Saudi and Moroccan private sectors agreed to establish a joint investment fund to advance economic cooperation between the two countries and support Saudi companies in accessing African and European markets.
The two countries' private sector agreed on a joint work program and a package of initiatives to support economic cooperation and integration between the Kingdom and Morocco.
The agreement includes activating direct maritime transport line projects, intensifying the activity of trade delegations and exhibitions, exchanging information about opportunities and markets, and accelerating the pace of Moroccan companies' participation in Vision 2030.
On Sunday, the Federation of Saudi Chambers, in collaboration with the General Confederation of Moroccan Enterprises (CGEM), organized the Saudi-Moroccan Economic Forum in Riyadh.
More than 250 companies from Saudi Arabia and Morocco and representatives from government and private agencies participated in the Forum.
The primary objectives of these activities were to showcase the investment environments and opportunities in both the Kingdom and Morocco and to highlight the role of Saudi funds and financing bodies in supporting international investors.
The President of the Federation of Saudi Chambers, Hassan al-Huwaizi, said that Saudi-Moroccan relations have witnessed tangible momentum and improvement in trade and investment.
The volume of trade exchange has increased five-fold to reach more than SAR16 billion, while the Kingdom's exports to and imports from Morocco have achieved outstanding growth rates.
For his part, head of CGEM Chakib Alj explained that integrating the two countries' economies provides excellent investment opportunities and partnerships.
Alj said 250 Saudi companies invest in Morocco and 20 Moroccan companies in the Kingdom, expressing their aspiration to accelerate the pace of his country's contracting investments in Vision 2030.
Moroccan Ambassador Mustafa al-Mansouri referred to the economic reforms in his country, which he said strengthened confidence in the investment climate and the future of the Moroccan economy.
Mansouri noted that Vision 2030 constitutes an appropriate framework for developing economic relations between the two countries.
In turn, the Chairman of the Saudi-Moroccan Business Council, Mohammed al-Hammadi, pointed to the Council's interest in developing trade and investment partnerships between the two countries.
Hammadi referred to the role of the Forum in anticipating opportunities in the targeted economic sectors.
Also at the Forum, head of Moroccan-Saudi Business Council Khalid Benjelloun identified the sectors that provide potential for cooperation, such as energy, cars, construction, tourism, food and textiles, calling for easing import and customs procedures.
Notably, Saudi-Moroccan economic relations have witnessed a remarkable development during the past few years, as the volume of trade exchange increased by a record 223% to reach SAR16,4 billion in 2022 compared to SAR 5 billion in 2022.
The value of Saudi exports to Morocco increased by 234%, and Moroccan imports to the Kingdom by 153%.
