May 24, 2024
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H.E. Bin Touq’s meetings with Moroccan ministers explore prospects for stronger economic & trade cooperation

Abu Dhabi, 2  May 2023 :

H.E. Abdullah bin Touq Al Marri, Minister of Economy, held meetings with several ministers and senior officials in the Moroccan government on the sidelines of the first ever UAE-Morocco joint economic committee (JEC) that took place recently in Rabat. During these bilateral meetings, H.E. Bin Touq emphasized the UAE’s desire to strengthen economic and trade ties with Morocco through building new, mutually beneficial investment and trade partnerships.

H.E. Bin Touq added: “Both the UAE and Morocco boast promising investment opportunities and enjoy strategic geographical locations that enable access to key and strategic markets in Africa and Asia. We look forward to working alongside our partners in the Moroccan government to facilitate the access of UAE and Moroccan private sector companies to each other’s markets to boost trade and investment exchanges between the two countries.”

Optimization of existing investment & trade MoUs

H.E. Bin Touq’s meeting with his Moroccan counterpart Nadia Fettah Al Alawi discussed the optimization of the existing investment and trade agreements between the two countries, especially the ones on protection and promotion of investments and double taxation to enable more incentives for the private sector. The meeting further emphasized the importance of boosting investment exchanges in new economy sectors such as technology, cyber security, AI, and renewable energy.

Strengthening of trade in food and agricultural goods

The meeting between H.E. Bin Touq and H.E. Mohamed Siddiqui, Moroccan Minister of Agriculture, Marine Fishing, Rural Development, Water and Forestry, explored mechanisms to enhance agricultural cooperation between the two countries through the launch of a new program. This initiative will support agriculture investments and stimulate cooperation in the fields of fertilizers, agritech and R&D to ensure seamless flow of goods and products to both countries’ markets. It will also enable the expansion of UAE companies such as Al Dahra Holding in the Moroccan market.

The strengthening of cooperation in Halal industry through insurance and financing solutions that comply with Islamic Sharia was another topic of discussion.

Enhanced investment cooperation

H.E. Bin Touq met with H.E. Mohcine Jazouli, the Moroccan Minister Delegate to the Head of Government in charge of Investment, Convergence, and the Evaluation of Public Policies, to enhance investment cooperation between the two countries in sectors of shared interest.

During the meeting, H.E. Bin Touq elaborated on the advantages and incentives offered by the UAE economy to investors and businessmen from around the world, including amendments made to the Commercial Companies Law to grant 100 per cent foreign ownership of projects in all economic and industrial sectors. The modernization of the economic legislation also saw the issuance of several new laws, most notably the law on commercial transactions, trademarks, and family companies, in addition to the development of the national economic register. These efforts have significantly enhanced the UAE’s investment environment, thus solidifying its position as one of the most dynamic investment and business hubs in the world.

The Minister of Economy said that the UAE remains keen to provide all means of support to investors and businessmen operating in the country, as well as services related to residency, visas, and issuance of licenses for economic activities.

Finally, H.E. Bin Touq’s meeting with H.E. Mohammed Abdeljalil, Moroccan Minister of Transport and Logistics, reviewed investment opportunities and cooperation in the fields of sea, air, and land transport. The two sides agreed to leverage bilateral agreements signed between the two countries in this regard, especially as air traffic between the UAE and Morocco is witnessing continuous growth. Currently, there are 60 flights connecting the cities of the two countries per month, operated by their national carriers.

The meeting also discussed mechanisms to boost investment exchanges in seaports infrastructure and marine technology, in addition to the strengthening of cooperation in digital systems for supply chains.

Last Updated on 1 year by Middle East News 247

    Middle East News 247

    Middle East News 247 delivers trending business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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