At the outset of the meeting, Saudi Foreign Minister Prince Saud Al-Faisal stressed the importance of joint cooperation between Riyadh and Rabat, emphasizing the commission’s role in strengthening Saudi-Moroccan relations under the leadership of King Abdullah Bin Abdulaziz and Moroccan King Muhammad VI.
The Saudi Foreign Minister revealed: “Our trade exchange has grown by 20 percent and the Saudi Fund for Development has financed about 40 projects in Morocco.”
Morocco and Saudi Arabia also announced the formation of a joint investment fund with a capital of MAD 800 million. Prince Saud Al-Faisal described the joint investment fund as a “vital achievement.”
Prince Saudi Al-Faisal highlighted the growing relations between the two Arab kingdoms in a variety of fields. “We have succeeded in solving problems related to marine transportation, which was one of the obstacles facing smooth flow of trade,” he said.
The Saudi Foreign Minister added: “There is a study to establish a direct shipping line between the two countries, in addition to encouraging Saudi-Moroccan contracting companies.”
The total volume of trade between Saudi Arabia and Morocco was estimated at roughly SAR 12 billion (USD 4.4 billion) in 2012. However Saudi Arabia exports far more to Morocco than it imports from the North African kingdom.
Prince Saud Al-Faisal emphasized the need to boost political, economic, and social cooperation between Saudi Arabia and Morocco, adding that this aims to boost the progress and prosperity of their peoples.
He described Saudi-Morocco relations as a “model that inter-Arab relations must follow,” adding, “Unfortunately we are witnessing several sorrowful and painful crises being experienced by a number of our Arab countries and peoples today.”
Speaking earlier to Asharq Al-Awsat, head of the Saudi-Moroccan Business Council, Mohamed Al-Hamady, stressed that economic and trade relations between the two countries have been growing steadily, with Morocco becoming Saudi Arabia’s sixth-largest trading partner.
According to Hamady, Saudi Arabia is the third-largest investor in Morocco. He also revealed that Saudi funding for Moroccan development projects will reach USD 1.2 billion over the next five years.