On Monday, Israel’s economy minister said Israel is targeting an annual trade volume of $500 million with Morocco, up from the current $131 million as the two countries look to expand cooperation since the normalization of relations in 2020.
Orna Barbivai made this statement after her talks in Rabat with the Moroccan Minister of Industry and Trade, Riad Mazour, with whom she signed a cooperation agreement in the field of trade and investment.
Mazur told reporters that under this agreement, the two countries are obligated to facilitate trade and investments in the aviation, automobile, agri-food, textile and pharmaceutical industries in particular.
The agreement was part of implementing a deal to restart relations brokered by the Trump administration in 2020.
Earlier today, Barbivay discussed with her Moroccan counterpart Nadia Fattah Alaoui future agreements on investment incentives, customs cooperation and double taxation, the Moroccan Ministry of Economy and Finance said in a statement.
Mazur said that Morocco is also looking forward to cooperation with Israel in areas related to industrial research and development and the establishment of industrial zones.
Barbivai’s visit to Morocco comes three months after the two countries signed a defense agreement.