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    Morocco, Portugal Sign Agreement to Boost Economic Cooperation

    The two countries’ leading business platforms signed a deal to boost existing economic ties between and explore new and innovative partnership opportunities.

    24 Nov 2021

    Fez - Morocco and Portugal signed on November 22 in Rabat, a cooperation agreement to establish a joint Economic Council in Casablanca.

    The General Confederation of Moroccan Enterprises (CGEM) and the Confederation of Portuguese Enterprises (CIP) are leading the platform. A joint statement said the new platform is set to boost existing economic ties between the two countries and explore new and innovative partnership opportunities.

    The agreement aims to advance the economic partnership and collaboration between Portugal and Morocco, with the goal of providing both nations with win-win investment and trade opportunities. According to the statement, the deal will also help increase investments and the implementation of structural projects.

    President of the CGEM, Chakib Alj, reiterated the confederation’s willingness to consolidate the existing ties and cooperation between the two countries.

    He stressed that the agreement is a step toward boosting the countries’ bilateral economic ties to reach a win-win partnership in “strategic sectors of the future, such as digital, aeronautics, automotive, energy, textiles, metallurgy, and health.”

    Alj highlighted that in addition to its geographical proximity, Morocco offers foreign investors a strong business climate, world-class infrastructure, and approximately 60 free trade agreements. These assets position Morocco as a gate to a continental market of one billion customers, added Alj.

    Additionally, Alj stressed the position of Morocco as a preferred African partner, pointing to the county’s thriving economy and its increasing leadership position in Africa.

    Meanwhile, Eurico Brilhante Dias, Secretary of State for Internationalization at Portugal's Ministry of Foreign Affairs, said that the new platform will act as an engine for the development of bilateral cooperation to significantly boost trade and investment links between Morocco and Portugal.

    He also spoke of the complementarity between the Moroccan and Portuguese economies, pointing out that in the last 20 years both countries have experienced remarkable development and diversified textile industry.

    In October, members of a Moroccan delegation visited Portugal search of new areas of a potential economic partnership in the Iberian country. During that visit, Moroccan officials were able to travel through the provinces of Lisbon and Porto, the country's two main cities and commercial hubs.

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