Morocco’s Minister of Industry and Trade Ryad Mezzour, and his Saudi counterpart Majid bin Abdullah Al Qasabi, aim to increase the volume of trade to $5 billion dollars in the next 5 years.
Morocco’s trade minister and Al-Qasabi made the announcement Tuesday on the sidelines of the morocco Saudi Arabia economic forum, organized by the Moroccan Employers’ Association (CGEM) and the Federation of Saudi Chambers,
Speaking at the forum, Mezzour said that the current volume of trade, which amounts to about 1.7 billion dollars, is ‘’very low’’ in light of both countries’ vast resources and great opportunities.
He noted that the goal of increasing trade to $5 billion is achievable and that both nations offer a variety of investment opportunities, which will pave the way for the development of bilateral economic and trade relations.
The Moroccan minister also called for a general mobilization to further strengthen this relationship, referring in this context to the numerous projects launched by the ministry that provide opportunities through 370 industrial projects.
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He also emphasized that the holding of this forum is a testament to the remarkable brotherly relations between Morocco and Saudi Arabia, calling for a new model of economy and trade in accordance with the vision of King Mohammed VI and King Salman bin Abdulaziz Al Saud.
Al-Qasabi shares the Moroccan minister’s vision, stating that the current numbers fall short of the goals set by the leaders and the two brotherly people. He also notes that the best opportunities have been identified to significantly increase bilateral trade.
The Saudi minister also disclosed that a new commercial representation headquarters will open in Casablanca to foster ties, resolve issues facing the private sector, and attract quality investments that can help to boost trade between the two nations.
Expressing his satisfaction, the Saudi Minister said that the visit to Morocco was fruitful and allowed him to meet with several officials to discuss ways to strengthen the two countries’ economic and trade cooperation.
SOURCE: Morocco news
