Rabat – Morocco’s CDG, a state-owned financial institution, and Saudi Arabia’s GOSI, a state agency in charge of insurance signed a Memorandum of Understanding (MoU) on Sunday in Riyadh. The agreement aims to bolster cooperation in social insurance.
The MoU was signed by CDG’s CEO Khalid Safir and GOSI’s Governor Abdulaziz Bin Hassan Al-Bouq.
According to a statement, the deal covers the exchange of critical information and expertise. Under the agreement, the two institutions will cooperate on insights concerning legislation, scientific research, and studies designed to enhance the performance of social insurance programs. The ultimate goal is to better serve beneficiaries, safeguarding their rights and interests.
Key provisions of the agreement involve collaborative efforts in areas such as social insurance schemes, as well as the organization and management of entities and establishments related to this sector.
The MoU further looks to increase the exchange of visits and active participation in meetings organized in both countries. The gatherings will focus on addressing issues pertinent to social insurance, facilitating the sharing of valuable advice and expertise in the field.
The signing of this MoU aligns with the broader framework of agreements previously established between Morocco and Saudi Arabia.
Morocco and Saudi Arabia share robust economic ties. According to the Ministry of Trade and Industry, trade exchanges between Morocco and Saudi Arabia amounted to about MAD 17 billion ($1.7 billion) in 2021, with MAD 10 billion ($1 billion) accounting for oil imports from Saudi Arabia.
Morocco aims to increase the volume of exports to Saudi Arabia from the current MAD 700 million ($70 million) to MAD 5 billion ($500 million), the Minister of Industry and Trade Riyad Mezzour previously announced.
Benjelloun believes there is significant potential to increase trade exchanges between the two countries and has called for overcoming administrative and logistical obstacles.
The two countries are constantly exploring new venues to boost cooperation. Trade between the two Arab countries remains largely dominated by oil and agricultural products. However, the two countries are currently working to diversify this relationship.
Read Also: Morocco, Saudi Arabia Consider Launching Joint Fund to Boost Cooperation
