The Saudi-Moroccan Business Council launched several initiatives within the Council of Saudi Chambers to promote five promising sectors in tourism, electricity, renewable energy, logistics, and food.
The Council aims to address the decline in the volume of trade exchange between the two countries, which dropped from $2.9 billion in 2011 to $900 million in 2019.
It approved four teams as liaison officers from the Saudi side, amid expectations that the coming period will witness continuous and mutual visits and the establishment of joint events, exhibitions, and meetings.
Chairman of the Council Ali Berman al-Yami told Asharq Al-Awsat that they need the support of the public sector to overcome some obstacles.
Yami stressed the need for the Ministry of Investment to present investment opportunities in Saudi Arabia and involve the Moroccan side in investing in the Kingdom.
He said 250 Saudi companies operate in Morocco, and only about 20 Moroccan companies operate in the Kingdom.
Yami expects positive results from the exchanged visits between senior officials in the two countries, noting that the Foreign Trade Authority at the Ministry of Commerce and the Council of Saudi Chambers are making extensive efforts to support the trade balance.
The chairman pointed out that after the visit of Council members to Rabat, Saudi Arabia signed four agreements with Morocco, which he expects will to contribute significantly to advancing trade and economic cooperation.
The attaché at the Moroccan Embassy in Riyadh, Yunus Boras, predicted the recently inaugurated Saudi commercial attaché will enhance the efforts of the Authority and the commercial presence of Saudi Arabia in Morocco.
He expected it will develop economic relations between the two countries and remove the obstacles facing the private sector.
Boras suggested that the active movement of the Saudi-Moroccan Business Council in the coming period will play a role in promoting economic diversification and attracting investments, as one of the objectives of Saudi Arabia's Vision 2030.
He pointed out that the Vision provides an appropriate framework to activate the economic role of the Business Council to create investment opportunities and develop trade exchange.