Saudi Arabia and Morocco have taken a significant step towards enhancing their economic partnership with the signing of a new agreement between the chambers of commerce of both countries. The agreement, which was signed in Riyadh, aims to foster cooperation and create a conducive environment for business growth.
The Federation of Saudi Chambers, in a post on X, explained that the collaboration with its Casablanca equivalent would encourage cooperation among businesses and companies. Key areas of partnership outlined in the agreement include providing necessary facilitations to support financial collaboration, exchanging economic, trade, and legislative information, organizing conferences, seminars, and workshops, as well as participating in expos and markets.
The agreement also focuses on fostering the exchange of trade delegations, removing investment barriers, and amicably resolving disputes. The signing ceremony was attended by Hassan Al-Huwaizi, president of the Federation of Saudi Chambers, and Hassan Berkani, president of the Casablanca Chamber of Commerce.
This recent development is part of a broader effort to strengthen ties between the two countries. Earlier this month, representatives of the Saudi and Moroccan private sectors agreed on a joint strategy to increase collaboration and integration between Saudi Arabia and Morocco. A business delegation comprising executives of over 100 Moroccan companies visited Riyadh to explore investment opportunities in various sectors, including agriculture, industry, finance, renewable energy, real estate, construction, services, health, and technology.
The visit, organized by the Federation of Saudi Chambers in collaboration with the General Confederation of Moroccan Enterprises, also included a Saudi-Moroccan Economic Forum in Riyadh, which saw the participation of over 250 Saudi companies. During the forum, a package of initiatives was finalized to increase collaboration between the two countries, including the activation of direct maritime transport line projects, the establishment of a joint investment fund, and accelerating the pace of Moroccan companies’ participation in the Saudi Vision 2030 projects.
The new agreement and the recent initiatives highlight the commitment of both Saudi Arabia and Morocco to strengthening their economic ties and fostering mutual growth and development.
(Source: Arab News)
