Spain fully supports Morocco's strategic vision
- Compromiso mutuo para profundizar una cooperación fructífera
- España apoya plenamente la visión estratégica de Marruecos
- Marruecos: destino privilegiado para la inversión española
- La próxima etapa es la inversión en sectores vitales
Morocco and Spain are currently experiencing an excellent moment, despite the turbulent international economic context. ‘Continuing to promote trade and investment initiatives’ is the objective of the business meeting organised by the Moroccan Agency for Development, Investment and Exports (AMDIE) on 29 April in Madrid.
Morocco is one of Spain's largest trading partners, the third largest outside the European Union, behind the United States and the United Kingdom; it is the seventh largest customer worldwide and the third largest outside the EU. While Spain has been Morocco's leading trading partner for more than a decade, 61% of Spanish exports to Africa go to Morocco.
Mutual commitment to deepen fruitful cooperation
The Secretary of State for Trade, María Amparo López Senovilla, stated that ‘our historical ties and the strategic geographical position of our countries not only favour our bilateral relationship, but also contribute to bringing the two shores of the Mediterranean closer together’, clarifying how ‘the High-Level Meeting between Spain and Morocco, held in 2023, confirmed our mutual commitment to deepening this cooperation and outlined a roadmap in key areas such as the economy and sustainability’.
María Amparo López Senovilla praised the economic policies implemented by the Moroccan Government, which are laying the foundations for a high level of economic development and modernisation in the country.
The high level of commitment shown by Spanish companies operating in Morocco has contributed to making Spain Morocco's main trading partner. In 2024, bilateral trade between the two countries reached a historic high, exceeding 22.5 billion euros.
‘The best way to promote and further deepen our cooperative relations, both in the field of trade and investment, is through greater mutual understanding between our societies, closer ties between our companies and exploration of the clear potential for greater fruitful cooperation between us,’ added the Secretary of State.
Spain fully supports Morocco's strategic vision
María Senovilla stressed that ‘our business sector is excellently represented in Morocco with some of our best companies from various fields of activity that have brought their extensive international experience to the Alawite kingdom’. She placed special emphasis on Spain's deep commitment to Morocco and its support for the strategic vision of the country launched by King Mohammed VI.
Trade relations between Morocco and Spain continue to grow in both directions, and investment links have also grown steadily over the years.
The Secretary of State for Trade stated that ‘every day, every year, Spain's position as Morocco's leading trading partner is growing, which shows that the trend is very positive and that relations are very strong and long-term’.
Since 2014, Spain has been Morocco's largest customer and supplier. Between 18% and 20% of Morocco's trade with foreign countries is with Spain, with 22% of Moroccan exports going to Spain and 16% of Moroccan imports coming from Spain.
Morocco: a privileged destination for Spanish investment
María Amparo Senovilla recalled that Morocco is a privileged destination for Spanish investment, backed by strong incentives for foreign investment and a stable economy.
More than hundreds of Spanish companies operating in Morocco are active in strategic sectors such as renewable energy, infrastructure, automotive components, banking, water management, agriculture, technology and tourism. Spanish investment in Morocco exceeded 1.9 billion euros in 2022, generating more than 27,000 jobs in various sectors.
In this context, he highlighted the important measures taken by the Moroccan authorities to promote an open, transparent and investment-friendly business climate.
‘Creating such an environment is an ongoing effort. Only through a sustained commitment to stability and predictability can we make the most of the opportunities available and contribute to this process of promoting Spanish investment in Morocco, through the commitment of the Spanish authorities to support Spanish companies in Morocco,’ explained Senovilla.
The Secretary of State recommended continued collaboration with her office in Rabat and Casablanca and with the Chambers of Commerce, and urged business leaders, as the actors of tomorrow, to continue close and frequent collaboration between the two countries.
The next stage is investment in vital sectors
Hicham Chaoudri, Director of Investment at the Moroccan Ministry of Investment, Convergence and Public Policy Evaluation, said that the next stage in the new era of Spanish-Moroccan relations is to invest in vital sectors and plan for the long term.
Investment by Spanish companies in Morocco is increasing and exceeded 250 million euros in 2022 and 2023, prompting both governments to continue encouraging Spanish investment in Morocco and Moroccan investment in Spain. It is true that historically France has always been the leading investor, but Spain is catching up fast.
On the other hand, at the end of September 2024, almost 40 million euros were invested by Moroccan companies in Spain. And although they are not yet in the top three, Spain is increasingly one of the most interesting destinations for Moroccan companies looking to invest, according to Chaoudri.
In terms of vital investment sectors for both countries, Spain invests in Morocco in the automotive, textile and agro-industry sectors, but also in tourism. Between 10 and 20% of Spanish investment in Morocco is in the hospitality sector, and with the World Cup coming up, this figure is set to increase in the coming years.
Conversely, Morocco invests in Spain in the banking, transport, industry and other sectors. This reflects the presence of Moroccan companies in its northern neighbour as an attractive destination for their investments.
