Saudi-Moroccan Economic Forum Announces Trade Partnerships and Package of Initiatives from Riyadh

Saudi-Moroccan Economic Forum Announces Trade Partnerships and Package of Initiatives from Riyadh

Representatives of the Saudi and Moroccan private sectors agreed on a joint work program and a package of initiatives to advance the path of economic cooperation and integration between Saudi Arabia and Morocco.

This includes activating direct maritime transport line projects, establishing a joint investment fund, supporting Saudi companies in accessing African and European markets, and intensifying the activity of trade delegations and exhibitions.

The package of initiatives also includes exchanging information on opportunities and markets, as well as accelerating the pace of participation of Moroccan companies in Vision 2030 projects.

This announcement emerged as part of the events at the Saudi-Moroccan Economic Forum, which was held today in Riyadh. The forum was organized by the Federation of Saudi Chambers in collaboration with the General Confederation of Moroccan Enterprises (CGEM).

More than 250 companies from Saudi Arabia and Morocco, along with 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.

During his speech at the forum, the President of the Federation of Saudi Chambers, Hassan Al-Huwaizi, stressed that the Saudi-Moroccan relations have witnessed tangible momentum and improvement in trade and investment.

The volume of trade exchange has increased fivefold to reach more than SAR16 billion, while the Kingdom's exports to and imports from Morocco have achieved outstanding growth rates.

The 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%.