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Rabat – The Moroccan-Saudi Business Council held a remote meeting on Tuesday to discuss means to boost economic cooperation between business communities in Morocco and Saudi Arabia.
The working session served as an opportunity to discuss challenges facing businessmen from both countries. It resulted in the creation of a common investment fund in favor of very small, small and medium sized enterprises, translating the shared desire to intensify trade between the Saudi and Moroccan business sectors.
The participants also discussed the holding of a second annual Moroccan-Saudi Investment Forum.
The council’s co-chair, Khalid Benjelloun, said that the meeting was an opportunity to “give new impetus to economic relations between” Saudi Arabia and Morocco.
The meeting issued a number of recommendations, including the identification of priority sectors of economic cooperation between Rabat and Riyadh, as well as the easing of administrative formalities for export and import for companies from both countries.
The council also discussed the potential creation of a joint committee to look at challenges still hindering business and investment activities.
Benjelloun called for the creation of a Moroccan Saudi Investment Fund to financially support businesses from countries and encourage partnerships between companies.
The Council discussed the launch of a martine line between Morocco and Saudi Arabia to boost trade, mostly including Moroccan agri-food exports.
Chakib Alj, the president of the General Confederation of Moroccan Enterprises (CGEM), said that the Moroccan-Saudi Business Council is the most active council at the CGEM level.
Alj said that trade between Morocco and Saudi Arabia currently amounts to MAD 14.5 billion ($1.65 billion), of which only MAD 1.6 billion ($181.8 million) concernMoroccan exports.
The CGEM President said that some 250 Saudi-owned companies are based in Morocco while fewer than 20 Moroccan companies are present in Saudi Arabia.
Alj emphasized the importance of boosting economic relations between the two countries.
For his part, the president of the council of Saudi Chambers Ajlan Abdulaziz Alajlan emphasized the importance of the Moroccan-Saudi Business Council in the development of economic relations between Rabat and Riyadh.
He said the meeting was an opportunity to explore ways to boost trade between the two countries.