Morocco is working to double its economic exchanges with Kuwait, aligning with the ambitions of both nations, said Morocco’s Ambassador to Kuwait, Ali Benaissa, on Sunday.
At the opening of the two-day Kuwait-Morocco Economic Forum in Kuwait City, organized by the Moroccan Agency for Investment and Export Development (AMDIE) and the Moroccan Exporters’ Association, Benaissa emphasized that the event serves as a vital platform to strengthen bilateral trade relations and foster new cooperative partnerships between Moroccan and Kuwaiti businesses.
The ambassador praised the longstanding historical ties between the two countries, stressing the importance of enhancing economic collaboration. He particularly highlighted projects financed by Kuwaiti institutions, companies, and investors, which continue to benefit from Morocco’s diverse investment opportunities across various sectors.
The forum, held in partnership with the Kuwait Chamber of Commerce and Industry, brought together business leaders from both nations. The Moroccan delegation included around 30 representatives from leading companies in the production and export sectors.
Benaissa noted that Kuwaiti investments in Morocco have surged in recent years, reaching $1.5 billion. He also highlighted that trade exchanges have experienced the highest growth rate since 2018 over the past two years.
Moroccan exports to Kuwait amounted to over MAD 216 million ($24 million), while Kuwaiti exports to Morocco totaled nearly MAD 1.3 billion ($140 million).
In his address, Benaissa underscored the promising economic opportunities for institutions and investors in Morocco, citing progress in key projects and the anticipated 2030 FIFA World Cup, which Morocco will co-host with Spain and Portugal. This major event is expected to drive large-scale investments, particularly in infrastructure.
Morocco, he said, continues to improve its business environment through the implementation of a new investment charter, streamlined administrative procedures, and financial and tax incentives, all aimed at attracting investors and boosting the competitiveness of local businesses.
The forum’s objective is to promote Morocco’s investment potential, strengthen economic partnerships with Kuwait, and expand trade opportunities through B2B meetings. The program also features presentations on investment opportunities in Morocco and its diverse exports, including olive oil, honey, argan products, traditional clothing and textiles, cosmetics, pharmaceuticals, IT services, and agricultural goods.