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Egypt Today
05-05-2025
- Business
- Egypt Today
Egypt, Morocco Forge Stronger Trade, Investment Ties for Regional Growth
CAIRO- 5 May 2025: Egypt and Morocco are taking significant steps to revitalize and strengthen their trade relations, with both countries agreeing to enhance investment partnerships, improve trade flows, and collaborate on market entry strategies across the African continent. This move follows a meeting in Cairo between Egypt's Minister of Investment and Foreign Trade, Hassan El Khatib, and Morocco's Secretary of State for Foreign Trade, Omar Hajira. The meeting underscored a mutual commitment to resolving the trade imbalance, which has historically favored Egypt, and building a more balanced and strategic partnership. Both ministers emphasized that trade and investment are key drivers of regional economic growth and reiterated their shared vision for fostering economic cooperation. As part of these efforts, the two nations are expected to soon draft a memorandum of understanding (MoU) that will establish a framework for institutional cooperation, particularly in high-potential sectors such as textiles, agriculture, and pharmaceuticals. These sectors have been identified as key areas where both countries can collaborate to maximize mutual benefits. This diplomatic engagement comes after recent tensions, including Morocco's decision to block 150 containers of Egyptian goods earlier this year, a move that was seen as a push to renegotiate trade terms. However, the two countries are now focusing on the future, with Hajira's visit coinciding with the Egyptian-Moroccan Investment Forum, which provided a platform for both government officials and business leaders to discuss potential areas of economic collaboration. During the forum, El Khatib acknowledged that trade between Egypt and Morocco is still below its potential and reiterated Egypt's commitment to addressing any obstacles that Moroccan exporters face. Hajira highlighted that Moroccan exports currently account for just 6% of the $1 billion annual trade volume between the two nations and stressed the importance of regional integration as global trade patterns continue to evolve. Looking ahead, Morocco aims to boost its exports to Egypt, targeting USD 100 million in 2025, with a strong emphasis on expanding car exports. As Africa's leading vehicle exporter and Europe's largest supplier of internal combustion engine cars, Morocco plans to send 1,000 vehicles to Egypt next year. At the same time, Egyptian investments in Morocco are on the rise, with three factories currently under construction, representing a total investment of approximately USD 100 million. These factories focus on furniture, sanitary ware, and modern irrigation systems. Further growth is anticipated, with Egypt considering an additional USD 400 million in investments, particularly in sectors such as tourism and food industries. Moroccan businesses are also eyeing investment opportunities in Egypt's services, food, and wood manufacturing sectors, driven by Egypt's strategic location as a gateway to both East Africa and the Middle East. To facilitate this expanding relationship, officials have announced plans to launch a direct maritime route between the two countries, improving logistics and connectivity. This initiative is expected to be vital in enhancing long-term economic integration until the International Coastal Road is reopened.
Egypt Independent
04-05-2025
- Business
- Egypt Independent
Egyptian-Moroccan consultations held in Rabat at level of assistant FMs
CAIRO, May 3 (MENA) – Assistant Foreign Minister for Arab Affairs Ihab Fahmy held political consultations in Rabat with Morocco's Director General of Bilateral Relations at the Ministry of Foreign Affairs, African Cooperation, and Moroccan Expatriates Fouad Yazourh. Egypt's Ambassador in Rabat Ahmed Nihad Abdel Latif attended the meeting, according to a press release on Saturday. The talks came within the framework of the two countries' keenness to boost bilateral relations in various fields, especially economic and investment ones, in light of the promising opportunities in Egypt and Morocco. During the consultations, Fahmy reviewed ways to enhance cooperation, emphasizing the importance of well-prepared arrangements for the seventh session of the Egyptian-Moroccan supreme committee as well as an anticipated visit of Moroccan King Mohammed VI to Cairo. The Moroccan side said it is looking forward to an upcoming visit of Egyptian Foreign Affairs, Emigration and Expatriates Minister Badr Abdelatty to Rabat, as well as the convocation of the fourth session of the mechanism for strategic consultation and dialogue chaired by the foreign ministers of both countries. Fahmy asserted the importance Egypt attaches to a planned visit by Secretary of State to the Moroccan Minister of Industry and Trade Omar Hejira to Cairo on Sunday, leading a delegation of businessmen. The Egyptian-Moroccan Investment Forum will be held on the sidelines of Hejira's visit, he noted. He highlighted the forum as an important opportunity to stand on the facilitations and incentives provided by the Egyptian state to investors, and the efforts exerted to overcome any obstacles facing exporters of both sides. This will contribute to advancing the path of trade and economic relations, in pursuit of the common interest of the two brotherly countries and peoples. The talks also tackled a host of regional and international issues of mutual concern, topped by the Israeli aggression on the Gaza Strip, as well as the ongoing developments in Syria, Lebanon, Libya, Sudan and Yemen, and Red Sea security. They also discussed the latest updates regarding Somalia and the African Sahel region, stressing the necessity of joint cooperation to combat terrorism and confront the phenomenon of foreign terrorist fighters, which poses a threat to regional and international security. At the end of the talks, Fahmy said he agreed with the Moroccan official on the importance of holding periodic consultations and exchanging high-level visits by officials of the two countries to further strengthen the Egyptian-Moroccan relations in various fields. (MENA)
