Morocco and Spain, investing together for a sustainable and shared future

Morocco and Spain share a very close bond of cooperation in all areas, from politics to economics.

In the economic and financial sector, collaboration is total and both nations are preferred trading partners for each other.

This was evident at the event ‘Morocco and Spain, investing together for a sustainable and shared future’, organised in Madrid by the Moroccan Ministry of Investment, Convergence and Evaluation of Public Policies, the investment agency Morocco Now, the Moroccan Agency for Development, Investment and Exports (AMDIE) and the Moroccan-Spanish Economic Council (CEMAES).

The event was opened by Karim Zidane, Minister of Investment, Convergence and Evaluation of Public Policies of Morocco, and Karima Benyaich, Moroccan Ambassador to Spain, with Zoubaida El Fathi as moderator.

Karim Zidane, Minister of Investment, Convergence and Evaluation of Public Policies of Morocco, wanted to highlight that the recent power outage in Spain has shown the resilience of the Spanish country and the spirit of solidarity between the two countries, ‘which inspires us to continue working with conviction.’

‘Working together allows us to celebrate economic opportunities and think about the partnership we can continue to develop,‘ explained Karim Zidane, who said that ‘cooperation is more relevant than ever, under the leadership of Kings Felipe VI and Mohammed VI‘. The Moroccan minister said that the two countries continue to move forward, based on ‘mutual relations and commitments to the future’.

Karim Zidane highlighted the momentum gained in 2022, when Spanish President of the Government Pedro Sánchez visited Morocco at the invitation of King Mohammed VI, now accompanying political dialogue with greater economic interaction. ‘We are the largest trading partner, with 23 billion euros in trade over the last ten years. Morocco is one of Spain's main trading partners,’ explained Zidane.

Karim Zidane pointed out that Spain has a strong presence in the Moroccan economy with more than 1,000 companies operating in the country with 250 million euros in investments in 2023 alone. ‘We must move forward,’ said the Moroccan minister. Under the reign of Mohammed VI, Morocco has positioned itself as a strategic partner with a diversified and modern economy: with economic and political stability, a commitment to energy transition, high-level infrastructure and stable policies that allow all agreements reached to reach a market of more than 2.5 billion people.

Karim Zidane stressed that ‘we are entering a new stage of development with an emphasis on national and international private investment.’ All this with the aim of achieving ‘sustainable development and innovation.’ The Moroccan minister highlighted the New Investment Charter to attract foreign investors, saying, ‘we are well positioned to respond to global challenges.’

‘By taking on the challenges of our time together, we can build a future of progress, innovation and prosperity,’ said Karim Zidane.

For her part, Karima Benyaich highlighted the growing interest in strengthening ties between Morocco and Spain through a ‘solid and strategic alliance’. The ambassador emphasised the ‘long-term cooperation based on mutual trust, geographical proximity and mutual strategic interests’ between the two countries.

These ‘strengthened relations’ are thanks to a new phase of permanent dialogue and a roadmap covering all sectors in favour of stability and progress for both nations and the Mediterranean in general.

The Moroccan ambassador to Spain highlighted the important High-Level Meeting (HLM) in February 2023, chaired by Pedro Sánchez, President of the Spanish Government, and his Moroccan counterpart Aziz Akhannouch, which marked an important moment in bilateral relations, with the signing of more than 20 agreements.

This was followed in February 2024 by Pedro Sánchez's visit to Morocco at the invitation of King Mohammed VI, which ‘has enshrined an increasingly close relationship’.

Karima Benyaich highlighted the ‘joint friendship between the two peoples with cultural affinities and human ties that make them strategic partners sharing a multisectoral partnership’. An example of this is cooperation in the fight against terrorism and illegal immigration in favour of security. In addition to Operation Crossing the Strait, which last year saw the movement of 3 million people across the two shores of the Mediterranean ‘in perfect conditions’. ‘A model of orderly, safe and fluid immigration between the two countries,’ as the Moroccan ambassador pointed out.

For Karima Benyaich, another example of this is the blackout that hit the whole of Spain, a situation in which the energy interconnections between Morocco and Spain came into operation. Two interconnections that ‘serve for moments of solidarity’.

Karima Benyaich highlighted the current moment of great transformation and a relationship that is based on the shared vision of Kings Mohammed VI and Felipe VI, thanks to a ‘brotherhood that is the cement of the strategic partnership that links the two kingdoms’.

The Moroccan ambassador also pointed out that Spain has been Morocco's main trading partner since 2012, with trade worth more than 23 billion euros. The Moroccan kingdom is Spain's third largest trading partner outside the European Union, after the United States and the United Kingdom. These are figures to bear in mind.
Tourism is very important in the social and economic ties between Spain and Morocco. Three million Spaniards spent their holidays in Morocco last year and more than one million Moroccans enjoyed the summer in Spain. However, the ambassador believes that these tourism figures ‘are not enough’ and that efforts are being made to increase them.

Karima Benyaich indicated that Morocco is committed to sustainable, inclusive and innovation-oriented development under the leadership of King Mohammed VI, who has improved the Moroccan kingdom's standing at the regional and international level. Thanks to the reforms under the reign of Mohammed VI, a diversified, open and sustainable future-oriented economy is being implemented, with value-added industries.

The Moroccan ambassador highlighted major projects under the reign of Mohammed VI, such as the new Kenitra-Marrakech high-speed rail line launched last Friday, part of a comprehensive sustainable mobility and energy transition strategy that positions Morocco as a benchmark in Africa for transport. Another example is the project to build Africa's largest shipyard in Casablanca, with the aim of building 100 ships by 2040. In addition to the Green Corridor, the first in the world, operated by Balearia between Tarifa and Tangier with ‘100% electric fast ferries’. Moeve and Acciona are also notable Spanish companies investing in Morocco in consortiums with selected Moroccan groups to form part of the ambitious green hydrogen project in southern Morocco and a desalination plant in Casablanca. The Spanish company CAF was also awarded a major contract to supply 40 new commuter and regional trains as part of the mobility strategy for the upcoming 2030 World Cup, which will bring together Morocco, Spain and Portugal, as explained by Karima Benyaich.

The Moroccan ambassador in Madrid also pointed out that Morocco offers a competitive business environment, legal certainty, tax incentives, a consolidated financial centre, a young and skilled workforce and a policy of incentives for foreign investment, together with ease of administrative procedures.

She also highlighted the New Atlantic Initiative launched in 2023, which offers access to the Atlantic Ocean to countries in the Sahel through ports, particularly Dakhla. This is a ‘regional inclusion project’ for an area affected by conflict, thus creating an ‘economic space for development, stability and peace for the entire region’.

‘Our bilateral strategic partnership is a guarantee for the stability and prosperity of both countries and of the Mediterranean and Atlantic region,’ said Karima Benyaich, who stated that ‘betting on Morocco is a certainty’