Casablanca – In recent years, Morocco has solidified its position as a prime destination for foreign investments, particularly from European countries like Spain. The North African nation’s strategic location, coupled with its improving business environment, has attracted substantial interest from Spanish companies across various sectors.

According to data from the Economic and Commercial Office of Spain in Rabat, Morocco has become the primary destination for Spanish investments in Africa. As of the end of 2021, Spanish investments in Morocco totaled over $2 billion, marking a 7% annual increase and contributing to the creation of 22,374 jobs.

The growth of Spanish investments in Africa as a whole reached around $5.7 billion by the end of 2021, with Morocco capturing 36% of this share.

This trend reflects a significant rise from previous years, underscoring Morocco’s appeal as a stable and attractive market for Spanish businesses. Back in 2017, Spanish investments in Morocco stood at approximately $1.6 billion, increasing to $2 billion in 2019, and have remained stable since then.

Spain ranks Morocco as its ninth-largest trading partner globally and its largest in Africa, underscoring the deep economic ties between the two nations. In 2023, despite a trade deficit of approximately $3.1 billion with Spain, Morocco saw Spanish exports amount to around $11.7 billion, a 23.6% increase from the previous year.

Conversely, Moroccan exports to Spain totaled $8.6 billion in 2023, marking a 19.1% increase from 2022. These exports include textiles, electrical materials, automotive accessories, and marine products.

Looking ahead, trade relations between Morocco and Spain are expected to expand further, bolstered by strengthened diplomatic ties following Madrid’s support for Rabat’s position on the Western Sahara issue. The two countries signed 19 memoranda of understanding during their twelfth high-level meeting in February 2023, covering bilateral cooperation in areas such as infrastructure management, environmental protection, vocational training, and water management.

Spanish companies are poised to increase their investments in Morocco, with an $800 million credit line allocated to enhance trade balance and diversify economic ties between both nations.

Morocco continues to solidify its position as Spain’s primary gateway to Africa, driven by mutual economic interests and a shared commitment to fostering sustainable economic growth across the region.