Organized by the Federation of Saudi Chambers in cooperation with the General Confederation of Moroccan Enterprises, resulted in significant advancements in economic cooperation. Representatives from both private sectors agreed on various initiatives to enhance collaboration, including activating direct maritime transport lines, establishing a joint investment fund, supporting Saudi companies in accessing African and European markets, increasing the activity of trade delegations and exhibitions, and facilitating Moroccan companies' participation in Saudi Vision 2030 projects.
The forum, held in Riyadh, had over 250 participants from Saudi and Moroccan companies, along with representatives from government and private agencies. The President of the Federation of Saudi Chambers highlighted the substantial growth in trade exchange between Saudi Arabia and Morocco, reaching over 16 billion riyals. The forum emphasized the integration of the Moroccan and Saudi economies, providing significant investment opportunities and partnerships. Currently, 250 Saudi companies invest in Morocco, and 20 Moroccan companies operate in Saudi Arabia.
Morocco's Ambassador to Saudi Arabia highlighted economic reforms that have strengthened confidence in the investment climate and the Moroccan economy's future. The Chairman of the Saudi-Moroccan Business Council expressed the Council's commitment to developing trade and investment partnerships, particularly in targeted economic sectors. Sectors identified for cooperation include energy, automobiles, construction, tourism, food, and textiles.
Economic relations between Saudi Arabia and Morocco have witnessed substantial growth, with trade exchange increasing by 223% to 16.4 billion riyals in 2022 compared to 5 billion riyals in 2022. Saudi exports to Morocco rose by 234%, and Moroccan imports to Saudi Arabia increased by 153%. The forum serves as a platform to explore further opportunities and strengthen economic ties between the two countries.
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