Rabat — Morocco aims to export 3,000 vehicles yearly to the Egyptian market, according to Egypt-Morocco Business Council President Nizar Abu Ismail.
The initiative is part of a comprehensive plan to rebalance trade between the two countries, he said in an interview with Al Borsa News.
Speaking of the current trade situation between the two countries, Abu Ismail pointed out that Egyptian investments in the North African country now exceed $700 million.
Meanwhile, a potential major project led by an Egyptian businessman entails developing an integrated tourist city in one of Morocco’s coastal regions, according to the council’s president, adding that it could attract over $500 million in investments over the next three to four years.
“This tourism project is one of Egypt’s largest in North Africa,” Abu Ismail explained, saying that it will contribute to the creation of significant job opportunities, as well as “establish an attractive investment environment, opening new horizons for cooperation” between Morocco and Egypt.
Looking ahead, he estimated that nearly 30 Egyptian companies have shown interest in investing in Morocco through building new factories in the country within the next three years.
This expansion strategy aims to increase Egyptian investments across North Africa and leverage the advantages of the Moroccan market — particularly its geographic proximity to Europe and free trade agreements that enable easier access to Western and African markets.
Speaking of the sectors, Abu Ismail said that companies that have shown interest so far operate across various sectors, including agri-food, manufacturing, food supplements, automotive parts, the fishing industry, and fishing vessels.
These developments come following recent economic advancements between the two countries, bolstering bilateral trade ties through the creation of an Egyptian “Fast Track” system designed to streamline access for Moroccan exports into the Egyptian market.
Morocco and Egypt held earlier this month a significant Egypt-Morocco Investment and Trade Forum in Cairo, bringing together officials, economic players, and business leaders from both countries.
The forum was held during a Moroccan economic delegation visit to Egypt, initiated by the General Confederation of Moroccan Enterprises (CGEM), aiming to boost Moroccan products’ presence in the Egyptian market.
Read also: Morocco and Egypt Boost Trade Relations with ‘Fast Track’ Agreement
