Kuwaiti investments in Morocco focus on agriculture, housing and infrastructure, among others.
Rabat – Kuwait is the third Arab country to invest more than 1.2 billion in the North African country at the end of 2019, Morocco's ambassador to Kuwait, Ali Ibn Issa, said in an interview on Tuesday, stressing that trade exchange is still has not reached the desired level.
Speaking to the Kuwaiti newspaper Al Anba, Ibn Issa pointed out that the volume of Kuwaiti investments in Morocco places the Gulf country in tenth position on the list of foreign investors.
Morocco maintains a “strong and exemplary” strategic partnership with the Gulf country, said the Moroccan ambassador, adding that commercial exchange between Rabat and Kuwait City did not exceed $84 million in 2017.
In particular, Moroccan imports from Kuwait (sulfur, refined oil and others) reached $ 19.4 million in 2020, while Morocco's exports to the Gulf country, including automobiles and beauty products, amounted to $ 31.8 million before COVID.
Relations between Morocco and Kuwait date back to the 1960s and have been consolidated over the years, Ibn Issa said, adding that there are 110 agreements, memorandums of understanding and executive programs that support trade and investments in areas agriculture, housing, roads and other sectors