UAE and Morocco pledge to double trade and investment exchange

UAE and Morocco have agreed to increase cooperation in priority areas such as trade, investment, finance, banking, food security, industry, innovation, technology, energy, renewable energy, logistics, infrastructure, tourism, culture, education, and health over the course of the next seven years.

The Joint Economic Committee meeting, which was held in Rabat and presided over by the ministers of both countries’ economies, came to this agreement.

The UAE delegation included representatives from various government agencies and private sectors.

The committee fits into the framework of the two countries’ leaders’ desire to improve and strengthen their nations’ economic and trade ties in order to support their respective future goals and objectives.

With investments totaling more than 50 billion dirhams (14 billion dollars) by the end of 2021, the UAE will overtake Saudi Arabia as the largest Arab investor in Morocco and the second largest investor globally.

By the end of 2020, Moroccan investments in the UAE will total 289.9 million dirhams (or 79 million dollars). Moroccan investments in the UAE range over a number of economic sectors, whilst the UAE’s investments in Morocco are based on several areas of shared interest.

Morocco’s second-largest Arab trading partner in 2021 will be the UAE. The UAE minister examined a set of economic policies that had been put in place by the UAE to encourage investment and raise it to levels that were more competitive and flexible at the committee sessions.

The UAE government and the Abu Dhabi Fund for Development were complimented by the Moroccan minister for their support of planned development initiatives in the Kingdom.

Read Also: Morocco, UAE discuss means to strengthen cooperation in agricultural investment

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