”
This past August, the Abraham Accords Peace Institute reported that trade between the two countries amounted to $63.9 million in the first half of 2022, marking a 1% year-on-year increase.
Since the signing of the Abraham Accords in 2020, Morocco and Israel have expressed mutual interest in advancing cooperation in numerous key sectors such as education and training, defense, tourism, and trade.
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In February, Morocco and Israel signed a trade agreement aiming to facilitate investment in Industry 4.0, agribusiness, automotive, aeronautics, renewable energies, and pharmaceutical industry as well as establishing “qualified industrial zones” in the North African country.
The agreement paved the way for more future cooperation in business between the two countries.
It notably led to the signing of a partnership agreement between Morocco’s General Confederation of Entreprises (CGEM) and Israel’s Business and Employers Association (IEBO) and Federation of Chambers of Commerce in March. In particular, the agreement called for reinforcing trade, investment, and technological development in the two countries.
Both Moroccan and Israeli governments, as well as public and private institutions from the two countries, have committed to reinforce a win-win partnership.
This comes as the upcoming Israeli trade mission in Morocco is expected to consolidate business ties between the two countries to reach a trade volume worth $500 million as envisioned by Barbivai’s ministry.
