Morocco, Portugal Gear up Their Trade & Business Partnership

Morocco, Portugal Gear up Their Trade & Business Partnership

Morocco and Portugal convene in Rabat this Monday their joint high level meeting to look into ways to boost cooperation ties between the two countries in all fields of common interest.

This two-day encounter, chaired by the two countries’ Prime ministers, Saâd Eddine El Othmani and Antonio Costa, is expected to be crowned with the signing of several business deals.

During their last high level meeting held in 2015, the two countries signed nine cooperation agreements in security, energy, shipping, tourism, training and scientific research.

The two countries are currently looking forward to setting up an undersea power connection, which would be the second Europe-Africa link. At present, Portugal exports its excess energy to its neighbor Spain, which then feeds into the European system via France, while Morocco has a growing rate of demand.

Besides the energy sector, the Moroccan-Portuguese cooperation also covers culture, higher education and scientific research, aquaculture, agribusiness, textile and construction.

Some 200 Portuguese companies are installed in Morocco, operating in various sectors such as pharmaceuticals, food industry, building, cork industry…

Morocco is a major partner of Portugal in the Arab world and the second in Africa, after Angola (former colony of Portugal). Portuguese exports of goods and services to Morocco increased by 18.5 pc in 2015 while imports grew by 12.2 pc.

To enhance further economic relations and trade exchanges between the two countries, a Chamber of Commerce, Industry and Services of Portugal was set up.

According to some experts, the two countries can launch joint cooperation projects in Africa and particularly in Portuguese-speaking African countries as Morocco is expanding its presence in the African continent. Hence, there are huge joint business opportunities for a triangular cooperation and partnership.

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