Morocco-Israel: A series of agreements signed
Morocco and Israel are committed to putting in place a solid foundation to speed up economic and commercial trade in both directions. This is in any case the spirit that marked yesterday, Monday, February 21, the first official visit of Mrs.Orna Barbivai (Israeli Minister of Economy and Industry) in Rabat.
On the agenda: a series of meetings and signing of memoranda of understanding with Nadia Fettah Alaoui, Minister of Economy and Finance, Ryad Mezzour, Minister of Industry and Trade, or Younes Sekkouri, Minister of Employment and Economic Inclusion.
Economic and trade cooperation was at the heart of the various meetings. It must be said that there is a wide potential for expanding ties, investments, business opportunities in both directions. The challenge today is to go faster and further by exploring investment opportunities, developing trade flows, multiplying partnerships and joint ventures, and activities of the like.
It is in this same spirit that Ryad Mezzour and Orna Barbivai have signed an economic cooperation agreement. This agreement includes the creation of qualified industrial parks in Morocco, new general industrial areas that will make it possible to implement a cooperation in a triangular approach between Morocco, Israel, and the United States in the field of trade and investment. The agreement will facilitate direct access to the U.S. market for goods produced in these areas.
«The meeting offered us the opportunity to identify areas and avenues for collaboration and bilateral industrial and trade partnership. After more than a year of resumptionof diplomatic relations, Morocco and Israel have laid the groundwork for an innovative multidimensional partnership. Today is a new step that we are taking on the path of our partnership that we want to be intense, fruitful, and mutually beneficial», said Ryad Mezzour. The ministers also discussed the potential and synergies, or complementarities to be played between several industrial sectors. Among the high-potential sectors identified is the automotive industry.
“I think we could benefit from Moroccan expertise in vehicle production. It is also a sector where a large number of companies are developing in Israel”, confided the Israeli Minister, Orna Barbivai, to L’Economiste.The agreement also provides for participation in fairs and exhibitions, the organization of events, business trips, prospecting operations, and other activities.
According to Orna Barbivai, bilateral trade between Israel and Morocco reached some 131 million USD in 2021. The goal, according to the Israeli minister, is to exceed 500 million USD per year.
Today, all the potential of Morocco-Israel investment lies inIndustry 4.0, agribusiness, automotive, aerospace, textiles, water technology, renewable energy, outsourcing services, medical devices, or the pharmaceutical industry. In Israel, the main high-growth sectors include artificial intelligence, digital, technology, innovation, R&D, cybersecurity, agriculture, fintech, agritech, and other sectors.
In order to put in place the mechanisms for the development of this bilateral partnership to meet the needs and expectations of both countries, it was agreed, at the end of this meeting, to hold the first session of the Joint Committee provided by the Trade and EconomicCooperation Agreement and to organize a business forum between the two countries.
Amin RBOUB
