treble trade and investment between the UAE and Morocco in 7 years
Over the next seven years, UAE and Morocco want to double the amount of trade and investment that takes place between them.
The two nations also decided to intensify their collaboration in important areas of their respective economic agendas. These include logistics, infrastructure, trade, investment, finance, banking, food security, industry, innovation, and technology. The two nations also decided to encourage information and experience sharing in the areas of tourism, culture, education, and health.
In order to implement the agreement on commercial, economic, and technical cooperation between the two nations, this was decided at the first-ever UAE-Morocco Joint Economic Committee (JEC) session, which recently took place in Rabat. Abdullah bin Touq Al Marri, Minister of Economy, and Nadia Fattah Al Alawi, Moroccan Minister of Economy and Finance, presided over the meeting.
a shared interest
Numerous representatives from the federal, state, and local governments as well as top businesses engaged in numerous fields of mutual interest from both sides attended the JEC session.
The Department of Economy and Tourism in Dubai, the Abu Dhabi Fund for Development, the Federation of Chambers of Commerce and Industry, Etihad Rail, Emirates Airlines, Abu Dhabi Future Energy Company (Masdar), DP World, Abu Dhabi Ports Group, Al Ain Farms for Animal Production, Sharjah Chamber of Industry and Commerce, and the Emirates Council for Investment were among the UAE delegation's attendees at the session.
According to Bin Touq, Morocco and the United Arab Emirates have had a renowned partnership for a long time that is typified by mutual respect and cooperation in all manner of strategic areas. He emphasised that the first UAE-Morocco JEC session was held because both governments wanted to advance and expand their current economic and commercial ties.
new benchmark
He continued, "The JEC represents a new milestone in the growth of economic and trade links between the two countries, allowing us to take advantage of the potential investment prospects present in the markets of both nations. It will aid in fostering communication and deeper ties between the private sectors of the UAE and Morocco, which will increase trade and investment exchanges.
The non-oil trade and investment exchanges between the two nations, he declared, "remain to increase. The UAE is currently the biggest Arab investor in Morocco and the second biggest investor worldwide. By the end of 2021, our investments in Morocco had reached AED50 billion ($14 billion), making up 21% of all FDI in Moroccan markets. By the end of 2020, Morocco's investments in the UAE would total AED289.9 million ($79 million).
Services, automobiles, business, communications, agriculture, healthcare, tourism, real estate, energy, pharmaceuticals, and other significant development areas are all included in the UAE's investments in Morocco. Real estate, insurance, as well as professional and technical operations, are among the key economic areas in which Morocco has invested in the United Arab Emirates.
"The UAE is the second largest Arab trading partner of Morocco as of 2021," the minister continued. "The non-oil foreign trade between the two countries amounted to AED3.6 billion ($991.2 million) in 2022, up 16% from 2021 and 67.3% from 2020."
economic measures
Bin Touq outlined a number of economic measures taken by the UAE to strengthen its competitiveness and future-proof its business environment. Among these are changes made to the nation's Commercial Companies Law to guarantee an adaptable business climate for investors. 100% foreign ownership was made possible by these reforms for businesses and investors across all industries and legal structures.
New legislation for business transactions, commercial agencies, cooperatives, and family businesses have been passed, and the golden visa system has been implemented for several categories, with residency requirements ranging from 5 to 10 years. Due to the excellent working environment they currently have in the country, these improvements are now helping to draw entrepreneurs, innovators, and talent from all over the world. They continue to profit from the freedom to conduct business in different emirates across the nation, including free zones, as well as the alluring incentives and cutting-edge infrastructure amenities they provide.
Al Alawi emphasised the strong bilateral ties between the two nations, which are a result of both governments' joint commitment to fostering them. She also lauded the UAE government's and the Abu Dhabi Fund for Development's contributions to the financing of Moroccan development initiatives in a number of crucial industries.
The Moroccan minister also informed the UAE delegation of the most important economic changes made by the Moroccan government to enhance the business environment in the nation.
strengthening collaboration
She reaffirmed Morocco's willingness to further up collaborative efforts with the UAE to guarantee successful economic cooperation in a variety of areas of shared interest. She also extended an invitation to UAE investors to take advantage of Morocco's attractive investment opportunities and consider partnering with the country's private sector in key industries.
Additionally, the two nations decided to create joint work teams to organise forums, workshops, and meetings to improve business communication between the Moroccan and UAE business communities. Both parties emphasised the significance of intensifying their partnership through the Morocco-UAE Business Council in promising commercial and economic areas.
Trade exchanges will increase
In order to streamline export and import processes for exporters and importers in both markets, the JEC session looked at ways to improve trade relations and host collaborative workshops and events. A collaborative team will be established to create programmes intended to increase non-oil foreign commerce between the two nations during the following seven years.
New strategies to increase FDI exchanges
New methods and approaches that help to boost FDI flows between the two nations in fields of mutual interest were discussed by the UAE and Morocco. These will guarantee that the private sector has more opportunities.
Assistance to SMEs
In order to give SMEs easy access to both markets, plans and facilities in the areas of export and investment were also discussed. As a result, the SMEs sector's contribution to the GDP of both countries will rise along with their investments and exports to new markets.
Money-laundering prevention
The UAE and Morocco stated their intention to work together more closely in areas such as real beneficiary data applications for businesses, preventing the financing of terrorism and criminal organisations, monitoring the DNFBP industry, and anti-money laundering. They concurred that doing so will encourage FDI between the two nations, assist maintaining the integrity of the financial system, and assure compliance with global best practises.
financing of Moroccan development projects
The two parties praised current financial sector collaboration and the execution of crucial development projects. The UAE expressed a desire to look into additional chances to finance strategic and development projects in the Kingdom of Morocco.
services for insurance
In order to benefit insured traders in both markets, the JEC session also covered potential for cooperative insurance services for the export of commodities, investments, and services. In addition, the two nations decided to foster knowledge sharing and the sharing of best practises in commercial underwriting, risk management, claims, and refunds.