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Morocco and Saudi Arabia Join Forces to Strengthen Social Insurance Collaboration
In a significant move aimed at enhancing cooperation in the social insurance sector, Morocco’s state-owned financial institution, Caisse de Dépôt et de Gestion (CDG), has entered into a Memorandum of Understanding (MoU) with Saudi Arabia’s General Organization for Social Insurance (GOSI). The MoU, signed on Sunday, February 5, in Riyadh, marks a pivotal moment in bolstering ties between the two nations in the realm of social security.
Representing their respective organizations, CDG CEO Khalid Safir and GOSI Governor Abdulaziz Bin Hassan Al-Bouq sealed the agreement at the signing ceremony. The accord, outlined in a joint statement, facilitates the exchange of crucial information, expertise, and research aimed at improving the efficacy of social insurance programs. The overarching objective is to enhance service delivery to beneficiaries while safeguarding their entitlements.
The MoU encompasses various vital aspects, including collaborative efforts on social insurance schemes, as well as the organization and management of entities operating within the sector. Additionally, it seeks to promote the exchange of visits and participation in meetings held both in Morocco and Saudi Arabia, focusing on addressing challenges within the social insurance landscape.
This latest collaborative endeavor is in alignment with the broader strategic partnership between the two nations, which has been formalized through several agreements in the past. Morocco and Saudi Arabia share robust economic ties, particularly in sectors such as oil trade and agriculture. Official statistics reveal that bilateral trade amounted to approximately MAD 17 billion in 2021, with Morocco importing goods worth MAD 10 billion from Saudi Arabia. There exists substantial potential for further diversification of trade relationships beyond the traditional sectors.
Both nations are actively engaged in identifying new areas of mutually beneficial cooperation. Authorities are dedicated to surmounting any administrative or logistical obstacles hindering the augmentation of trade volumes and investments. The signing of the social insurance MoU represents the latest stride in solidifying ties between Morocco and Saudi Arabia across critical sectors, including finance, energy, and human development.