The announcement was made during a meeting in Jeddah, which brought together the Minister of Industry and Trade, Ryad Mezzour, and the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef.
On this occasion, Mezzour told MAP that the two sides agreed to work on a number of sites, particularly innovation, human capital and the integrated competitiveness between the industrial systems of the two countries to enter the markets with a double added value.
As part of its industrial policy, Morocco is committed to the diversification of its products and exports in order to strengthen trade between the two countries, noted the minister, explaining that the goal is not diversification per se, but rather the integration of production chains and industrial and commercial value.
He stressed that Morocco aims to invest the huge potentials offered by Saudi Arabia, especially in terms of car exports, which have recently experienced a remarkable revival, as well as the agricultural sector which has begun to direct its attention to Saudi Arabia and the Gulf market in general to meet urgent demands and take advantage of the huge potentials in this area.
The minister further stressed the importance of working on the logistical system to create a maritime line between the two countries, calling on both sides to work together to reduce the exorbitant cost of maritime transport.
Regarding the Moroccan-Saudi Business Council, Mezzour said that this event plays an important role in strengthening trade and economic relations between the two countries.
He also noted that the Moroccan delegation has about 40 businessmen, which reflects, according to him, the willingness to promote investment and trade between the two kingdoms.
A host of Saudi businessmen will also take part in this event, he continued, expressing his satisfaction with the positive signs he saw in this regard during his meetings with Saudi government officials.
Regarding investments between the two countries, the minister said that Morocco has about 240 Saudi investments, while Saudi Arabia has 11 major Moroccan investments in the industry and sugar sector, noting that this fact confirms that Morocco is a country that invests with its partners and creates added value and employment opportunities.
In addition, he said he will present, during his meeting with the Saudi Minister of Investment Khalid Al-Falih, the investment opportunities offered by Morocco and the huge potential it offers to investors.
On Monday, Mezzour also held a meeting with the Saudi Minister of Commerce, Majid bin Abdullah Al-Qasabi, with whom he identified the priorities of bilateral economic cooperation and ways to strengthen trade and investment on both sides.
Source: Agency Morocaine De Presse