Morocco targets 3,000 vehicle exports to Egypt annually

Morocco aims to export 3,000 vehicles yearly to the Egyptian market, according to Egypt-Morocco Business Council President Nizar Abu Ismail. This initiative is part of a comprehensive plan to rebalance trade between the two countries, he noted in an interview with Al Borsa News.

Abu Ismail highlighted the current trade dynamics, revealing that Egyptian investments in Morocco have surpassed $700 million. He further elaborated on a significant project led by an Egyptian entrepreneur, which involves developing an integrated tourist city along Morocco’s coast. This venture could attract over $500 million in investments over the next three to four years.

“This tourism project is one of Egypt’s largest in North Africa,” Abu Ismail stated, emphasizing its potential to create substantial job opportunities and foster an appealing investment environment. He added that this initiative opens new avenues for cooperation between Morocco and Egypt.

Looking ahead, projections indicate a dramatic increase in Morocco's exports to Egypt, rising from MAD 755 million ($75 million) to MAD 5 billion ($500 million) within the next three years. Nearly 30 Egyptian companies have expressed interest in investing in Morocco by establishing new factories over the same period.

This expansion strategy aims to enhance Egyptian investments across North Africa while capitalizing on Morocco's geographic advantages and free trade agreements that facilitate access to both Western and African markets.

Abu Ismail further mentioned that the sectors attracting investment interest range from agri-food and manufacturing to automotive parts and the fishing industry. These developments follow recent economic advancements that have strengthened bilateral trade ties, including the introduction of an Egyptian "Fast Track" system to streamline access for Moroccan exports into the Egyptian market.

Earlier this month, Morocco and Egypt convened at a notable Egypt-Morocco Investment and Trade Forum in Cairo, uniting officials, economic leaders, and business representatives from both nations. This forum was part of a Moroccan economic delegation visit to Egypt, organized by the General Confederation of Moroccan Enterprises (CGEM), with the goal of enhancing the visibility of Moroccan products in the Egyptian market.