The Moroccan-Saudi Business Council held a remote working meeting on Tuesday devoted to examining the means to be deployed to strengthen economic and trade cooperation and partnership between the business communities of the two countries.
This working session was an opportunity to discuss in particular the difficulties and obstacles facing businessmen, the creation of a common investment fund in favor of very small, small and medium-sized enterprises (VSEs). , as well as the holding of the second edition of the Morocco-Saudi Arabia Investment Forum.
“This meeting, which takes place in a new and unstable global and regional context, is an opportunity to give new impetus to economic cooperation relations between the two countries”, said Council co-chair Khalid Benjelloun.
Benjelloun made a number of recommendations, including the identification of priority sectors for economic cooperation between Morocco and Saudi Arabia, the relaxation of administrative formalities for export and import for companies from both countries as well as that the creation of a joint committee that looks at the obstacles that hinder business activities and investment.
The co-chair of the council also called for the creation of a Moroccan-Saudi investment fund in order to financially support and facilitate market access for SMEs from both countries as well as to encourage partnerships between companies from the two countries, emphasizing the importance of organizing, as soon as possible, the second edition of the Moroccan-Saudi Investment Forum as well as the launch of a maritime line between Morocco and Saudi Arabia to boost trade, particularly Moroccan agri-food exports.
For his part, the president of the General Confederation of Moroccan Enterprises (CGEM), Chakib Alj, indicated that “ the Moroccan-Saudi Business Council, although its work has been delayed this year due to the pandemic, is the most active council at the level of the CGEM ”, welcoming the strong relations between Morocco and Saudi Arabia.
“Bilateral economic relations do not reflect the existing potentialities as well as the bonds of exemplary friendship between the two kingdoms”, reveals El Alj.
The latter said in this sense that trade between Morocco and Saudi Arabia amounted in 2019 to 14.5 billion dirhams (billion dirhams), of which only 1.6 billion dirhams of Moroccan exports.
“Some 250 companies with Saudi capital are established in Morocco and less than 20 Moroccan companies are present in Saudi Arabia“, He said, stressing the importance of further strengthening economic relations between the two countries.
For his part, the president of the Council of Saudi Chambers, Ajlan Abdulaziz Alajlan, highlighted the role of the Moroccan-Saudi Business Council in the development of economic relations between the two countries, noting that this meeting is an opportunity in particular explore ways to strengthen trade between Morocco and Saudi Arabia.