Morocco and Saudi Arabia will inaugurate a maritime link within the upcoming days, announced the President of the Moroccan-Saudi Business Council, Khalid Benjelloun, reports MAP on Wednesday.
This maritime link aims to give a new dynamic to economic cooperation and trade between both countries.
“This move will offer the opportunity to establish fruitful partnerships as well as invest and create joint value-added and local jobs,” he added.
As of Monday, Jeddah Chamber has reached an agreement with the Moroccan Association of exporters in order to strengthen trade between both countries, Industry Minister announced on his Twitter.
Additionally, Saudi Arabia represents Morocco’s largest trading partner in the Arab world.
The total value of bilateral trade amounted to MAD 17.2 billion by the end of 2021, according to data provided by the Minister of Industry and Trade, Ryad Mezzour, according to the same source.
In this regard, Benjelloun called for the need to relax administrative regulations on exports and imports and to establish a Moroccan-Saudi investment fund to facilitate marketing for small and medium-sized enterprises.
According to him, facilitating administrative regulations on trade will encourage more partnerships between companies from both countries, as well as help them obtain financing.
Recent meetings between Moroccan and Saudi businessmen and investors, namely Moroccan-Saudi Business Forum held in Jeddah represented an opportunity to hold talks about ways to strengthen trade and industry partnerships between both sides.
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