UAE to bolster trade, logistics cooperation with Morocco

UAE to bolster trade, logistics cooperation with Morocco

The UAE sees room for increasing trade with Morocco to 7 billion dollars and stepping up investments in innovation and sustainability, Emirati Economy Minister Abdulla Bin Touq Al Marri said.

Speaking to Reuters following the signing of a memorandum of understanding (MoU) for the reactivation of the Moroccan-Emirati business council, Al Marri said trade has surpassed pre-pandemic level standing at 800 million dollars in 2021, and underscored the potential that both countries have to further bolster economic cooperation.

The MoU was signed by the federation of Morocco’s employers (CGEM) and the UAE Federation of Chambers of Commerce and Industry (FCCI).

Ahead of his visit to Tangier port to inaugurate an Emirati logistics project, Al Marri announced that the container shipping period between the two countries will be reduced to 7 days instead of 40 days currently.

He also said his country aims at stepping up its investments in Morocco in the traditional economy as well as circular and sustainable sectors.

The UAE was the second largest investor in Morocco last year after France. The Gulf country has invested 15 billion dollars in Morocco in the last decade.

Head of the CGEM Chakib Alj said 30 UAE companies operate in Morocco in different strategic sectors including energy and renewable energies. He added that Morocco is poised to attract more UAE investments given its attractiveness to foreign investors and strategic location near Europe and acting as a gateway towards the rest of Africa.

Al Marri has also told Reuters that his country was considering a trilateral deal to bolster trade between Morocco, Israel and the UAE.

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