Morocco has urged Saudi Arabia to make a greater financial contribution to the Mohammed VI Investment Fund in a request made within the framework of the 13th session of the Moroccan-Saudi Joint Commission held in the capital Rabat.
"We invite the relevant Saudi Arabian agencies to support Morocco's large-scale reforms and priority development projects," said Nasser Bourita, Morocco's Foreign Minister, during the Joint Commission, in which Saudi Foreign Minister Prince Faisal bin Farhan al-Saud also took part. The two diplomats co-chaired the Commission.
Bourita stressed "the possibility of the Saudi Arabian Public Investment Fund's contribution to the capital of the sectoral and thematic funds to be created within the framework of the Mohammed VI Investment Fund", as reported by the media outlet Yabiladi.
The creation of the Dh45 billion Mohammed VI Investment Fund came during the last government of Saad Eddine El Othmani in February 2021. The state's share of the fund's capital is estimated at Dh15 billion, with the remainder coming from international partners.
After the meeting with Nasser Bourita, the Saudi Foreign Minister met with Aziz Akhannouch, head of the Moroccan government.
Relations between Saudi Arabia and Morocco are close, and there is good harmony following the installation of the new government of Akhannouch, who made his first official trip abroad last year to the Saudi kingdom, as a sign of the importance given to the main representative of the Sunni branch of Islam in the Middle East.
It is worth noting that last year, bilateral trade reached $1.76 billion and that some 250 Saudi companies have their headquarters in Morocco. Saudi Arabia's direct investments in the North African country reached $26.6 million in 2020.
Economic relations between the two countries run deep. Proof of this is, for example, the latest Moroccan-Saudi Business Forum, which has further consolidated the relationship between the two countries. The Moroccan Exporters Association (ASMEX) hosted this forum between businessmen from both nations.
The event took place in Casablanca this week and was attended by a delegation of 25 Saudi businessmen alongside Moroccan exporters. The event sought to encourage investment, especially in the field of SMEs, with a strong focus on exports.
ASMEX has long been seeking business cooperation between the two kingdoms. The same event was held a few months ago in the Saudi city of Jeddah, where the organisation managed to sign a memorandum of understanding and partnership with the Union of Saudi Arabian Chambers of Commerce.
M. Nasser Bourita et le ministre saoudien des Affaires Etrangères, SA le Prince Faisal Bin Farhan Bin Abdellah Al-Saoud, ont coprésidé, aujourd'hui à Rabat, la 13ème session de la Commission Mixte Maroc-Arabie Saoudite. A cette occasion, M. Nasser Bourita a prononcé un discours. pic.twitter.com/JL67qVYxxE— Maroc Diplomatie 🇲🇦 (@MarocDiplomatie) June 16, 2022
This confirms the good economic understanding between the two countries, with a strong boost to investment and the creation of value chains. Given that Saudi Arabia is the most powerful economy in the Middle East and is an important trading partner for the Alawi Kingdom.
Morocco and Saudi Arabia remain committed to boosting joint cooperation as evidenced by the aforementioned 13th session of the Moroccan-Saudi Joint Commission, as stated by the Saudi and Moroccan Foreign Ministers.
"We in the Kingdom of Morocco are proud of the level of cooperation with Saudi Arabia," Minister Bourita said in his opening speech at the conference.
Nasser Bourita stressed that this new session of the Commission has come after nine years without a meeting, and that this "key mechanism of cooperation" has been resumed. The Moroccan minister also stressed Morocco's determination to boost diplomatic relations between the two nations and highlighted the Saudi kingdom's strong support for Moroccan policies and understanding of territorial integrity and sovereignty over the southern provinces, as reported by Morocco World News.