In a significant move to tackle the trade imbalance between Egypt and Morocco, the Moroccan government has set an ambitious target to export 13,000 cars to the Egyptian market over the next two years. This agreement, aimed at enhancing bilateral trade relations, was announced by Omar Hujaira, Morocco's Chargé d'Affaires in Egypt, during the Egyptian-Moroccan Investment and Trade Forum held in Cairo.
Hujaira detailed that the initial phase of this export plan will see Moroccan car exports to Egypt increase to 5,000 vehicles by the end of 2025, rising further to 8,000 by 2026. This marks a significant increase from the current export figure of approximately 3,000 cars annually. "An agreement has been reached with Egyptian officials to increase Moroccan car exports to 5,000 cars by the end of the current year, and to 8,000 cars in 2026," Hujaira stated, emphasizing the importance of this initiative in addressing the trade balance deficit.
Moreover, the agreement aims to boost overall trade exchanges between the two nations, with a target of increasing Moroccan exports to Egypt to around $500 million by the end of 2026. According to the Moroccan news outlet Hespress, the outcomes of the investment forum are expected to enhance previously recorded figures in trade relations between Cairo and Rabat, facilitating the entry of Moroccan products into the Egyptian market.
Hujaira also highlighted Morocco's intention to diversify its exports to Egypt beyond automobiles. He noted that the country is looking to broaden its export portfolio by introducing other products manufactured in Morocco, rather than solely focusing on car exports. This strategic shift could provide a more balanced and sustainable trade relationship between the two countries.
The final statement from the investment forum underscored the agreement to eliminate obstacles affecting trade exchanges and promote private sector collaboration between Egypt and Morocco. It also called for the establishment of a joint committee comprising representatives from both public and private sectors to address and remove barriers hindering trade flows.
This initiative comes at a time when both nations are keen on strengthening their economic ties and enhancing mutual cooperation. As Egypt continues to develop its automotive industry, the influx of Moroccan cars could provide a boost to local markets and foster competitive pricing.
In addition to the automotive sector, the agreement signals a broader commitment to improving trade relations and economic collaboration. By fostering an environment conducive to investment and trade, both Egypt and Morocco aim to create new opportunities for their respective economies.
As the two countries move forward with this agreement, stakeholders from various sectors are optimistic about the potential benefits that enhanced trade relations could bring. The establishment of a joint committee is seen as a crucial step in ensuring that the goals set during the investment forum are met efficiently and effectively.
Overall, the Moroccan government's plan to export 13,000 cars to Egypt represents a significant milestone in the bilateral trade relationship. With both nations committed to fostering economic cooperation, the future looks promising for increased trade and investment opportunities.
