Morocco’s CGEM, Israel’s IEBO sign strategic partnership agreement

Morocco’s CGEM, Israel’s IEBO sign strategic partnership agreement

The General Confederation of Moroccan Employers (CGEM) and the Israeli Employers and Business Organizations (IEBO) signed, Tuesday in Tel Aviv, a strategic partnership agreement, on the sidelines of the Israel-Morocco Economic Forum.

This agreement was concluded by CGEM President Chakib Alj, IEBO President Ron Tomer, and the President of the Federation of Israeli Chambers of Commerce (FICC) Uriel Lynn.

Under this agreement, the two sides vow to pursue dialogue to explore important issues regarding relations between Morocco and Israel and contribute to the mutual expansion of trade, investment and technology development.

The parties also commit to establishing a channel of communication through a bilateral business council to promote cooperation between the two organizations and develop exchanges of information and experience on issues of common interest to the respective members for the promotion of business development in both countries.

This will be done through the establishment of an effective and systematic consultation and cooperation between the parties especially on trade and investment development policies.

The objective is also to exchange information on economic issues, legislation, sectoral and tourism data, including foreign trade, customs and currency system and to serve as local focal points of the demands of members of the two unions.

In addition, CGEM and IEBO commit to holding regular meetings to facilitate the exchange of views in order to review the forecasts and implementation of this agreement, to encourage the exchange of trade missions, B2B events and trade missions.

These meetings would also provide the visiting delegation’s business missions from the other party with support with reasonable preparation, as well as to encourage the establishment of Moroccan companies in Israel and Israeli companies in Morocco, operating in priority sectors, which will be defined jointly.

Moreover, the parties concerned will improve the exchange of commercial information on import and export activities, research and development, innovation and technological cooperation opportunities between the two countries.

This will be achieved through the publication of documents concerning economic development, opportunities and policies of foreign trade and investment, taxation and legislative changes in both countries, in addition to encouraging a joint economic study on potential opportunities for trade between the two countries and provide lists of importers/exporters of all sectors according to the demand.

The Israel-Morocco Economic Forum, held on the sidelines of the inaugural Casablanca-Tel Aviv flight of Royal Air Maroc (RAM), was attended by 80 Moroccan business leaders and more than 300 Israeli companies operating in various sectors such as agriculture, industry, health, education, renewable energy and water, with the aim of paving the way for a strong economic and commercial partnership.

At the opening of the Forim, CGEM chief stressed that “Morocco and Israel, two of the most prosperous and dynamic economies in their respective regions, have a clear strategic vision and a strong desire to stimulate the volume of trade and investment, to improve mutual access to markets and to stimulate shared social and economic growth.”

“Following the resumption of diplomatic relations between the two countries in December 2020, bilateral cooperation is experiencing noteworthy developments in sectors of mutual interest such as tourism, health, agriculture, water, industry, education and technology, with the ambition to increase trade to $500 million,” he pointed out.

The economies of the two countries have very complementary assets, noted Chakib Alj. “If matched well, they can lead to countless opportunities and unleash the spirit of entrepreneurship and innovation that already exists in Morocco and Israel.”

Mr. Alj also highlighted Morocco’s competitive advantages as an investment destination that is ranked today in the top 50 most attractive, business-friendly and trustworthy economies in the world.

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