The Egyptian-Moroccan Joint Business Council, led by Nezar Abu Ismail, held its first meeting to discuss strategies to enhance communication and cooperation between the two countries, including focusing on promoting investment and trade.
Abu-Ismail told the panel that the challenges faced by investors in both countries should be overcome through direct contact with their leaders. The meeting also explored opportunities to understand and expand joint ventures in the fields of renewable energy, agriculture, horticulture, housing, construction, tourism, medicine, automobiles, clothing, food, electronics, and more.
The conference decided to organize a delegation of Egyptian businessmen to visit Morocco in the future. The delegation will explore investment opportunities and present plans to develop Egypt’s investment in Morocco. Abu Ismail said that they aim to open the Egyptian door to Moroccan exports to East Africa and to achieve this by establishing Egyptian and Moroccan products in both countries.
A total of 295 Moroccan companies currently operate in Egypt, with a total investment of approximately $230 million. Annual trade between the two countries is at $1.3 billion, and there is a desire to increase this figure even further.
Looking to the future, Abu Ismail announced that he plans to present four trade projects to the Moroccan Minister of Trade early next year. The project, which involves the cooperation of Egyptian and Moroccan businessmen, will lead to research and applications that will support economic growth in both countries. Egypt’s exports to Morocco include many important products such as metal products, materials such as cement and ceramics, coke and carbon, agricultural fertilizers and chemicals. Exports also include food products such as vegetable oil and plants such as vegetables, fruits and dates, electronic products, engineering products, plastic products and paper.
This increasing cooperation shows the determination of the two countries to advance their economic cooperation indefinitely.
