Further strengthening of Hungarian-Moroccan economic relations
Trade between Hungary and Morocco has increased by a quarter in the past year, and the region's growing economy offers significant opportunities for Hungarian companies.
Finance Minister Varga Mihály said that Morocco is Hungary’s third most important trading partner in Africa after Egypt and South Africa.
The volume of trade between Hungary and Morocco reached USD 260 million in 2021, a 24 percent increase compared to the previous year. Morocco is Hungary’s 54th trading partner, 48th in exports, and 56th in imports, he added.
The region offers a great opportunity for Hungarian companies with innovative solutions, technologies and products. Hungarian exports are significant in the fields of electrical machinery and equipment and vehicles, the minister pointed out.
According to the minister, there are further opportunities in water management, agricultural and food technologies, energy, and real estate development.
Areas of cooperation will be further expanded thanks to the partnership established last year between the tax and customs authorities of the two countries.
A new Moroccan-Hungarian Business Council will also soon be set up between the Hungarian Chamber of Commerce and Industry and the Moroccan Business Confederation.