The Saudi-Moroccan Business Council aims at promoting five promising sectors in tourism, electricity, renewable energy, food, and logistics.
Several initiatives were launched within the Council of Saudi Chambers to foster these sectors forward. Initiatives aim to address the decline in the volume of trade exchange between the two countries, which dropped from $2.9 billion in 2011 to $900 million in 2019.
After holding several meetings, the members of the Council approved four teams as liaison officers from the Saudi side, amid expectations that the coming period will witness continuous and mutual visits and the organization of joint events, exhibitions, and meetings between both countries.
Speaking to Asharq Al-Awsat, Chairman of the Council Ali Berman Al-Yami said that they need the support of the public sector to overcome some hindrances.
The Ministry of Investment needs to present investment opportunities in Saudi Arabia and involve the Moroccan side in investing in the Kingdom. There are 250 Saudi companies functioning in Morocco while only about 20 Moroccan companies are functioning in the Kingdom. Al-Yami said.
The visit of Council members to Rabat results in signing four agreements with Morocco, which the chairman expects will contribute significantly to advancing trade and economic cooperation.
He expects a positive impact from the exchanged visits between senior officials in the two countries, stressing that the Foreign Trade Authority at the Ministry of Commerce and the Council of Saudi Chambers is making considerable efforts to back the trade balance.
The attaché at the Moroccan Embassy in Riyadh, Yunus Boras, predicts that the recently inaugurated Saudi commercial attaché will enhance the efforts of the Authority and the commercial presence of Saudi Arabia in Morocco.
Boras expects it will develop the economic relations between the two countries and limit the obstacles facing the private sector.
He pointed out that the upcoming relations of the Saudi-Moroccan Business Council will play a critical role in boosting economic diversification and attracting investments, as one of the objectives of Saudi Arabia’s Vision 2030. Boras also noted that the Vision gives the suitable framework to energize the economic role of the Business Council in creating investment opportunities and developing trade exchange.