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Morocco-Saudi Arabia trade increases by 223% in record-breaking surge

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The volume of trade between Morocco and Saudi Arabia increased by 223% in 2022, reaching nearly 43,44 billion dirhams, said the President of the Union of Saudi Chambers, Hassan Al-Huwaizi, during the Saudi-Moroccan Business Council on Sunday.

Al-Huwaizi said this growth signifies the success of joint efforts and the strong commitment of officials from both public and private sectors in both countries.

Bilateral trade, he noted, escalated from 5 billion riyals in 2021 to an impressive 16.4 billion riyals in the subsequent year.

Al-Huwaizi detailed the positive shift, highlighting a 234% increase in Saudi exports to Morocco and a 153% increase in Moroccan exports to the Kingdom of Saudi Arabia. Morocco now holds the 26th position among Saudi Arabia’s trading partners in exports, 23rd in non-oil exports, and 38th in imports.

President of the Moroccan-Saudi Business Council, Khalid Benjelloun, emphasized the need to ease administrative and customs restrictions in commercial transactions between the two nations. Protection of intellectual property was underscored as crucial for investors.

Benjelloun outlined the pragmatic and ambitious roadmap of the Moroccan-Saudi Business Council, aiming to release energies and develop mechanisms for an exemplary Arab and international cooperation model.

Moroccan Ambassador to Riyadh, Mustapha Mansouri, affirmed Morocco’s ambitious economic policies under King Mohammed VI’s leadership. The country has become a destination for foreign investments due to major reforms, fostering an improved business climate.

Mansouri highlighted the compatibility of Saudi Vision 2030 and Morocco’s New Development Model, emphasizing their potential to advance economic relations, create trade opportunities, and generate employment and wealth.

The Union of Saudi Chambers, in collaboration with the General Confederation of Moroccan Enterprises, is facilitating a visit for over 100 Moroccan companies. Initiatives include a joint investment fund, direct maritime transport lines, and intensified trade delegations to accelerate cooperation.

The Saudi-Moroccan Economic Forum held in Riyadh resulted in concrete initiatives, such as activating maritime transport lines, establishing a joint investment fund, and supporting Saudi companies in accessing African and European markets.

Leaders from both countries highlighted sectors with significant potential for cooperation, including energy, cars, construction, tourism, food, and textiles.

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