About two years after the signing of the normalization agreement between Morocco and Israel, Minister of Economy and Industry Orna Barbiei announced another significant step in the warming of relations between the two countries: the opening of economic ties in Morocco in 2023. In a speech at the Morocco-Israel business conference, Barbiei said that “the connection to Morocco seems the most natural in the world, there Desire and reciprocity on both sides to promote influential economic processes. The Abraham Accords prove that Israel is open to peace for those who desire it and the economic opportunities are exceptional. Morocco is just the beginning and the potential is enormous. This is a significant political interest, and that is why we decided to open an economic embassy in Morocco in 2023 that will promote trade and investments between the countries.”
In addition, Minister Barbiei stated that “following trade and investment agreements in the past year, the volume of exports and imports was extraordinary. A figure that has a direct impact on the economic strength of the State of Israel.”
The opening of the economic annexation shows that Israel sees the new diplomatic relationship with Morocco as a particularly significant economic commercial potential. The annexation should realize the potential both for a relationship with Morocco itself and through it and through its trade agreements with Europe and Africa.
“Access to 2.5 billion consumers”
Morocco’s ambassador to Israel, Abdel-Rahim Biod, said at the conference: “Morocco’s strategic location between Europe and Africa, as a democratic system and a free economy, with a dynamic local market, makes it one of the leading countries in the African economy. Building infrastructure, increasing GDP and controlling inflation, are Some of the factors that make Morocco a pilgrimage center for doing business under ideal conditions.”
According to the ambassador, “Morocco has signed free trade agreements with many countries, including the US and African countries, and offers companies based in Morocco access to 2.5 billion consumers. Morocco has a clear competitive advantage, which makes it an excellent place for the growth of Israeli companies. We have a commitment to strengthening and improving business relations with Israel, and we intend to allow you easy access to the private sector in Morocco.”
The chairperson of the Export Institute, Ayelet Nahmias-Verbin, added: “This time requires the development of opportunities not only at the level of the region, but at the level of the entire Mediterranean countries. In view of what is happening in the whole world and in Europe in particular, as long as we succeed in connecting the economy of the Eastern Mediterranean – Israel, Greece, Egypt and Turkey and the economy of the Western Mediterranean – Morocco, we will create an economic infrastructure that is relevant and adapted to the region, for hundreds of millions of people. I hope that following the Negev Conference, the governments will soon be able to produce the Negev Economic Conference that will also include the Mediterranean countries. The opportunities are many and their exploitation can come through the creation of a new global bloc, the Mediterranean bloc.”
“Africa is becoming the new global center”
In another session that dealt with Morocco as a gateway to business in other countries on the African continent, Lamia Marzouki, vice president of the Casablanca Finance City Authority, said that “Africa is becoming the new global center. Morocco enjoys political stability and macroeconomic stability, thanks to its long-standing monarchy. For example, the inflation rate in Morocco is less than 2% in the last two decades. In terms of infrastructure, Morocco established the fastest land train in African history, and took care of the issue of transportation accessibility throughout the country.”
The head of the Israel desk at the Bank of Africa, Yasmina Lalou, commented on the role of the banking system in Morocco. According to her, “We can help Israeli companies open a bank account, finance projects, and connect them to our clients for partnerships. We have the support of the largest banks in Israel – Leumi, Poalim, Discount and others, and since the Abraham agreements we have maintained very strong relationships with them. The African market is decentralized , and that’s why we have 18 banks. In addition, the conditions inside Africa are different and business work in West Africa is not the same as work in Central Africa. For any company that comes to Africa and does not know the market, it is important to have local support.”
The conference was initiated by the FIRON-UGGC partnership of the Ministry of The Israeli Firon Co. and the UGGC law firm from Paris.