Morocco and Egypt promote a strategic economic alliance

Egypt and Morocco are seeking to consolidate their economic, commercial and strategic partnership through diplomatic channels with the holding of economic summits such as the Egypt-Morocco Investment and Trade Forum, under the slogan ‘A promising economic partnership’, organised in Cairo. 

The Forum brought together ministers, senior officials and investors from both countries with the aim of overcoming recent trade tensions and promoting bilateral cooperation. The visit aims to improve the presence of Moroccan products in the Egyptian market, with the goal of reaching a total of 500 million dollars in Moroccan exports by 2026.

Both Morocco and Egypt enjoy a privileged geographical position which, combined with their infrastructure and vision for development, has positioned them as the two players called upon to lead economic cooperation on the African continent. It is worth noting that Egypt and Morocco have two of the world's most important ports: the Port of Alexandria and the Port of Tangier Med. 

During the summit, Omar Hejira, Secretary of State for Foreign Trade, stressed the need to transform the challenges of global trade into real opportunities and highlighted the work his country is doing through the expansion and development of port infrastructure such as Tanger Med and Nador West. ‘We hope for integration between the economic players of both countries, rather than competition between them,’ said Hejira. 

For his part, Egyptian Trade Minister Hassan Al-Khatib reaffirmed his country's commitment through the elimination of tariffs on Moroccan exports and the strengthening of cooperation, highlighting the existing agreements between Rabat and Cairo. Along the same lines, and reinforcing the minister's statements, Ahmed Nihad Abdellatif, Egypt's ambassador to Morocco, said that Egypt will implement a ‘fast track’ to facilitate customs procedures for Moroccan products. 

In this context, emphasis was placed on the importance of the Agadir Agreement, which constitutes a promising regional framework for economic and trade integration between member states, as a key tool for consolidating regional economic integration. 

Mohamed Ali Tazi, President of the Moroccan-Egyptian Business Council, called for the establishment of an integrated and sustainable economic alliance. ‘Morocco and Egypt have sufficient capacity to create significant employment opportunities, transfer knowledge and improve the competitiveness of both countries’ industrial systems,’ he said. 

The Summit highlighted the great potential of trade relations. With more than 295 Moroccan companies operating in Egypt, and with a total investment of 230 million dollars, Morocco has increased its trade with the African country by 30% since the economic recovery following the pandemic in 2020. Morocco currently accounts for 6% of Egyptian exports. 

This increase in the business sector has fostered trade between Rabat and Cairo, which amounts to more than 1.1 billion dollars annually. However, during the Forum, the need to promote balanced relations was emphasised. In addition, the establishment of a new sustainable economic alliance was proposed, based on the development of added value to products manufactured in both countries.

Finally, the forum provided an opportunity to explore investment opportunities in strategic sectors such as agriculture, food industries, automotive, electricity and electronics, textiles, seafood, energy and renewable energies, pharmaceuticals, medical and paramedical supplies, cosmetics, construction and others.