RIYADH: Economic ties between Saudi Arabia and Morocco are set to strengthen particularly in the areas of energy extraction as an official delegation from the Kingdom visits the northwest African country to explore areas of cooperation.
Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef began his official visit to Rabat on June 3.
He will lead the Kingdom’s delegation to the 28th General Assembly of the Arab Industrial Development, Standardization and Mining Organization, which will be held from June 4 to 6 in the Moroccan capital, according to the Saudi Press Agency.
According to Alkhorayef, he and Moroccan officials discussed ways to strengthen cooperation in vital sectors. “We also reviewed the promising investment opportunities available in both countries and opened new horizons for a sustainable partnership,” the Saudi minister said.
He added that he reviewed the achievements of Saudi Vision 2030 with a group of Moroccan opinion leaders and economic analysts, focusing on the industrial and mining sectors.
“We also exchanged views on a range of economic issues, highlighting the importance of the media and its central role in spreading awareness and achieving development goals,” he said.
Meanwhile, the industry minister held talks with Leila Benali, Morocco’s Minister of Energy and Sustainable Development, and Nadia Fettah, Morocco’s Minister of Economy and Finance. The officials discussed strengthening economic cooperation between the two kingdoms.
During the meeting, they also discussed cooperation opportunities and partnerships in the field of mining, including the development of the phosphate industry, leveraging the accumulated experience of the two countries to strengthen the competitive advantage of phosphate fertilizers and access to new markets.
They also discussed cooperation in regional trade, including overcoming barriers to the import and export of vital minerals in the region, as well as cooperation in the field of export development and support for the promotion of Saudi exports to Morocco.
The meetings were attended by Khalid bin Saleh Al-Mudaifer, Saudi Arabia’s undersecretary of industry and minerals for mining affairs, and Sami bin Abdullah Al-Saleh, Saudi Arabia’s ambassador to Morocco.
In addition, Alkhorayef held a meeting with heads of major mining companies in Morocco with the participation of some of the country’s most important investors in the sector.
The session focused on strengthening cooperation and reviewing the significant investment opportunities provided by the Saudi mining sector, as well as the services and incentives offered by the Kingdom’s ministry to investors.
The meeting also shed light on the ministry’s efforts and plans to develop the mining sector, benefiting from Saudi Arabia’s vast mineral wealth, which is estimated at more than SR 9.3 trillion ($2.48 trillion).
In addition, the meeting, which was also attended by Benali, explored opportunities for cooperation in the field of mining and the exploitation of mineral resources existing in both countries.
The meeting, held at Morocco’s Ministry of Energy Transition and Sustainable Development, discussed Saudi Arabia’s overall metals and mining industry strategy, the mining investment system and the industry’s legislative and regulatory frameworks.
In its report, SPA added that Alkhorayef is scheduled to meet with several government and private leaders and heads of mining companies, adding that the minister will visit Moroccan companies and factories to strengthen cooperation in the industrial and mining sectors and explore investment opportunities .