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Wednesday, December 7, 2022

Economic Forum Highlights Investment Opportunities of Morocco, Saudi Arabia

Participants in a panel on economic cooperation between Morocco and Saudi Arabia highlighted, on Tuesday in Casablanca, the investment opportunities offered by the two countries.

Speaking at the Morocco-Saudi Arabia economic forum, organized by the General Confederation of Moroccan Businesses (CGEM) and the Federation of Saudi Chambers, these panelists identified several potential areas to strengthen the economic and trade partnership between the two countries, including in the agricultural, automotive, textile and tourism sectors.

To this end, the director partnership at the Agency for Agricultural Development (ADA), Saida Ouarzane, noted the importance of the agricultural sector in preserving the workforce and creating new job opportunities.

She also said that the ADA accompany investors wishing to invest in agriculture, adding that this sector offers about 130,000 hectares to implement 1600 agricultural projects.

Referring to the Génération Green strategy, Ouarzane said it is the result of the achievements of the Green Morocco Plan, which places human capital as a priority, and aims to attract investors, create a middle class in the rural world, strengthen the fabric of Moroccan farmers, and double the Gross Domestic Product in agriculture sustainable.

For his part, Hassan Zelmat, Vice President of the National Confederation of Tourism (CNT), tourism has increased in the first half of 2022 by 81%, thanks to the return of foreign tourists and Moroccans residing abroad.

Regarding the roadmap for 2030, he said that the ambition is to reach 26 million tourists, through the dedication of a significant budget to increase international flights, and an additional budget to promote the destination Morocco.

Similarly, he stressed that the tourism sector offers great opportunities for Saudi investors, as it is an “attractive sector in full expansion.

For his part, the president of the Moroccan Association of Textile and Clothing Industries (AMITH), Anass El Anssari said that the textile is a promising sector, with the presence of 1,800 companies.

The textile represents 15% of GDP, he added, stressing that it offers access to several markets through free trade agreements (FTA) signed by Morocco, which represents “a real opportunity for Saudi companies wishing to invest in textiles.

The vice president of the CGEM, Mohammed Bachiri, highlighted the achievements of the national industry, especially in the automotive sector, noting in this regard that Morocco is “the first in Africa and 19th in the world in terms of industrialization.

He also reviewed the various opportunities offered by the sectors of Moroccan industry, including aerospace, pharmaceuticals, off shoring, renewable energy, green hydrogen and desalination.

The Kingdom is also strong by its strategic geographical position, its skilled workforce and the FTAs signed with the European Union and the United States, he noted.

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