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UAE, Morocco to Expand Economic Partnership through New Strategies

UAE, Morocco to Expand Economic Partnership through New Strategies

Sunday, 12 June, 2022 - 09:00
The Emirati and Moroccan delegations meet on Saturday. (WAM)

The United Arab Emirates and Morocco are keen on expanding commercial and economic ties, particularly in the future economy sectors, and taking advantage of Morocco's strategic location.


UAE Minister of Economy Abdulla bin Touq Al Marri noted that cooperation between the two countries had made progress recently.


Bin Touq led a delegation to Rabat and Tangier. He made his remarks during meetings with Moroccan government ministers.


He said he looked forward to expanding economic and trade partnerships with Morocco during his visit, as well as exploiting the unique economic benefits enjoyed by the economies of both countries to open up new opportunities for strategic cooperation.


Among the areas of cooperation are the future economy, particularly renewable energy, technology, food security, agricultural technology.


He added that the UAE was keen on taking advantage of Morocco's strategic location in Africa and close to Europe so that products and goods from the Emirates could reach Europe.


Morocco's Economy and Finance Minister Nadia Fattah Al-Alawi stressed the importance of the bilateral ties binding both countries and the common desire to work towards strengthening them.


Additionally, bin Touq met with Morocco's Minister of Industry and Trade, Riad Mazour.


“We hope to extend the umbrella of joint cooperation with the Kingdom of Morocco in all strategic sectors and find practical mechanisms to translate that close partnership into fostering the growth of the economies of the two countries,” bin Touq stated.


For his part, Mazour said that there are great opportunities to strengthen trade between the two countries and diversify them by focusing on sectors of mutual interest that serve both economies.


Through cooperation agreements and memoranda of understanding signed, the two sides agreed to bolster mutual investment flows, boost trade exchanges, and expand economic partnerships in the coming period.


The UAE's non-oil exports jumped by 44 percent in 2021 compared to year 2020. They also represent a hike of 20 percent compared to 2019 with trade totaling 3.1 million dirhams ($843 million).


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