Reinforcing the existing relations and strengthening the trade and investment linkages between the UAE and Morocco, Dubai Exports, an agency of the Department of Economic Development, and the Moroccan Centre for Export Promotion Maroc Export, a public organisation in charge of the promotion and development of Moroccan exports, have both entered into a Mutual of Understanding.
Signed in the presence of His Excellency Abdelatif Mazouz, Minister of Foreign Trade of Morocco, the MoU aims to enhance bilateral trade and explore new exports opportunities for companies in the two countries. The MoU was signed by Mohammed Ali Al Kamali, Director of Export Markets Development at Dubai Exports, and Saad Eddine Benabdallah, Managing Director of Maroc Export.
Economic and trade relation between the two countries has seen significant development since 2008, with major UAE exports to Morocco include petrochemicals, metals, foodstuff products, transport equipment, tools and appliances. Investment in Morocco offers huge opportunities to the UAE such as access to European markets, skilled low-cost labour force, and stable macro economy.
The strategic partnership between Dubai Exports and Maroc Exports will promote bilateral trade as well as develop future cooperation towards utilising Dubai and Morocco as gateways to Europe, Africa and the Middle East. Dubai Exports aims that through this partnership, UAE and Moroccan companies can increase their exports in various key sectors.
According to Dubai Exports, Dubai’s direct exports to Morocco have grown at 19% for the period of 2009 to 2010 and are expected to increase to more than 30% towards the end of the year based on the first half of 2011. Dubai’s total direct export to Morocco amounted to AED448 million in 2010, while the total Free Zone exports were valued at AED273.66 million.
Among last year’s top products of Dubai’s Direct Export to Morocco were oil & fats; preparations of meat; cereal preparations; plastics; printed books; ceramics; and aluminium & articles thereof. Dubai’s Direct Export of plastics to Morocco was valued at AED130.75 million while aluminium & articles thereof amounted to AED60.84 million.
The MoU signing was part of a series of activities organised by Maroc Export in relation to a business exploration trip to Qatar, Kuwait and the UAE. Headed by HE Mazouz and Maroc Export, the business mission also comprised of 35 Moroccan businessmen from different sectors such as the pharmaceutical, food-processing, textile & leather, ICT, and finance industries.
Furthermore, Maroc Export, together with Dubai Exports, arranged several business meetings between the UAE and Moroccan companies. There were also site visits to some of the companies as part of the business mission.