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Rabat, Morocco: The first meeting of the UAE-Morocco Joint Economic Commission (JEC) was recently held in Rabat to implement the trade, economic and technological cooperation agreement between the two countries. The meeting was chaired by H.E. Abdullah bin Touq Al Marri, Minister of Economy, and H.E. Nadia Fattah Al Alawi, Minister of Economy and Finance of Morocco.
During the meeting, the two countries set a goal of doubling their trade and investment exchanges in the next seven years. The UAE and Morocco further agreed to strengthen cooperation in priority sectors in their economic agendas. These include trade, investment, finance, banking, food safety, industry, innovation, technology, energy, renewable energy, logistics and infrastructure. In addition, the two countries agreed to promote the exchange of experience and knowledge in the fields of tourism, culture, education and health.
JEC meetings are attended by many federal and local government officials, as well as key private sector companies operating in various areas of mutual interest.
The UAE delegation in attendance included representatives from the Ministry of Foreign Affairs and International Cooperation, Dubai Economy and Tourism, Abu Dhabi Development Foundation, Federation of Chambers of Commerce and Industry, Etihad Rail, Emirates Airline, Abu Dhabi Future Energy Company (Masdar) , DP World, Abu Dhabi Ports Group, Al Ain Farms for Animal Production, Sharjah Chamber of Commerce and Industry, UAE Overseas Investors Council, Sharaf Group, Al Nowais Investment Company, EMEA Power Company, etc.
HE Bin Touq said that the UAE and Morocco have a long history of relations and a distinguished partnership characterized by mutual understanding and cooperation in various strategic areas. He noted that the convening of the first UAE-Morocco JEC meeting reflects the common desire of the leaders of the two countries to strengthen and elevate the existing economic and trade relations to new heights.
The Minister of Economy added: “JEC is a new milestone in the development of economic and trade relations between the two countries, which will allow us to take advantage of promising investment opportunities in the markets of both countries. It will help bring the private sectors of the UAE and Morocco closer to each other and facilitate dialogue between them, which will lead to growth in trade and investment exchanges.”
He said: “Non-oil trade and investment exchanges between the two countries are constantly growing. The UAE is the largest Arab investor in Morocco today and the second largest investor in the world. billion), accounting for 21% of the total foreign direct investment in the Moroccan market. Meanwhile, Moroccan investments in the UAE reached AED289.9 million (US$79 million) by the end of 2020.”
“The UAE’s investments in Morocco cover services, automobiles, industry, communications, agriculture, health, tourism, real estate, energy, pharmaceuticals and other major development areas. Moroccan investments in the UAE are also spread across several important economic sectors, including real estate, insurance and professional and technical activities.”
He added: “As of 2021, the UAE is Morocco’s second largest Arab trading partner, as non-oil foreign trade between the two countries will reach AED3. , 67.3%, starting in 2020”.
During the meeting, HE Bin Touq highlighted several economic policies adopted by the UAE for a future-proof investment environment and increased competitiveness. These include amendments to the country’s Business Companies Act to ensure a flexible business environment for investors. These amendments grant 100% foreign ownership to companies and investors in all sectors of the economy and in all legal forms.
Also noteworthy is the enactment of new laws for commercial transactions, business establishments, cooperatives and family businesses, and the introduction of the Golden Visa regime for many categories with a residence period of 5-10 years. These developments now help attract businesses, innovators and talent from around the world to the country, providing them with the ideal work environment to succeed and grow. They continue to take advantage of the flexibility to operate in the various emirates of the country, including free zones, with the attractive incentives and advanced infrastructure they offer.
His Excellency Nadia Fettah Al Alawi highlighted the thriving bilateral relations between the two countries, thanks to the shared commitment of the two governments to continuously advance them. She also commended the contribution of the UAE government and the Abu Dhabi Development Fund to support development projects in several key sectors in Morocco.
In addition, the Moroccan minister informed the UAE delegation of the most important economic reforms undertaken by the Moroccan government to improve the country’s business environment.
She confirmed Morocco’s readiness to intensify joint efforts with the UAE to ensure fruitful economic cooperation in various fields of mutual interest.She also invited UAE investors to take advantage of the promising investment opportunities offered by the Moroccan market and explore partnerships with the Moroccan private sector in priority sectors.
In addition, the two countries agreed to form a joint working team to enhance exchanges between the UAE and Moroccan business communities through the organization of seminars, forums and conferences. Both parties also emphasized the importance of strengthening cooperation in promising economic and trade fields through the Morocco-UAE Business Council.
Increased trade
The JEC meeting explored ways to enhance trade exchanges and organize joint seminars and events to facilitate import and export procedures for exporters and importers in both markets. A joint group will be formed to develop initiatives aimed at doubling non-oil foreign trade between the two countries over the next seven years.
New Mechanism to Facilitate FDI Exchanges
The UAE and Morocco discussed new mechanisms and strategies that could help increase FDI flows between the two countries in sectors of mutual interest. These will ensure greater opportunities for the private sector.
Support for SMEs
Programs and facilities that need to be developed in the field of export and investment were also discussed during the JEC meeting to allow SMEs to easily access these two markets. This will help increase their investment and support their exports to new markets, thereby increasing the contribution of the SME sector to the GDP of both countries.
Cooperation in the field of anti-money laundering and combating the financing of terrorism
The UAE and Morocco expressed a shared desire to strengthen cooperation in the fields of anti-money laundering, combating the financing of terrorism and illegal organisations; monitoring the DNFBP industry; and the application of true beneficiary data for businesses. They agreed that this would support foreign direct investment flows between the two countries and help ensure the integrity of the financial system and compliance with international best practices.
Financing of development projects in Morocco
The two sides spoke highly of the existing cooperation between the two countries in the financial field and the implementation of important development projects. The UAE expressed its desire to explore more opportunities to finance development and strategic projects in the Kingdom of Morocco.
Cooperation in the field of insurance services
The JEC meeting also discussed opportunities in the area of joint insurance services for exports of goods, investment and services to support insured traders in both markets. The two countries further agreed to facilitate the exchange of experiences and best practices based on sharing in areas such as commercial underwriting, risk management, claims settlement and refunds.
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