The Chairman of the Federation of Saudi Chambers (FSC), Hassan Al-Huwaizi, welcomed, on January 21 in Riyadh, the remarkable development of economic relations between Morocco and Saudi Arabia.
Speaking at the Saudi-Moroccan Business Council, Al-Huwaizi noted that the volume of trade between the two Kingdoms witnessed a record increase of 223% to reach 16.4 billion riyals in 2022, stressing that this development testifies to the success of joint efforts and the interest accorded to bilateral relations by public and private actors from both countries.
In the same context, Al Huwaizi explained that bilateral trade has seen remarkable growth in recent years, increasing from SAD 5 billion in 2021 to SAD 16.4 billion the following year, while Saudi exports to Morocco increased by 234%, and Moroccan exports to Saudi Arabia by 153%.
The Saudi official affirmed that despite this growth in exchanges, they still do not match the political relations uniting the two countries and the ties of sincere friendship between HM King Mohammed VI and His brother the Custodian of the Two Holy Mosques, the King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman Al Saud.
For his part, the President of the Moroccan-Saudi Business Council, Khalid Benjelloun, stressed the need to work towards the relaxation of administrative and customs restrictions in terms of commercial transactions between the two countries, indicating that the Moroccan-Saudi Business Council has a pragmatic and ambitious roadmap aimed at developing the mechanisms necessary to make cooperation between Morocco and Saudi Arabia an Arab and international model.
In a similar context, Morocco’s Ambassador to Saudi Arabia, Mustapha Mansouri, affirmed that Morocco, under the leadership of HM King Mohammed VI, has adopted ambitious and promising economic policies through investments in major strategic projects that ensure development.
Mansouri added that Morocco has become a destination for foreign investments in recent years thanks to the major reforms implemented in several areas, which have greatly helped improve the business climate and boost confidence in the future of the Moroccan economy.
In this regard, the Moroccan official recalled that the Kingdom launched the New Development Model which aspires to build a resilient and prosperous Morocco based on skills, solidarity, and sustainability, and the establishment of a more attractive, competitive, and generative environment for employment and wealth.
On a different note, Mansouri highlighted that the Saudi Vision 2030 provides an appropriate framework to consolidate economic relations, create trade and investment opportunities, and develop trade between the two Kingdoms.
