Mohieddine told Egypt's new ambassador in Rabat, during a meeting, that there are "huge prospects for bilateral cooperation" mainly in such sectors as low-cost housing, industry, banking and tourism.

Mohieddine thus highlighted the need for strengthening the role of professional chambers to boost to the economic cooperation between the two Arab countries.

Morocco and Egypt are both members of the Agadir Free Trade Agreement, along with Tunisia and Jordan. The Agreement, aka Quarda, came into effect in April 2007.

However, trade between the two countries is still below both countries' ambitions, as it did not exceed USD 450 million dollars in the last four years. Egypt remains the biggest beneficiary.

In fact, Morocco's exports share in this amount is limited to USD 40 million, which means that the Pharaohs benefit ten times more than Morocco.

Encouraged by this performance, Egypt had sent Mahmoud Mohieddine (March 3-5) in order to search for new investment opportunities and further explore the Moroccan market.

He then met with a number of Moroccan high-ranking officials and heavy-weight economic players, such as the CEO of Alliance Group, Karim Belmaachi, the CEO of Addoha Group, Anas Sefrioui, the CEO of ONA group, Mouatissim Belghazi and Ynna Holding's Miloud Chaabi.

Egypt had earlier prevented the Morocco-made car, Logan, from entering its market, but the car was later admitted after marathonic negotiations.