The General Confederation of Moroccan Enterprises (CGEM) and the Confederation of Portuguese Companies (CIP) signed an agreement this November 23, to launch a joint Economic Council.
Under this agreement, both parties have decided to increase bilateral cooperation, to reach “an advanced economic partnership,” as the partnership has the ambition to improve the business climate between both countries, and contribute to co-emergence.
The Morocco-Portugal Economic Council aims to refocus on common priorities, while consolidating and sustaining achievements made so far.
The council will explore new innovative avenues of partnership that will be beneficial for both parties, and encourage the implementation of joint economic initiatives.
The bilateral partnership aims to promote synergies between various actors involved, while continuously sharing expertise around structuring and emblematic projects.
The Morocco-Portugal council agreement was signed by CGEM president Chakib Alj, Portuguese Secretary of State for Internationalization at the Ministry of Foreign Affairs, Eurico Brilhante Dias, and the Vice President of the CIP, Armindo Monteiro.
According to data from the National Statistics Institute (INE), Portugal exported € 692.7 million worth of goods to Morocco in 2018, and imported €161.9 million.
Nearly 1,300 Portuguese companies export various products to the North African country, and the volume of trade has tripled in just over a decade.
The growing presence of Portuguese industrial automotive companies in Morocco, in addition to a significant number of Moroccan entrepreneurs on Portuguese soil, business between both countries is booming, and is expected to evolve in the near future.
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