Energy: Saudi Arabia considers a strengthened partnership with Morocco

Hibapress

Saudi Arabia is considering strengthened industrial partnerships with Morocco in key sectors such as energy and petrochemicals, Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef said on Wednesday in Casablanca. .

During his visit to the General Confederation of Moroccan Enterprises (CGEM), Mr. Al-Khorayef welcomed Morocco’s economic progress, particularly in the industrial and mining sectors, where the two countries can cooperate effectively, particularly in the phosphate domain. He also indicated that strengthened industrial partnerships with Morocco are envisaged, particularly in key sectors such as energy and petrochemicals.

Saudi Arabia is banking on industry to diversify its economy, with strategies focused on logistics, exports and education, explained Mr. Al-Khorayef, specifying that Saudi Arabia’s industrial strategy targets twelve sectors, including those related to sustainability, national security, natural resources and industries of the future. These initiatives offer numerous opportunities for collaboration with Morocco for innovative and strategic projects, he said.

Mr. Al-Khorayef also highlighted the importance of strong ties between Morocco and Saudi Arabia, stressing that they constitute the cornerstone of shared economic prosperity, noting that the clear strategies of the two countries, such as that Saudi Arabia’s “Saudi Vision 2030” plan and Morocco’s economic reforms reflect their common ambitions.

In this sense, he stressed the need for rapid development of bilateral trade to achieve common ambitions, noting that Saudi Arabia is preparing to host major events such as Expo 2030, the 2034 World Cup or further projects such as “Neom” which will require a variety of goods and services.

The Saudi official thus estimated that Morocco, with its industrial capacities and its growing market, can play a key role in these initiatives, in particular by participating in priority projects identified in Saudi Arabia’s industrial strategy.

For his part, the president of the CGEM, Chakib Alj, recalled the recent visit to Riyadh of a delegation led by the Confederation of more than 100 Moroccan companies representing 15 economic sectors as part of the Saudi-Moroccan Economic Forum.

During this event, representatives of the Saudi and Moroccan private sector agreed on a joint work program as well as a series of initiatives aimed at promoting cooperation and economic integration between the two Kingdoms, underlined Mr. .

At the same time, he considered that the current visit of the Saudi official represents an opportunity to follow up on these initiatives and to hear from Moroccan entrepreneurs on the possible obstacles to be removed to stimulate Moroccan investment in Saudi Arabia and Saudi investment in Morocco.

Mr. Alj also assured that the CGEM is committed to supporting these efforts and facilitating cooperation between Moroccan and Saudi companies via the Moroccan-Saudi Business Council which demonstrates great dynamics, saying he is convinced that this visit will mark the start of a new phase of fruitful partnership. On this occasion, the two parties praised the excellence of the ties uniting the Kingdom of Morocco and the Kingdom of Saudi Arabia, noting that this visit marks an important step in strengthening economic and commercial relations between the two countries.

During this visit, in-depth discussions took place to identify joint industrial projects likely to benefit from the technological advances and expertise of the two countries.

Furthermore, the two parties invited Moroccan and Saudi companies to collaborate to develop joint industrial initiatives that will contribute to economic growth and job creation in both countries.

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