Egyptian-Moroccan action group to promote cooperation

An Egyptian-Moroccan action group was formed to promote economic cooperation in several domains in order to realize integration between the two countries, the Egyptian trade and industry minister said.

Tareq Qabil held a meeting on Tuesday with his Moroccan counterpart Moulay Hafid Elalamy on ways to bolster economic cooperation. 

The two sides discussed challenges facing inter-trade and means of enhancing cooperation between the Egyptian and Moroccan exports authorities to facilitate exporting Egyptian products to western Africa and, on the other hand, exporting Moroccan products to eastern Africa, he said.

Qabil underlined the importance of benefiting from trade agreements between the two countries, including the Arab free trade area agreement and the Agadir agreement.

Qabil highlighted the importance of activating the role of the joint business council.

The talks reviewed available investment opportunities in Egypt, especially in major national projects.

Meanwhile, the Moroccan minister accentuated keenness on boosting bilateral cooperation, noting that his visit to Egypt is meant to give momentum to economic cooperation in the coming period.

Trade exchange between the two countries witnessed a fillip over the past four years, reaching 680 million dollars in 2016, up from 475 million dollars in 2013.

Morocco is number 40 on the list of international investors in Egypt. Moroccan investments in Egypt stand at about 80 million dollars in 184 companies operating in the fields of cement, chemical industries, construction materials, weaving and textiles, services, tourism and communication.