Moroccan-Saudi business council calls for creating permanent secretariat

The Moroccan-Saudi business council has called for setting up a permanent secretariat in a bid to boost investments in either country.

The call was made during the council's meeting held on Monday in Rabat under the co-chairmanship of Ahmed Lamrabet, chairman of the Moroccan trade chambers federation, and Abdallah Yahya, vice-chairman of the Saudi industry and trade chambers council.

The Proposed permanent secretariat, which will have offices in Rabat and Riyadh, will see to enhancing and consolidating the mechanisms of the Moroccan-Saudi business council.

The council, which gathers public and private sector investors, also examined problems hindering air and sea transport between the two kingdoms and means to reactivate the Moroccan-Saudi investments company.

Trade exchanges between Morocco and Saudi Arabia totaled $ 608 million with a $ 494.4 million surplus in favor of Saudi Arabia. Saudi Arabia's imports from Morocco were worth $ 56.8 million, while exports stood at $ 551.2 million.

Morocco's imports from Saudi Arabia are made up of oil and by-products, paper products, air-conditioners and refrigerators, while exports include phosphates, oranges, cheese and textile.