A maritime line will be opened between Morocco and Saudi Arabia in the coming weeks to give a new dynamic to the economic cooperation and trade between the two countries, announced Khalid Benjelloun, chairman of the Moroccan-Saudi Business Council.
The Federation of Saudi Chambers has signed an agreement with a shipping company to establish a direct line between Morocco and Saudi Arabia, said Benjelloun in a statement to MAP, at the end of the Moroccan-Saudi Business Forum in Jeddah, noting that the integration provides opportunities for the economy of both countries to establish fruitful industrial partnerships, invest and create joint value added 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, Riyad Mezzour, who leads the Moroccan delegation at the forum.
In this regard, Benjelloun called for the need to relax administrative restrictions on exports and imports and the establishment of a Moroccan-Saudi investment fund to facilitate market access for small and medium enterprises, encourage partnerships between companies in both countries, as well as help them obtain financing.
Trade does not reflect the level of historical political and strategic relations between the two countries, he said, expressing the hope that priorities and objectives are set to develop a comprehensive vision to strengthen bilateral economic cooperation.
During the Forum's proceedings, 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 potential of the two countries' markets were reviewed, as well as the obstacles facing investors and the solutions proposed to promote investment and double the volume of trade between the two countries.
The Forum was also a platform of meetings between Moroccan and Saudi businessmen in order to strengthen and support the partnership between the private sector actors of both countries.
