Israel's exports to the Kingdom, according to the daily Israel Hayom, amount to 250 million dollars a year, despite the low influx of Hebrew tourists to Morocco

Tel Aviv exportará a Marruecos por valor de 250 millones de dólares anuales

FOTO/FILE - Flags of Israel and Morocco

Economic ties between Israel and Morocco are coming to fruition, hopefully ushering in a new era of prosperity for both states, and potentially for the region as a whole. Just two years after the signing of the Abraham Accords, memorandums of understanding are turning into commercial agreements and trade between Israel and Morocco is booming at a pace never seen before.

The report, carried out in collaboration with the Ministry of Regional Cooperation and the Israel Export Institute, cites the importance of the revival of relations between the two countries and their strong cultural kinship as key bridges of understanding for increased exports. Israel Hayom adds on the basis of the report prepared by the two administrations that trade between Israel and Morocco does not exceed tens of millions of dollars annually, while the number of Israeli tourists visiting Morocco ranges between 30,000 and 45,000 tourists a year.

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Morocco is also laying the groundwork for a network of alternative energy sources and has set itself the goal of producing 52% of its electricity through renewable energy by 2030.

Also, Israeli Minister of Agriculture and Rural Development Oded Forer said there are great prospects for cooperation with Morocco in the agricultural sector, calling for a good investment in the advantages offered by the economies of both countries in the sector to establish promising partnerships.

Israeli investment will mostly concern agricultural inputs, water treatment, digitalisation, smart industries, cybersecurity, digital health systems and smart city systems. Trade between Israel and Morocco reached $47m in July 2022 which represented a 213% increase since July 2021, according to the most recent figures from the Central Bureau of Statistics.

One of the benefits of increasing trade with Saudi Arabia is that the African Free Trade Agreement came into force a few months ago, making Morocco a gateway to the African market, the report adds. Strengthening Israel's cooperation in the region is a key strategic objective, as stated in the report by Israel's minister for Regional Cooperation, Isawi Fraji. The director of Israel's Export Research Institute is also convinced that "economic and trade cooperation with Morocco will bring significant results for both sides".

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Bilateral trade increased to $24.3m in the first seven months of 2022, up 16 per cent from the first seven months of 2021. According to the Israel Export Institute, trade with Morocco will reach approximately $42 million in 2021.

"Morocco is very free and open," explained Pankaj Bhula, regional Morocco expert at Israeli cybersecurity firm Check Point. He told the magazine that while some African countries have agreed not to do business with Israeli companies, "Morocco not only knows the value of Israeli technology", but also sees itself as a potential gateway for these Israeli companies to the rest of the world.

Although cultures sometimes clash and cooperation may require some learning, Morocco is very proud of its nearly half a million Moroccan citizens of Israeli origin, explains Camille Benani of DLA Piper.

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