Casablanca – Hassan Al-Huwaizi, the president of the Federation of Saudi and Gulf Chambers, revealed a significant surge in trade volume between Morocco and Saudi Arabia. He announced that the trade volume had spiked from $1.4 billion in 2021 to an impressive $4.4 billion in 2022. This remarkable increase marked a 223% rise, reaching 16.4 billion riyals (approximately 43.5 billion DH) in 2022.

Speaking at the Saudi-Moroccan Business Council, Al-Huwaizi emphasized the collaborative efforts and mutual interest shown by both countries’ public and private sectors in nurturing bilateral relations. He highlighted the positive trajectory of bilateral trade over recent years, noting a jump from 5 billion riyals in 2021 to 16.4 billion riyals in the following year. This surge saw Saudi exports to Morocco increasing by 234% and Moroccan exports to Saudi Arabia by 153%.

The president of the Moroccan-Saudi Business Council, Khalid Benjelloun, echoed the importance of easing administrative and customs constraints to facilitate commercial transactions between the two nations. He emphasized the necessity of protecting intellectual property rights, underlining the council’s pragmatic and ambitious roadmap aimed at fostering bilateral cooperation as a model on both Arab and international fronts.

Morocco’s ambassador to Riyadh, Mustapha Mansouri, highlighted Morocco’s proactive economic policies, characterized by substantial investments in major strategic projects aimed at fostering development. He credited Morocco’s attractiveness to foreign investments to significant reforms across financial, economic, legislative, and legal frameworks, which have notably improved the business climate and bolstered confidence in the Moroccan economy’s future.

Mansouri also underscored the alignment of Morocco’s ambitious economic policies with Saudi Arabia’s Vision 2030, which offers a conducive framework for advancing economic relations, creating trade and investment opportunities, and enhancing bilateral trade between the two kingdoms.

In collaboration with the General Confederation of Moroccan Enterprises (CGEM), the Union of Saudi Chambers organized a two-day visit for over 100 Moroccan companies representing 15 economic sectors. This visit aimed to explore trade and investment partnerships between the two kingdoms, featuring economic events and bilateral meetings between representatives of Saudi and Moroccan companies to discuss cooperation, partnership opportunities, and available investment prospects.

The Moroccan trade mission’s agenda included exploring investment opportunities across various sectors such as agriculture, industry, finance, renewable energy, real estate, construction, services, health, and technology. The highlight of the visit was the Saudi-Moroccan Economic Forum, held at the Union of Saudi Chambers headquarters, focusing on investment environments, opportunities, and the role of financial partners in both countries.