Besides trade, agriculture and transport

UAE, Morocco discuss 'new economy' investments

During the work of the first session of the Joint Economic Committee between the two countries. From the source

The Minister of Economy, Abdullah bin Touq Al Marri, discussed with a number of ministers and senior officials in the Moroccan government the enhancement of prospects for economic and trade cooperation between the UAE and Morocco during the next phase, where the two sides discussed enhancing joint work to encourage mutual investments between the two countries in the new economic sectors, and launching a new program to support agricultural investments between the two countries, as well as providing more opportunities and enablers to enhance the investments and expansions of Emirati companies operating in the agricultural fields in the Moroccan markets. In addition to discussing investment opportunities in the fields of land, sea and air transport, and supporting cooperation in electronic systems for the supply chain between the two countries. This came on the sidelines of the first session of the UAE-Morocco Joint Economic Committee, which was held in Rabat, in the presence of a number of government officials, businessmen and representatives of the private sector in the two countries.

Building partnerships

Bin Touq stressed that the UAE, thanks to the directives and vision of the wise leadership, is keen to strengthen economic and trade relations with the Kingdom of Morocco, in order to enhance the building of new investment and trade partnerships.

He said that the two countries have promising investment opportunities and an important geographical location through which to access key and strategic markets in Africa and Asia.

Conventions

The Ministry of Economy said in a statement yesterday that Bin Touq held a bilateral meeting with Morocco's Minister of Economy and Finance Nadia Fattah Alaoui to discuss enhancing the benefit from the investment and trade agreements signed between the two countries, especially the agreement on "protection and promotion of investments" and "double taxation", in order to support the increase of investments and provide more incentives for Emirati and Moroccan companies. The two sides discussed the importance of intensifying mutual investments in the sectors of the new economy, especially technology, cybersecurity, artificial intelligence and renewable energy, in order to support the vision of the two countries in the transition towards new economic sectors.

Agricultural Investments

Bin Touq also held another meeting with the Minister of Agriculture, Fisheries, Rural Development, Water and Forests in the Moroccan government, Mohamed Siddiqui, to discuss mechanisms to enhance agricultural cooperation between the two countries by launching a new program to support agricultural investments, and stimulate joint cooperation in the fields of fertilizers, agriculture, technology and research and development, to ensure the flow of goods and products in the markets of the two countries. The two sides discussed supporting joint cooperation in the halal industry through Sharia-compliant insurance and financing solutions.

During the meeting, the two sides pointed to providing more opportunities and enabling support to enhance the investments and expansions of UAE companies operating in agricultural goods and products in the Moroccan markets.

Investment Cooperation

In the same context, Bin Touq met with the Minister Delegate to the Prime Minister in charge of Investment, Convergence and Evaluation of Public Policies, Mohsen Jazouli, where they discussed strengthening investment cooperation frameworks between the two countries during the next phase in areas of common interest, in order to support the growth of mutual investments between the UAE and Morocco.

Bin Touq reviewed the advantages and enablers granted by the UAE to investors and businessmen from around the world, including allowing 100% foreign freehold ownership in all economic and industrial sectors, after making amendments to the Commercial Companies Law, providing a stimulating investment climate for business and investment, and modernizing the country's legislative system by issuing new legislation, most notably the Commercial Transactions Law, trademarks, and family businesses, in addition to developing the national economic register.

Transportation Fields

Bin Touq also held a bilateral meeting with the Moroccan Minister of Transport and Logistics, Mohamed Abdel Jalil, to discuss investment opportunities and joint cooperation in the fields of maritime, air and land transport, and to benefit from the bilateral agreements signed between the two countries in this regard, especially that air traffic between the UAE and Morocco is witnessing continuous growth, as the number of flights reached about 60 flights per month through the national carriers of the two countries.

Providing more opportunities and enablers to support the expansion of UAE companies in the Moroccan markets.