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Tuesday, July 16, 2024

Morocco, Hungary to Place Economic Partnership in Same Dynamic as Political Relations

Morocco and Hungary expressed their common will to inscribe the economic partnership in the same dynamics as their political relations, especially in a context marked by the post-COVID-19 recovery and challenges of security, geopolitical, and climatic, emphasizing the need to enhance the assets and potentialities of the two countries in view of the diversity of their bilateral agreements.

At the end of the 4th Morocco-Hungary Joint Commission, which was held on 24-25 May in Budapest, the two sides agreed to strengthen and diversify their economic cooperation in various sectors of common interest, including trade, industry, regulatory convergence, investment promotion, energy, transport, water management, health, sustainable development, research and innovation, agriculture and higher education, and to develop complementarities particularly in key sectors, in a framework of mutually beneficial partnership.

According to a statement issued at the end of the work of the joint commission, the two sides agreed to establish a joint working group dedicated to trade and investment, whose main mission is to implement actions to develop bilateral trade, to develop the export potential of both countries, to strengthen investment, and to improve access to their respective markets.

They also emphasized the contribution of the private sector of both countries in deepening economic relations. In this regard, they welcomed the holding, on May 16 in Casablanca, of the Morocco-Hungary Business Forum and the signing, on March 23, of a memorandum of understanding between the General Confederation of Moroccan Enterprises (CGEM) and the Hungarian Chamber of Commerce and Industry (HCCI) on the establishment of the new Morocco-Hungary Business Council.

In addition, the two sides stressed the importance of creating synergies between EU-Morocco cooperation and Morocco-Hungary cooperation, to jointly conduct economic projects in the framework of tripartite cooperation towards Africa using Morocco as a hub based on its experience of cooperation with African countries.

At the end of the works of this 4th Session, both sides adopted the Minutes of the session which will serve as a roadmap for the continuation of economic cooperation between the two countries and proceeded to the signature of a memorandum of understanding of cooperation between the Moroccan Agency for Development of Investment and Exports (AMDIE) and the Hungarian Export Promotion Agency (HEPA), which aims at promoting investments and exports between Morocco and Hungary.

The 4th Joint Commission Morocco-Hungary was co-chaired on the Moroccan side, by the Ambassador, Director General at the Ministry of Foreign Affairs, African Cooperation and Moroccans living abroad, Fouad Yazourh, and by the Secretary of State for Security Policy at the Hungarian Ministry of Foreign Affairs and Trade, Péter Sztaray, for the Hungarian side.

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