Marruecos continúa afianzando su poder regional
Over the past decade or so, Morocco's economy - with a GDP of more than 100 billion euros - has established itself as one of the most promising economies on the African continent. Its enormous dynamism in financial and diplomatic matters has allowed it to position itself as the fifth economic power in Africa and the third in the northern region of the continent.
Some of the determining factors for this development include its geographical position - very strategic in terms of international trade -, its political system, and the accession to the throne of Mohammed VI in 1999. As Lucía Bonet, Country Risk analyst, pointed out at the 14th Country Risk Conference of the Compañía Española de Seguros de Crédito a la Exportación (Cesce), Morocco has undergone "a profound transformation" since the monarch's coronation, and is already one of the Muslim countries "with the greatest civil liberties".
The relative political and social stability that the country enjoys - a stability that is unique in the region - has encouraged the influx of foreign money. Morocco is currently "the leading recipient of foreign direct investment in the Maghreb", and its re-entry into the European Union has led to an increase in foreign investment. and its re-entry into the African Union in 2017 has only strengthened this economic leadership. Moreover, the expansion of its investment policy towards the African continent, apparently without "colonialist" intentions, has brought it excellent results.
"The Moroccan economy has undergone a remarkable modernisation over the last few decades thanks to the authorities' commitment to improving the investment environment, which has created many opportunities", said Ricardo Santamaría, the Moroccan Minister of Economy and Finance. This has created many opportunities," said Ricardo Santamaria, Country Risk and Debt Management Director. Evidence of this is the country's rise to 53rd position in the annual Doing Business ranking, climbing more than 60 places in a decade.
The Alawi country has been betting heavily on the development of certain sectors such as the aeronautical, agricultural and automotive sectors, in which Morocco has already positioned itself as "the leading exporter of cars on the African continent, ahead of South Africa", says Lucía Bonet. Similarly, the end of one of the best seasons in the history of the Kingdom has allowed for a notable increase in the volume of exports.
However, the Kingdom of Morocco's economic development is not without its problems and challenges. According to the Credit Insurance Company, youth employment, growth potential and imbalances in the public accounts will be some of the main challenges that will define the country's economic evolution in the coming years.
Added to this are the hostilities that the strengthening of the Alawi position in the region has provoked. As Morocco continues to work to increase its dominance in the Maghreb, some European states have adopted a distant and somewhat suspicious stance towards Morocco's financial development plans.
Indeed, although diplomatic and trade relations between Morocco and Spain have historically been privileged for both sides and account for over 7.4 billion euros worth of exports for Spanish companies, the Spanish government's reluctance to acknowledge the Moroccanness of the Sahara could widen the gap between the two countries.
The Saharawi question was also one of the causes that encouraged the rupture of relations between Algeria and the Alaouite Kingdom. However, Morocco's stance on this issue - far from the commercial threats that occurred in the Spanish case - is linked to the reinforcement of the military budget. By 2022, Morocco is expected to invest close to 5 billion euros in defence and armaments, which, in the midst of escalating tensions with Algiers, will strengthen its hegemonic position.
As for the relationship between the two powers, the director of the Moroccan Institute for Policy Analysis (MIPA), Mohamed Masbah, told the EFE news agency that "the best option now is for both to return to the previous 'status quo' and maintain the revalidity of a minimum level".
Meanwhile, Morocco continues to mobilise its international and diplomatic relations and to foster new alliances with countries that support its sovereignty over the Saharawi territory. These include the United Kingdom, China and Israel, which since the signing of the Abraham Accords - the first anniversary of which has just been celebrated - have normalised their relations with the country. Among the investments made by these powers, the cession of exclusive oil and gas exploration rights in Sahrawi waters to an Israeli company stands out.