At a recent economic forum in Riyadh, the private sectors of Saudi Arabia and Morocco have set forth a collaborative program and an array of initiatives aimed at enhancing the economic cooperation and integration between the two countries. The efforts include the initiation of direct maritime transportation links, the creation of a bilateral investment fund, aiding Saudi companies in penetrating African and European markets, and amplifying trade delegation exchanges and exhibitions.
The collaborative endeavors also involve sharing market intelligence and opportunities, as well as expediting Moroccan companies’ involvement in Saudi Arabia’s ambitious Vision 2030 projects. These developments were unveiled during the Saudi-Moroccan Economic Forum, which was hosted by the Federation of Saudi Chambers in partnership with the General Confederation of Moroccan Enterprises (CGEM). The event saw participation from over 250 businesses from Saudi Arabia and Morocco, along with government and private sector representatives, with the goal of highlighting investment prospects and climates in both nations and underscoring the support of Saudi finance entities for global investors.
In his address to the forum attendees, the President of the Federation of Saudi Chambers, Hassan Al-Huwaizi, highlighted the significant progress and dynamism in the Saudi-Moroccan economic relationship. Trade between the two countries has flourished, with a fivefold increase resulting in a trade volume exceeding SAR 16 billion. This surge includes a remarkable growth in both Saudi exports to Morocco and Moroccan imports to the Kingdom.
Reflecting on the recent advancements in their economic ties, the trade exchange volume between Saudi Arabia and Morocco skyrocketed by 223% in the previous year, totaling SAR 16.4 billion, compared to SAR 5 billion in earlier years. Specifically, Saudi exports to Morocco saw a 234% surge, while Moroccan imports to the Kingdom grew by 153%.