IMEX-Madrid: Morocco, a great opportunity for Spanish investors
The fact that Morocco is one of the countries that will host the World Cup in 2030 makes it an outstanding destination for investment, as it opens up a wide range of business opportunities. This was explained by Sara Mouak, partner of Expandia International and country manager of ieTeam, in the framework of the internationalisation fair IMEX-Madrid held at the Palacio Cibeles.
Mouak, expert in accompanying Spanish companies wishing to establish business relations and invest in Morocco, began her speech by giving a brief overview of this country with 38 million inhabitants, large cities such as Casablanca, Rabat, Tangier, Fez, Marrakech and Agadir, which ranks first as an exporter of phosphates and is the fifth economic power in Africa, and which stands out for its activity in sectors such as automotive, textiles, agriculture, tourism, fisheries, agriculture and construction of industrial areas to create jobs.
Among the reasons why the neighbouring country is a good destination for investment, Mouak highlighted its strategic geographical position as a gateway to Africa and the Middle East; its adapted infrastructure with 18 ports, 19 international airports, the first high-speed train in Africa and its extensive network of roads and railways; the possibility of having access to other markets, as it has signed free trade agreements with 50 countries; the diversity of opportunities it offers, from its traditional sectors such as agriculture and fishing to the automotive and renewable energies sectors; its workforce and the diversity of opportunities it offers; the possibility of having access to other markets, as it has signed free trade agreements with 50 countries; the diversity of opportunities it offers, from its traditional sectors such as agriculture and fishing to the automotive industry and renewable energies; the qualified workforce, with a highly competitive young workforce; and, finally, Morocco's economic and political stability and its openness to the world.
The internationalisation expert also explained the main sectors that open up important opportunities for Spanish entrepreneurs: agriculture and food, which represent 20% of the national GDP with more than 2,000 companies, and which need to be modernised; automotive, the leading export sector, which generates more than 230,000 jobs; renewable energies, whose objective is to increase by more than 50% by 2030; health and medical devices; and telecommunications and digitalisation, as one of the objectives is to digitalise public services to increase proximity to citizens. She also explained the avenues that would be open in each of these sectors, from the manufacture of materials to telemedicine in rural areas, as well as construction, maintenance, raw materials, training, consultancy, supply of telecommunications equipment, and so on.
Regarding the 2030 World Cup, she stressed that Morocco will invest some 5,000 million mainly in public works and that the largest stadium in Africa will be built in Casablanca with a capacity for one hundred million spectators. Mouak assured that all the needs involved in this great project open doors for Spanish businessmen, who can find these lines of business in the construction of materials, extension of infrastructures, hotel and catering equipment, a wide variety of services, training, etc. In the tourism and hotel and catering sector, for example, he commented that in 2030 they expect to reach 26 million tourists, "which requires us to be prepared".
Advice for Spanish investors
She did not want to end her speech without highlighting some issues that the Spanish investor must take into account when investing in Morocco, such as choosing the right route to explore the market, having a local representative, without forgetting that in this country there is no commercial agent, having a physical presence through an office to enhance proximity to the client, not planning short-term strategies, avoiding issues such as religion or politics, adapting to the market, aligning prices, and monitoring business relationships.
Sara Mouak also emphasised the different perception of time that Moroccans and Spaniards have, so she pointed out that patience is fundamental when investing, "you have to take the time necessary to adapt to the country and its culture", just as it is important, she said, to take care of clients, "we like closeness and personal relationships".
