"Morocco Momentum": political and economic relations between Morocco and Spain are at their most significant moment

The political and economic ties between Morocco and Spain are going through one of their best moments. Hicham Chaoudri, Director General of Investments of the Moroccan Ministry of Investments, confirms this great moment of diplomatic relations between both countries and Atalayar talks with Chaoudri himself to explain the keys of this "Morocco Momentum" on the occasion of the recent Spain-Morocco Business Meeting that took place in Casablanca. 

Why is it interesting to invest in Morocco? 

It is interesting to invest in Morocco for many reasons, the first is that Morocco offers, above all, stability and for an investor it is very important to have political stability, economic stability, and, therefore, the first reason would be stability. The second is because we have a highly qualified, very well-trained, young workforce that is qualified to work in the largest companies in the world, particularly Spanish companies. Also because we have invested in infrastructure over the last 20 years and today we have world-class infrastructure. Therefore, companies coming to Morocco will be able to benefit from this infrastructure. And finally, we have very important renewable resources and for the industry it is essential, therefore, solar or wind resources to make large renewable energy projects and thus supply large companies in the industry. 

What is the basis for the new Investment Charter and what would be its effects? In addition to what you said earlier, I would also add legal certainty. 

Legal certainty is undoubtedly important, what the new Investment Charter provides is above all clarity, clarity for investors because when they read the Charter they know very well what kind of aid the government can give to these companies, in terms of direct subsidies and also in terms of accompanying all these projects. Therefore, it provides clarity, it provides transparency and it also provides the fact that it is aimed at all types of companies, large, small, Moroccan, foreign and in all sectors of activity. Therefore, we have a new legal framework that allows all investors to invest with complete peace of mind. 

In addition to traditional sectors such as agriculture, tourism and the textile industry, what other areas are gaining importance in terms of investment in Morocco? 

Today in Morocco there are some traditional sectors that are experiencing a second youth, textiles, for example, agribusiness, tourism, which we are seeing many projects in our sectors that are developing a lot. The new sectors, which is what we have seen in the last 10-15 years, automotive, aeronautics, for example, but also sectors linked to water, to everything related to desalination projects, for example. We are seeing many projects in renewable energies, particularly in green hydrogen, and we are working with the largest companies in the world to carry out projects here in Morocco, and therefore there is a very interesting perspective for all sectors of activity, both new and traditional, in Morocco. 

How important are investments in the renewable energy sector, as well as in other sustainable projects? 

They are very important, according to world experts, Morocco and Spain also have the best resources in terms of combination between solar and wind, we have a lot of land, especially in the centre and south of Morocco, where we can make large renewable energy projects, many gigawatts for example, and therefore it is essential, because, in addition, now with what is happening in the world there is a real transition even more important in terms of renewable energy and because Europe is also completely decarbonising its industry. Therefore, all industrial companies want green energy to produce in many sectors such as automotive, but also in the steel sector, aluminium and other projects.

One place where renewable energies are important is the southern provinces of Morocco, what other opportunities do the provinces offer? Do you expect Spanish entrepreneurs, beyond political issues, to be able to go for tenders in the Sahara? 

Yes, above all, we already have a lot, plenty of interest, both Spanish companies and companies from other countries are interested in investing in these southern provinces. It is clear that renewable energy resources are important, but there are others as well, especially in tourism, for example, in fishing, but also in other sectors such as water, for example, and we have spoken with the Secretary of State, also a lot, about the water sector, where Spanish companies have a certain knowledge, a certain experience and, therefore, all the projects, for example desalination, that I was talking about before, could be carried out in the southern area. 

With this boost to investment, the new Charter, do you hope that young entrepreneurs will also be encouraged to come and invest and carry out projects in Morocco? 

Clearly this Charter, as I said before, is for all investors, large companies, small companies, for young people, for less young people, and also what we say a lot in Morocco is that we are fortunate to have a very young population, the average age in Morocco is 29, we have a workforce and we have people, many young entrepreneurs who want to do a lot in Morocco, we also invite young entrepreneurs from other countries like Spain to come and invest. We have, for example, the technology sector that is developing a lot in Morocco and there are many opportunities for all these young Spaniards. 

We understand that after the High Level Meeting between Spain and Morocco, economic and trade relations are in a new phase, with an important boost. 

This has always been the case, the ties between Morocco and Spain have always been very strong, both politically and economically, but now they are even stronger, even more so after the meeting between His Majesty the King and the Spanish President of the Government last year, but also after the High Level Meeting in February, where many cooperation agreements were signed, almost 20. And now, as we said before, this is the third economic forum, a business forum that has been organised in Morocco in less than six months, so it shows a little of the dynamism that there is. At the Ministry, we also receive many Spanish companies that are interested in investing in Morocco, and, without a doubt, we must take advantage of this moment. We have taken advantage of it over the last 10 years in trade, Spain is now Morocco's number one supplier, the number one client in the world, Morocco is also Spain's second largest economic partner outside Europe, and the number one in Africa, so we have to take advantage of this moment. In Morocco there is a lot of talk about the "Morocco momentum", and we believe that now is also a time for relations between Morocco and Spain, both politically and economically.

Moreover, it is necessary to promote knowledge, which is what we humbly try to do at Atalayar. Moreover, at a time when you have some formidable ambassadors, such as the national football team, football is a sociological phenomenon that brings people together and gives an incredible international projection, isn't it? 

Exactly, this project to jointly organise the 2030 World Cup could be a lever, it could help even more to bring Moroccans and Spaniards closer together, and for there to be more knowledge, but above all more confidence and what you need, more trust, and the truth is that we are already noticing it, we have spoken to the ambassadors. They tell us that never before has there been so much fervour in terms of these business meetings on both sides, therefore, we must continue like this and we must continue to organise these forums, continue to help businessmen from both countries to get to know each other better, and, therefore, to develop economic relations between both countries.