Economy & BusinessMorocco-Saudi Arabia: soon a fund to support investment and...

Morocco-Saudi Arabia: soon a fund to support investment and exports


Morocco and Saudi Arabia plan to launch a joint fund to support small and medium-sized enterprises for export and investment. The announcement was made by the President of the Moroccan-Saudi Business Council, Khalid Benjelloun. This initiative will aim to increase the volume of bilateral trade.

In a statement to the newspaper “Iqtisad al Sharq”, Khalid Benjelloun stressed that the public and private sectors of both countries should participate in the establishment of the fund, including the Moroccan banks Attijariwafa Bank, Banque Populaire, Crédit Agricole du Maroc and Bank of Africa, as well as the Saudi Investment Bank and the Islamic Corporation for the Development of the Private Sector of the Islamic Development Bank Group.

The fund “will serve as a one-stop shop to facilitate financing procedures and logistics to support the orientation of businesses towards export and investment between the two countries,” said the chairman of the Moroccan-Saudi Business Council at the end of the meeting held last week in Casablanca. He added that the opportunities to increase trade between the two countries are “very large”, calling to overcome administrative and logistical obstacles to bring bilateral trade to a higher level.

He also said that economic relations between the two countries are characterized by “the predominance of hydrocarbons and agricultural products,” stressing that the goal is to work to further diversify them by simplifying administrative relations such as mutual recognition of certificates, and facilitating trade operations through the launch of a direct shipping line.

During the last meeting of the Moroccan-Saudi Business Council, several Moroccan products that could increase the volume of their exports to Saudi Arabia were identified, including textiles, handicrafts, automotive parts, food products and technological products. As for Saudi exports to Morocco, chemicals, oils and plastic products have also been identified.

The Moroccan Blog
The Moroccan Blog
The Moroccan Blog is an English based newsblog dedicated to Morocco. You can find here all news from Morocco across a variety of topics: Arts & Culture, Economy & Business, Lifestyle, Moroccan Sahara, MRE, Society, Tourism & Travel and more.

Latest news

Zambia reiterates its support for the Moroccan Sahara

On Tuesday, the Republic of Zambia reiterated its "unwavering support" for the Kingdom's territorial integrity and for the Moroccan...

Preparations for Operation Marhaba 2023 well underway

Nasser Bourita, Minister of Foreign Affairs, African Cooperation and Moroccans Resident Abroad, gave details of preparations for Operation Marhaba...

Morocco tops the top 10 of the world’s best road trips

In all, three Moroccan road trips feature among the world's best. Morocco dominates the ranking compiled by a British...

Must read

Here are the most popular tea brands for Moroccans

In Morocco, some 400 brands of tea are marketed...

Aeronautics: Swiss Pilatus chooses Morocco

Pilatus has just signed a contract with Sabca Maroc...

Apple soon at Morocco Mall

The apple brand will strengthen its presence in Morocco....

You might also likeRELATED
Recommended to you