Signature of a MoU for the reactivation of the Business Council

The General Confederation of Moroccan Enterprises (CGEM) and the Federation of Chambers of Commerce and Industry (FCCI) of the United Arab Emirates signed, Thursday in Rabat, a memorandum of understanding (MoU) for the reactivation of the Council of Morocco-United Arab Emirates affairs.

This MoU was initialed by the president of the CGEM, Chakib Alj, and the secretary general of the FCCI, Humaid Mohamed Ben Salem, in the presence of the Emirati Minister of Economy, Abdullah Bin Touq Al Marri and economic operators from both countries, on the sidelines of a business talk organized by the Confederation in collaboration with “Investopia”.

This business council, which will be chaired on the Moroccan side by Abdelmajid Iraqui Houssaini, Chairman of the Management Board of Taqa Morocco, constitutes a joint support and assistance platform for Moroccan and Emirati companies for the realization of innovative investments with high impact and generators of added value and jobs.

Speaking on this occasion, Abdullah Bin Touq Al Marri stressed that his country, based on the wise vision of his leadership and in order to achieve the objectives set for the next 50 years, has launched an integrated and unprecedented set of initiatives, programs and policies capable of leading to radical transformations of its current economic model so that it is more flexible, sustainable and more in line with future development trends.

These efforts pave the way for more business incentives and facilities and for expanding trade and investment partnerships with various global markets, the Emirati minister said, highlighting the importance of the Business Talk organized to discuss investment opportunities in new economic sectors.

This initiative will also enable the Emirati and Moroccan business communities to benefit from these opportunities, to develop partnerships in favor of the development of the two countries and to strengthen the existing bilateral relations and bring them to more advanced levels.

For his part, Chakib Alj recalled that Morocco and the United Arab Emirates have always maintained relations of friendship and respect, affirming that the economic cooperation between the two countries is already fruitful.

In this regard, he referred to the free trade agreement concluded since 2001, adding that the United Arab Emirates is also the first Arab country to invest in the Kingdom with more than 30 Emirati companies operating in various sectors and 20 billion dollars of investments made to date.

However, and given the great complementarities and similarities between the economies of the two countries, the president of the CGEM considered that “we could go far beyond these achievements by building innovative, high-impact and sustainable partnerships and this , in many sectors, particularly in industry, renewable energies, new technologies and logistics”.

Chakib Alj also noted that all the ingredients are there to make economic cooperation between the Moroccan and Emirati business communities a true model of regional collaboration and confirm the economic leadership of the two countries, in a world that is being reshaped.

“We are ready to join forces and work immediately with our Emirati counterparts, with whom we share the same business mindset and have built a relationship of trust and solidarity, with a view to generating more jobs, more growth and prosperity in our respective regions,” said Chakib Alj.

For his part, the secretary general of the FCCI highlighted the need to open up new horizons for business leaders to establish long-term investment partnerships, whether in the United Arab Emirates or in Morocco, regard to the competitive advantage enjoyed by the two countries, to improve bilateral relations.

Mr. Ben Salem also indicated that the signing of the MoU to reactivate the Business Council is a new step towards strengthening cooperation between the two countries and the organization of various events in the United Arab Emirates or Morocco aimed at the development of economic relations between the two countries and the improvement of communication channels between business leaders and to provide facilitations.

Investopia is an initiative launched by the UAE government in 2021 as one of the major strategic projects among the “Projects of the 50”. It is a global platform designed to spur investment, generate growth, accelerate innovation and contribute to the prosperity of future generations.

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