Morocco and Saudi Arabia Boost Economic Ties with New Business Initiatives

On this occasion, the participants discussed, among other things, the difficulties and obstacles facing businessmen, the creation of a joint investment fund in favor of very small, small and medium-sized enterprises (VSMEs), 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 the economic cooperation relations between the two countries," said the co-chairman of the council, Khalid Benjelloun, before making some recommendations. These include the identification of priority sectors of economic cooperation between Morocco and Saudi Arabia, the relaxation of administrative formalities for exports and imports for companies in the two countries, as well as the creation of a joint committee to look into the obstacles hindering commercial activities and investment.

He also called for the creation of a Moroccan-Saudi investment fund to provide financial support and facilitate access to markets for VSMEs in the two countries.

For his part, Chakib Alj, president of the General Confederation of Moroccan Enterprises (CGEM), 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 CGEM level." "Bilateral economic relations do not reflect the existing potential as well as the exemplary friendship between the two kingdoms," he noted, before stating that trade between Morocco and Saudi Arabia amounted to 14.5 billion dirhams (MMDH) in 2019, of which only 1.6 MMDH were Moroccan exports.

Mr. Alj also stressed the importance of further strengthening economic relations between the two countries. "Some 250 companies with Saudi capital are established in Morocco and less than 20 Moroccan companies are present in Saudi Arabia," he said.