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Saturday, December 10, 2022

Morocco/Saudi Arabia: Ambition to Increase Trade Volume to $5 Bln (Minister)

Morocco aims to increase the volume of trade with Saudi Arabia to 5 billion dollars for the next 5 years, said Tuesday in Casablanca, Minister of Industry and Trade, Riyad Mezzour.

Speaking at the Morocco-Saudi Arabia economic forum, organized by the Moroccan Employers’ Association (CGEM) and the Federation of Saudi Chambers, Mezzour said that the current volume of trade, which amounts to about 1.7 billion dollars, remains “very timid” in view of the great means and opportunities available to both countries.

In this regard, he said that the ambition to increase the volume of trade to 5 billion dollars is within reach, noting that there are various investment opportunities in both countries, which will pave the way for strengthening bilateral economic and trade relations.

Also, the minister called for a general mobilization to further strengthen this relationship, referring in this sense to the multiple projects launched by the Ministry and which offers great opportunities for investors, through 370 industrial projects.

Moreover, he stressed that the holding of this forum reflects the remarkable brotherly relations between Morocco and Saudi Arabia, calling for a new model of economic and trade cooperation, in accordance with the vision of His Majesty King Mohammed VI and King Salman bin Abdulaziz Al Saud.

For his part, Saudi Minister of Trade, Majid bin Abdullah Al-Qasabi said that the visit to Morocco was fruitful and allowed to meet several officials to focus on ways to strengthen our economic and trade cooperation.

He also noted that the current figures are not up to the ambitions of the leaders and the two brotherly peoples, adding that the best opportunities have been identified to give a strong boost to bilateral trade.

The Saudi minister also announced that a new headquarters of the commercial representation will be inaugurated in Casablanca, with the aim of developing ties, overcoming the difficulties facing the private sector, and attracting qualitative investments that can contribute to strengthening trade between the two countries.

Majid bin Abdullah Al-Qasabi is on a working visit to Morocco leading a large delegation representing the public and private sectors.

 

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