Moroccan-Saudi Business Council opens meeting
The Moroccan-Saudi Business Council opened a meeting in Casablanca to identify means to overcome obstacles hampering the increase of trade between Morocco and Saudi Arabia.
The two states' businessmen are discussing problems hindering the materialization of joint ventures and are exploring cooperation and partnership opportunities, particularly in industrial and tourism realms.
The meeting will prepare for the Moroccan-Saudi High Joint Commission that will meet later this year.
The creation of a forum for Moroccan and Saudi small and medium businesses and the follow up of the decisions of the Business Council are also on the agenda.
Abdellah Kaaki, President of the Mecca Chamber of Commerce and Industry who chairs the Saudi side at the Council, deplored, in a speech at the opening of the meeting, the low level of trade exchanges which remain short of the excellent relations between the two states. He also regretted the low level of investments.
According to figures put forward by Kaaki, Saudi exports to Morocco decreased from US$ 560 million in 2000 to US$ 430.70 in 2001, while Morocco's exports to this country stagnated at US$ 72 million in 2001.
Kaaki called for giving a new impetus to economic and commercial exchanges between Morocco and Saudi Arabia based on a global and balanced vision of bilateral cooperation. He also stressed the need to encourage the flow of investments between the two states.
Abdelhakim Kemmou, President of the Casablanca Chamber of Commerce, Industry and Services who co-chairs the Council on the Moroccan side, said trade exchanges between Morocco and Saudi Arabia need to be boosted through the mobilization of necessary resources.
Kemmou attributed the low level of trade exchanges between the two countries to insufficient data on their respective economies, the lack of a direct maritime line and rare exchange of business missions as well as partial implementation of a bilateral commercial accord and the delay in establishing a bilateral free trade area.
The Moroccan-Saudi has so far held two meetings in 1999 and 2001. The Council is an arm of the Moroccan-Saudi High Joint Commission, set up by virtue of a bilateral economic and technical cooperation convention, signed in 1976.