Istanbul:Morocco's trade volume with member states of the Organization of Islamic Cooperation (OIC) has witnessed a significant rise, increasing from approximately $9.5 billion in 2020 to over $21 billion by 2025. This growth is attributed to balanced partnerships grounded in the win-win principle.
According to Agence Marocaine De Presse, this announcement was made in Istanbul by Youssef Zahoui, Director of International Trade Relations at Morocco's Ministry of Industry, Trade, Investment and Digital Economy, during the 42nd Ministerial Session of the OIC Standing Committee for Economic and Commercial Cooperation (COMCEC).
Zahoui emphasized Morocco's efforts to enhance its cooperation with OIC member countries in trade finance. This includes improving coordination among their export credit guarantee agencies, the International Islamic Trade Finance Corporation, and the Islamic Corporation for the Insurance of Investment and Export Credit, aiming to establish joint guarantee and re-guarantee mechanisms.
He also highlighted the need to modernize the trade preference system among OIC member states and expand its scope. This would involve strengthening the exchange of experiences and expertise, particularly in digitalization and artificial intelligence, where Morocco is ready to share its Tamwilcom experience with interested nations.
Zahoui stressed the role of digitalization and artificial intelligence in expediting the processing of trade documents and supporting exporters. He noted that, following the High Directives of His Majesty King Mohammed VI, Morocco aims to double its number of exporting companies by focusing on new exporters, small and medium-sized enterprises, and cooperatives.
He further explained that these initiatives are part of a broader vision to enhance the business climate, promote investment, and develop infrastructure and industrial facilities, positioning Morocco as a strategic logistics and industrial hub connecting Africa with Europe, the Middle East, and Asia.
Additionally, Zahoui underscored the importance of food security in driving stability and integrated local development. He lauded the cooperation with the Islamic Organization for Food Security as part of joint Islamic efforts.
The two-day COMCEC session is addressing global economic trends and the circumstances of OIC member countries, alongside strategies to foster a sustainable and competitive tourism sector. Discussions also include increasing agricultural productivity, ensuring food security, and reducing poverty, while also boosting cooperation in digital transformation.