Business

Israel Looks To Increase Trade With Morocco To US$ 500 Million

Israel is targeting annual trade volume of US$ 500 million with Morocco, up from US$ 131 million currently as the two countries look to broaden cooperation since they normalised relations in 2020, Israel's economy minister said. Orna Barbivai made the statement following talks in Rabat with Moroccan industry and trade minister Ryad Mezzour, with whom she signed a trade and investment cooperation deal. Under this deal, the two countries commit to facilitating trade and investments in the aerospace, automobile, agri-food, textile and pharmaceutical industries in particular, Mezzour informed. The agreement was part of the implementation of a deal to resume ties brokered by the Trump administration in 2020. Morocco is also looking forward to cooperating with Israel in fields relating to industrial research and development and the setting up of industrial zones, Mezzour said.