Morocco, Saudi Arabia seek economic complementarity
Morocco-Saudi Arabia, Economics, 8/30/2003

Saudi Arabia's foreign affairs minister, Prince Saud Al Faisal, said the economic openness in the world requires Morocco and Saudi Arabia to accelerate economic complementarity.

Prince Saud Al Faisal recalled the financial contribution of the Saudi development fund to various development projects and investments in Morocco, saying that the private sector plays an important role in the promotion of bilateral relations, particularly in investment and trade.

The Saudi minister is co-chairing with Moroccan foreign affairs and cooperation minister, Mohammed Benaissa, the Moroccan-Saudi joint commission, to wind up this Friday a two-day session.

Bilateral cooperation in trade, economy, and investment and means to hoist them to the level of bilateral political relations is the focus of the joint commission which will endeavor to promote communication between the two countries' businessmen and overcome obstacles to investment.

Benaissa lauded Saudi Arabia's contribution to development efforts in Morocco, calling on Moroccan and Saudi experts to promote bilateral cooperation as a leverage to a larger project of the Arab joint market.

He pointed out that the third session of the Moroccan-Saudi businessmen council held last January in Rabat came out with remarkable results.

Prince Saud Al Faisal underlined that this session of the Moroccan-Saudi joint commission was prepared by businessmen, deeming that the new experience may lead to adequate solutions to the problems hampering cooperation between the two countries.

He recalled that Saudi direct investments in Morocco reached about 2 billion Riyal (1 Saudi Riyal equals 2,62 Dhs) in 2000, whereas indirect investments were valued at nearly 10 billion Riyal.

Moroccan and Saudi businessmen submitted proposals to the preparatory commission, calling for the increase of bilateral trade exchanges and the amendment of the trade accord signed between Rabat and Riyadh in 1996 since it no longer accompanies the economic evolution in the world.

A model of a tourism project that will be funded by a Saudi investment in El Jadida was presented to the participants in the works commission at the end of the session.

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