Spain-Morocco Business Meeting identifies investment and business cooperation opportunities
The Spanish State Secretariat for Trade, through ICEX Spain Export and Investment and the economic and commercial offices of Spain in Morocco and in collaboration with the CEOE and the Spanish Chamber of Commerce, is organising the Spain-Morocco Business Meeting, which is being held from 6 to 8 June in Casablanca.
The meeting, which is attended by 58 Spanish companies and more than 200 local participants, was inaugurated by the Spanish Secretary of State for Trade and President of ICEX, Xiana Méndez, the Moroccan Minister of Industry and Trade, Ryad Mezzour, and the Spanish Ambassador to Morocco, Ricardo Díez-Hochleitner.
At the inauguration, Xiana Méndez stressed that bilateral relations are very intense: "Trade figures are excellent and continue to grow. Spanish investment in Morocco is very relevant, diversified and with a great social impact, and the integration of both countries in European value chains is increasing".
This action aims to inform Spanish companies about the investment and business cooperation opportunities that are currently open in this market in the areas of water and environment, automotive and industrial sector, food value chains, education, renewable energies and transport infrastructures.
In fact, Morocco is a priority country within the "Horizon Africa" strategy of the Secretary of State for Trade. "This strategy is designed to increase the presence of Spanish companies on the African continent with public financial support instruments. In the case of Morocco, they are included in a new Financial Protocol in which Spain makes 800 million euros available to the Moroccan authorities to finance projects in the country," explained Xiana Méndez.
After the inauguration of the meeting, two specialised panels have been scheduled. The first, "Towards a consolidated economic partnership", moderated by the CEO of ICEX, María Peña, on the importance of Spanish-Moroccan economic and trade relations and investment opportunities in the market. And the second, "Financing investment in Morocco", with the intention of showing the instruments available to companies to finance these investment opportunities.
At the same time, sectoral workshops on renewable energies and the environment, infrastructures, the industrial sector and education in Morocco were held during the day. The market was analysed by expert speakers and their respective investment opportunities were highlighted.
A total of 130 B2B meetings with potential local partners will take place during the afternoon session on the 7th and morning of the 8th. These agendas, drawn up by the economic and trade offices in Morocco and ICEX, respond to the requests received according to the viability of the projects in the target market.
On the local side, the Moroccan Ministry of Industry and Trade, the General Confederation of Moroccan Enterprises (CGEM), the Morocco-Spain Economic Council (CEMaEs) and the Moroccan Ministry of Industry and Trade collaborated in the organisation of the meeting.
The companies sponsoring the meeting are Alsa, Barceló, Banco Sabadell, Caixabank, CESCE and COFIDES.
Why Morocco?
Morocco has experienced great sustainable economic and social progress over the last twenty years, with average annual GDP growth rates of around 5%.
Thanks to its openness to trade, Morocco is a bridge between Africa and Europe. It is a member of the World Trade Organisation (WTO) and has free trade agreements covering up to 55 countries (including the US and the EU), giving it access to a potential market of more than 1 billion consumers.
Its integration into the value chains of the global economy is key for Spain to create, together with Morocco, an area of shared wealth and develop north-south integration.
In addition, other factors of its favourable business climate are the progressive liberalisation of the Moroccan economy, the modernisation of capital controls, the reduction of restrictions on foreign investment and the growing role of free zones, industrial zones and institutions specifically dedicated to favouring investment.
Trade relations between Spain and Morocco are very relevant, with Spain being Morocco's main supplier and client in the world. In addition, the trend towards greater complementarity and prominence of intra-industrial trade means that the natural process for many companies is to set up and invest in Morocco.