Saudi Arabia, Morocco set to boost economic ties with focus on trade, sustainable development
As part of a business trip that began on June 29 to Mauritania and Morocco, a delegation from the Saudi Federation of Commerce, led by chairman Hassan Moejeb Al-Huwaizi and joined by 30 top investors and company officials, visited Rabat to explore investment opportunities and enhance cooperation between the public and private sectors.
The delegation held several meetings with ministers to discuss strategic trade and investment issues, according to the Saudi Press Agency.
The visit aligns with the SFC's strategy to enhance economic cooperation and facilitate investment, reflecting the shared vision for the future between the Kingdom and Morocco. Their trade volume reached SR5 billion ($1.33 billion) in 2024, with exports from Saudi Arabia totaling SR4.3 billion and imports amounting to SR640 million.
According to the SFC, Morocco ranks as the Kingdom's 57th largest trading partner in terms of exports and 51st in terms of imports. Saudi Arabia's main exports to Morocco include cars and vehicles, insulated wires, chemical fertilizers, and women's clothing. The primary imports from Morocco comprise refined petroleum, cars and vehicles, vehicle accessories, and wheat.
'The delegation began its meetings with the Minister of Industry and Trade, Ryad Mezzour, to discuss ways to enhance commercial cooperation and expand the volume of trade exchanges between the two countries,' SPA reported.
It added that the delegation also met with Minister of Agriculture, Maritime Fisheries, Rural Development, Water, and Forests Ahmed El-Bouari, who highlighted the significant potential in the agricultural and maritime sectors, opening new horizons for cooperation in production and export.
The meetings included a session with Karim Zaidan, the delegate-minister to the head of government in charge of investment, convergence, and the evaluation of public policies, during which investment opportunities and joint projects contributing to sustainable development were discussed, as per SPA.
The report said that the Saudi delegation also met with Minister of Energy Transition and Sustainable Development Leila Benali to explore cooperation in renewable energy, with a focus on exchanging experiences and expertise in this vital sector.
Morocco's economy is demonstrating continued resilience and diversification, with the country's foreign trade volume reaching $120 billion in 2024, according to data from the FSC.
The nation's gross domestic product for the same year is estimated at $155 billion, underscoring sustained activity across key sectors. The country holds a BB+ credit rating and ranks 60th globally in terms of economic performance.
The services sector remains the backbone of the Moroccan economy, accounting for 54.2 percent of the nation's GDP. It is followed by industry at 24.5 percent and agriculture at 11.06 percent, reflecting a balanced contribution from both modern and traditional economic drivers.
In terms of trade composition, Morocco's top imported goods include fruits, textiles, and transport equipment. Meanwhile, the country's main exports comprise chemical products, industrial goods, as well as leather and rubber.
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