Morocco, Saudi Arabia set to up cooperation
Morocco-Saudi Arabia, Economics, 9/1/2003

Morocco and Saudi Arabia agreed Friday at the end of their joint commission held this August 28-29, to boost cooperation in various realms.

The joint commission, co-chaired by Moroccan foreign minister Mohamed Benaissa and Saudi peer, Prince Saud Al Faisal, adopted a package of recommendations geared towards stronger cooperation between the two Arab nations.

On economy and trade, the commission recommended the exemption from taxes of goods listed part of a 1966 bilateral agreement. The commission encouraged the two states' businessmen to enhance commercial ties.

The businessmen were recommended to hold negotiations to conclude agreements on the non-double taxation on activities and air transport equipment in the two Arab states. the Moroccan side proposed the consolidation of cooperation between Moroccan and Saudi air companies through code sharing.

As for finance, investment and tourism, the commission recommended holding conferences on investment in the two states, notably on tourism investment.

President of the Saudi Trade and Industry chamber, Abdel Rahman Bin Ali Jerrissi, told MAP that Saudi businessmen are ready to invest in the north African kingdom, create a free trade zone, export Saudi products to the Moroccan market and import Moroccan products.

The Saudi official added that his country gives facilities to Moroccan businessmen who want to invest in Saudi Arabia, underlining that they enjoy the same rights as Saudi citizens as regards the right to loans from the Saudi Industrial Development Fund.

He hoped there will be a fruitful cooperation with Moroccan professionals who have an experience in tourism, urging them to invest in mining, software design or in ready-to-wear which is quite developed in Morocco.

Several Saudi companies are operating in Morocco, particularly in energy with an investment of more than 4 billion DHs (US $400 million). A Saudi group is investing over 2 billion DHs (US $200 million) in a Moroccan tourism project.

Previous Stories:
  Morocco, Saudi Arabia seek economic complementarity   (8/30/2003)
  Saudi foreign minister arrives in Morocco   (8/29/2003)
  Saudi Crown Prince in Morocco   (8/12/2003)
  Morocco, Saudi Arabia join efforts to up bilateral air traffic   (8/6/2003)

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