The Diplomat
Almost sixty Spanish companies have been participating since yesterday in Casablanca in the Spain-Morocco Business Meeting, which analyzes investment opportunities for Spanish companies in the neighboring country and business cooperation in sectors such as water and environment, automotive, industry, food value chains, education, renewable energy and transport infrastructure.
The meeting, which began on Tuesday and will conclude today, has been organized by the 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. 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 have collaborated in the organization of the event. The companies sponsoring the meeting are Alsa, Barceló, Banco Sabadell, Caixabank, CESCE and COFIDES.
The event, which brings together 58 Spanish companies from the water, environment, automotive, food value chains, education, renewable energies and transport infrastructure sectors and more than 200 local attendees, was inaugurated yesterday by the State Secretary for Trade and ICEX President, Xiana Méndez, the Moroccan Minister of Industry and Trade, Ryad Mezzour, and the Spanish Ambassador in Rabat, Ricardo Díez-Hochleitner.
During the inauguration, Xiana Méndez assured that trade figures between the two countries “are excellent and continue to grow”, stressed that “Spanish investment in Morocco is very relevant, diversified and has a great social impact” and affirmed that “the integration of both countries in European value chains is increasing”.
Morocco is a priority country within the Horizon Africa strategy of the Secretary of State for Trade, which “is designed to increase the presence of Spanish companies on the African continent” and which “has public financial support instruments,” Méndez continued. “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,” she added.
After the inauguration of the meeting, two panels were held on “consolidated economic partnership”, moderated by the CEO of ICEX, María Peña, and which addressed the investment opportunities in the Moroccan market, and on “financing investment in Morocco”, in which the instruments available to companies to finance these investment opportunities were presented.
In parallel, several sectoral workshops were held yesterday on renewable energies and the environment, infrastructure, industry and education in Morocco. In total, 130 meetings with potential local partners were organized between yesterday afternoon and this morning.
According to ICEX, 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 has become a bridge between Africa and Europe. It is also a member of the World Trade Organization (WTO) and has free trade agreements covering up to 55 countries (including the USA and the EU), giving it access to a potential market of more than 1 billion consumers.
In addition, its integration in the value chains of the global economy is key to the creation of an area of shared wealth between Spain and Morocco and to the development of north-south integration. Other factors highlighted by ICEX are the progressive liberalization of the Moroccan economy, the modernization of capital controls, the reduction of restrictions on foreign investment and the growing role of free zones, industrial zones and institutions specifically dedicated to promoting investment.
Spain is Morocco’s main supplier and client in the world. In addition, the trend towards greater complementarity and a greater role for trade between industries favors the natural process for many companies to set up and invest in Morocco.
