A shipping line will be opened between Morocco and Saudi Arabia in the coming weeks to inject new momentum into economic cooperation and trade between the two kingdoms.
The Federation of Saudi Chambers signed an agreement with a shipping company to set up a direct line between Morocco and Saudi Arabia, following the work of the Moroccan-Saudi Business Forum in Jeddah, noting that the Integration offers the economies of both countries the opportunity to establish fruitful industrial partnerships, to invest and to create joint added value and local jobs.
Saudi Arabia is Morocco’s largest trading partner in the Arab world. The total value of bilateral trade amounted to 17.2 billion dirhams in 2021 ($1.76 billion), according to data provided by the Minister of Industry and Trade, Ryad Mezzour, who leads the Moroccan delegation during this forum.
In this regard, the need was tackled to relax administrative restrictions on exports and imports and for the establishment of a Moroccan-Saudi investment fund to facilitate market access for small and medium-sized enterprises, encourage partnerships between enterprises of the two countries, as well as help them access financing.
Trade exchanges do not reflect the level of historic political and strategic relations existing between the two countries, expressing the hope that priorities and objectives will be set in order to develop a comprehensive vision to strengthen the bilateral economic cooperation.
During the work of the Forum, organized in cooperation with the Saudi-Moroccan Business Council of the Council of Saudi Chambers, the most important investment and partnership opportunities between Morocco and Saudi Arabia and the potentialities of the markets of the two countries were reviewed, as well as the barriers faced by investors and the solutions proposed to encourage investment and double the volume of trade between the two countries.
The Forum was also a meeting place between Moroccan and Saudi businessmen with the aim of strengthening and supporting the partnership between the private sector players of the two kingdoms.