Morocco and Saudi Arabia plan to strengthen their economic partnership
Morocco intends to further expand its economic ties with the most important countries, not only in the region, but also internationally. Saudi Arabia has been experiencing a growth that has not gone unnoticed in Rabat, which now wants to strengthen its economic partnership with the country led de facto by Mohammed bin Salman (MBS).
A forum to deepen Morocco-Saudi Arabia economic relations
The General Confederation of Moroccan Enterprises (CGEM) has organised an event on 21 and 22 January in Riyadh, in collaboration with the Federation of Saudi Chambers, which aims to bring new avenues of investment between the two countries. According to the employers' association's press release, more than 100 companies represented up to 15 economic sectors at this Saudi Arabia-Morocco economic forum.
In his opening speech, CGEM President Chakib Alj referred to the strong relations between the two countries, and expressed his intention to deepen economic agreements in particular. He emphasised the possibility of more and more Moroccan companies being able to establish themselves in Saudi Arabia, which has very favourable tax conditions that encourage companies from any sector to set up in Saudi Arabia and develop their work in Saudi territory.
Another field in which Morocco wants to collaborate with Riyadh is the most ambitious MBS project, Saudi Vision 2030. Saudi Arabia sees Rabat's help as a great opportunity, especially in view of the exponential growth that the country presided over by Aziz Akhannouch is experiencing. The creation of industrial ecosystems is one of the most important initiatives of the Alawi kingdom, which has led it to position itself as a key investment platform in the region.
The event held in the Saudi capital was marked by the presentation of incentives and support mechanisms for investment, with the participation of the Moroccan Agency for Investment and Export Development and the Saudi Ministry of Investment. On the other hand, the second day focused on B2B meetings and the study of specific sites where some of the projects already under study could be developed.
Partnership that goes beyond economics
Although the forum focused on improving economic relations between the two countries, it did not wish to overlook the good harmony that exists between them in other fields. This is what the President of the Federation of Saudi Chambers, Moajab Alhuwaizi, wanted to point out, and he assured that he had the intention of "going much further".
"We hope that this meeting will result in recommendations and concrete partnership projects capable of further strengthening the dynamics of cooperation between the two kingdoms," Alhuwaizi said. Morocco and Saudi Arabia have a large portfolio of projects in various sectors, and so, beyond this forum, the aim is to continue along a path that will allow cooperation in other fields to continue to grow.
In fact, in the last few months of last year, the good harmony that exists between the two administrations was already evident in Rabat's support for the Saudi candidacy to host the 2034 World Cup. The Alawi Foreign Ministry issued a communiqué in which it expressed its "full support for the will of the sister kingdom of Saudi Arabia" to host the World Cup in a decade's time.
