Spain and Morocco, towards a consolidated economic partnership

Casablanca is the setting for the Spain-Morocco Business Meeting, which is being held from 6 to 8 June in the Moroccan city with the aim of enabling Spanish companies to detect investment and business cooperation opportunities in the North African country.  

In the panel of experts whose theme was "Spain-Morocco: towards a consolidated economic partnership", Hicham Chaoudri, Director General of Investment of the Minister Delegate to the Head of Government in charge of Investment, Convergence and Evaluation of Public Policies of Morocco, stressed that the Kingdom has become a regional economic power, with a modern and diversified economy; pointing out that with more than 50 free trade agreements, Morocco offers access to a market of 2,300 million people, for Europe, the United States and Africa. 

Chaoudri stressed that "Morocco is an indisputable actor in the fight against climate change, and proud to be the first producer of renewable energy in Africa".

In its trade relations with Spain, Morocco has reached in 2022, according to Hicham Chaoudri, a record of almost 20,000 million euros, with a significant growth rate, resulting in a five-fold increase in trade, mentioning the significant room for improvement that must be taken into account to maintain this increase. 

The Director General for Investment concluded by urging Spain and Morocco to work together to achieve shared prosperity. 

In her speech, Assia Ben Saad, Director of Cooperation and Partnership of the Moroccan Agency for the Development of Investment and Exports (AMDIE), indicated that "the change that Morocco is experiencing began with the launch of the New Development Model and has recently been consolidated with the New Investment Charter, which is aimed at all economic actors".

In this sense, Ben Saad highlighted the inclusive nature of the Investment Charter, which is reflected in the fact that it welcomes all companies, from micro-enterprises to multinationals, as well as advocating territorial equity in the Kingdom of Morocco.  

In this context, the state's support aims to internationalise Moroccan companies, as well as to encourage projects that contribute to the realisation of industrial sovereignty, those based on innovation and those that promote the sustainable development of the country.

The president of CEOE International, Marta Blanco, insisted that meetings of this kind help both parties to adjust and refine the discourse without abstracting from the global reality, where each company is looking for a place to settle. 

Blanco urged Morocco and Spain to take advantage of everything that has been done in business terms to become stronger, seeking the best opportunities and facing the great challenges, underlining the power that Spanish companies have after having participated in major projects around the world. 

The CEOE representative clarified that the Morocco-Spain-Portugal candidacy for the 2030 World Cup can serve as a lever to promote trade relations between these countries in a common international context and a shared agenda. 

In his turn to speak, Jaime Montalvo, international director of the Spanish Chamber of Commerce, spoke about the role of the chambers of commerce and their relationship with private financing, underlining their work in setting strategies for the internationalisation of Spanish companies. A process that has Morocco as its focus of interest, being an ideal destination for Spanish investors. 

For his part, Ignacio Pino de la Chica, Vice-President of the Morocco-Spain Economic Council, confessed that "Spain knows little about Morocco, while Morocco knows Spain very well", urging that more importance be given to social and cultural issues, and to education as a basis for trade. The CEMAES representative maintains that "forums and meetings such as those in Rabat, Madrid and Casablanca serve to generate opportunities. He also pointed out that "what is missing is to formalise these businesses, these proposals and the recommendations with which these meetings concluded; since it is time to work mutually and it is time for Moroccan companies to invest in Spain". 

The second panel exclusively dedicated to the financing of investment in Morocco was opened by Zineb Guennouni, Director of Development at the Casablanca Stock Exchange, who highlighted the solid ties that unite Spain and Morocco, stating that "being the gateway to the African market, 30% of the investments of the Moroccan Stock Exchange are directed to Africa". 

"Thanks to its political and financial stability and the diversification of its economy, Morocco has mobilised to favour Spanish companies and encourage them to invest in the country," said Guennouni, clarifying that "the country enjoys an open market for foreign investment through its legislative and constitutional framework. This plays a crucial role in Morocco's global economy, the capital market and the sustainability of its structure". 

The Casablanca Stock Exchange has played a very important role in hosting and accompanying more than 17 companies and working in partnership with them to turn them into local and regional champions in the future, according to the Casablanca Stock Exchange's Director of Development. 

Pedro Peñalver Monís, CEO of Ferrroplast, stressed that "knowing the country well and having confidence opens many doors for Spanish companies with ambitions to internationalise"; maintaining that "if a company comes to Morocco it has to do so to stay, always keeping the peculiarity of adapting its products to the local market".

By way of advice, the CEO of Ferroplast also insisted on maintaining good relations with local partners, not rushing and being aware that Morocco is a country that brings a lot to the Spanish businessman. 

Fernando Salazar, the executive president of CESCE, pointed out that "any investment classified as green will have a chance of financing due to the need the world is experiencing in terms of energy, highlighting the importance of having up-to-date information to be able to keep abreast of developments in this field". 

Attijariwafa Bank's Executive Director of Bank Financing, said that they are ready to share their know-how, to unveil financing opportunities in Morocco, whose financial system is now open to digital innovations. Adel Barakat stressed that "Africa, with its market reconfiguration, is the project of tomorrow and that Spain must have its place on the African continent, especially in sectors such as ports, renewable energies and infrastructure", being aware that Morocco is one of the least expensive countries for foreign investment, especially with the great resilience it has shown recently.  

José Luis Curbelo, President and CEO of COFIDES, clarified that "in the framework of the internationalisation of Spanish companies we are here to strengthen their presence in Morocco, and with their social impact these companies represent important players in the industrial turn that the country had taken, given the digital, energy and geopolitical transformation that the world knows". 

To consolidate this relationship between Spanish companies and the Moroccan market, Curbelo points out two key factors to take into account: good understanding, on the one hand, and risk sharing, on the other.

The administrator of the International Finance Corporation for the Maghreb (IFC), Xavier Reille, underlined the good partnership between the IFC and Spanish companies, urging the institution to work together and in complementarity with Moroccan banks for better financing of companies. Reille insisted that "it is time to invest in Morocco, especially in sectors such as renewable energies and water", pointing out that "it is essential for the State to make reforms to improve the attractiveness of the Moroccan market for the private sector". 

The general manager of Banco Sabadell Morocco, Abdelghani ElBahy, explained that "investment carries a risk and a challenge, which is why it is necessary to support Spanish companies in their process of setting up in the Moroccan or other foreign markets". ElBahy summarises the bank's mission in three points: to offer knowledge of the Moroccan market, to offer advice for each of its projects and to present a wide range of financial solutions in order to minimise the risks associated with its activities in Morocco. 

Obaid Amrane, the CEO of Ithmar Capital, expressed his conviction that "Spain and Morocco can play the role of the engine of development and prosperity in the western part of the Mediterranean", clarifying that Ithmar tends to accompany the private sector and investments that have a great social impact; as well as working in collaboration with other actors for the internationalisation of Moroccan companies.