Morocco Business Delegation Heads to Israel

Morocco’s General Confederation of Businesses (CGEM) will send a delegation of business professionals to Isreal on March 13, inaugurating the direct air route connecting Casablanca to Tel Aviv.

Rabat – Morocco’s General Confederation of Businesses (CGEM) will send a delegation of business professionals to Isreal on March 13, inaugurating the direct air route connecting Casablanca to Tel Aviv.

Led by CGEM President Chakib Laalej, the delegation plans to sign an agreement aiming to strengthen Morocco-Israeli economic ties, according to Israeli media.

With the aim of consolidating business partnerships, the Moroccan CGEM delegation will meet with the Israeli counterpart to explore investment opportunities and outline bilateral cooperation venues, reports Israeli media.

The three-day event was originally scheduled for December 2021 and delayed over Omicron concerns, Israeli media reports.

The Royal Air Maroc Casablanca-Tal Aviv direct line was also delayed from December 2021 to March 13 as Morocco closed national airspace to slow down the spread of the COVID-19 latest variants Omicron.

Since establishing diplomatic relations between Morocco and Israel, the countries have actively worked to consolidate business partnerships, with several Israeli energy companies already receiving exploration and drilling permits in Morocco.

In late 2021, Israeli energy group Ratio Petroleum landed an exploration agreement with Morocco’s National Office of Mines and Hydrocarbons (ONHYM). Under the deal, the company will explore offshore hydrocarbons and gas reserves off the coast of Dakhla.

Last month, Israeli oil company Delek Drilling announced that it is in talks with Morocco to acquire an offshore oil and gas exploration license.

Earlier in February, Israel expressed interest in bolstering economic ties by increasing trade volume with Morocco fourfold.

Trade between the two countries doubled over the past year following restoring diplomatic ties. Trade volume went from $70 million in 2020 to $130 million in 2021, with the Israeli Economy Minister declaring that her country aims to increase trade volume with Morocco to $500 million or more.