The Department of Economic Development in Abu Dhabi (DED) has signed a mutual cooperation agreement with the Moroccan Centre for Export Promotion (Maroc Export) to reinforce mutual cooperation between the two countries and to enhance trade and investment opportunities for the private sector in the Kingdom of Morocco and the Emirate of Abu Dhabi.
The agreement was signed by HE Mohammad Omar Abdullah, DED Undersecretary, and Mr. Saad Eldin Bin Abdullah, Executive Director of Maroc Export on the sidelines of the UAE Moroccan Forum, which was held recently at Abu Dhabi Chamber, in the presence of Mr. Khalfan Saeed Al Kaabi, Deputy Chairman of Abu Dhabi Chamber and senior officials from both sides.
HE Mohammad Omar Abdullah said that the agreement aims to provide services, facilities and incentives to promote economic relations and businesses between the two countries, especially the contribution of exports in the trade exchange between both sides, noting that the volume of trade exchange between Morocco and Abu Dhabi during the first half of this year reached AED 39,709,121 compared to AED 22,531,000 during the same period last year.
He added that the UAE Moroccan Forum comes as part of purposeful initiatives to promote the distinguished historical relations between the leaders and governments of the UAE and the Kingdom of Morocco in various fields, especially the economic ones, pointing out that the volume of non-oil trade between the UAE and Morocco has grown by 30% by the end of this year compared to last year reaching nearly two billion Dirhams.
We in the UAE attach great importance to our relations with the Kingdom of Morocco in view of the distinctive brotherly relations between the people of both countries. Therefore, we are pleased to embody this by entering into bilateral agreements that will contribute to raising the level of economic and trade relations to higher levels to meet the aspirations of both leaderships.
“We must take advantage of the opportunities and potentials enjoyed by both the UAE and Morocco, and work together on the transfer of economic knowledge and expertise and successful experiences in order to serve the two brotherly peoples, and the best opportunities available at present are to work together to increase the volume of bilateral trade exchange and promote investment opportunities between the two sides concluded Omar Abdullah.
Mr. Saad Eldin bin Abdullah, Executive Director of Maroc Export exalted UAE's regional and international distinctive status at the economic and trade levels, thanks to the wise policy of HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE.
He pointed out that the Kingdom of Morocco is extremely interested in the recent developments and growth witnessed by the UAE, especially the Emirate of Abu Dhabi. Hence, Morocco is keen to take advantage of UAE’s successful and unique potentials and experiences, especially in the trade and business sector where the UAE has become a regional and global hub, thanks to its advanced systems and methodologies which are based on best practices and international standards.
Bin Abdullah explained that the agreement signed with the Government of Abu Dhabi will open the door wide to increase the volume of trade exchange between the two sides and will contribute to expand the areas of business between businessmen and investors from both sides.
He added that this agreement which comes as one of the activities of the UAE Moroccan Forum is an invitation to businessmen and investors from both countries to increase their businesses and investments and to explore available opportunities in light of the inclinations of the two countries towards the provision of all possible facilities and incentives in this regard, pointing out that the agreement also contributes to the establishment of commercial network that allows companies of both parties to reach new markets in Europe, Africa and the Middle East.
According to the agreement, the two sides will exchange economic and commercial information, and any other information that might help in publicizing the markets of each side as well as third party markets to evaluate the existing trade opportunities, and further develop trade links between companies operating in Abu Dhabi and Morocco.
The agreement also provides for joint cooperation to promote trade opportunities available on both sides through the development of communication channels and coordination in all that is related to the commercial products, the organization of trade fairs, trade missions, forums, workshops and visits of businessmen from both countries.
The agreement also states that the Department of Economic Development in Abu Dhabi and the Moroccan Center for Export Development will hold regular meetings in both countries to design and implement joint action programs in order to determine and evaluate all joint procedures, agreements and measures with the aim of boosting the volume of trade exchange between the two countries.
The economic and trade relations between the UAE and Morocco are witnessing continuous development since 2008, where the value of trade exchange has increased remarkably and the sectors are more diverse. The UAE key exports to Morocco include petrochemicals, metals, foodstuff; transport equipment and household appliances.
In return, the Kingdom of Morocco enjoys great investment opportunities for UAE-based companies, thanks to its vital location allowing easy access to the European markets and its low-cost manpower, in addition to its stable economy.