Morocco is Spain’s »most important » trade partner in Africa: Employers
» Morocco is our great neighbor to the south, the gateway to the African continent. Its geographical location, between the Atlantic and the Mediterranean, makes the kingdom a country of crucial importance, both in terms of its proximity to Europe and by its situation in the Maghreb region » , indicates the CEOE in a framework note, published on the occasion of the holding, Monday, May 22 in Madrid, of a Moroccan-Spanish business meeting, with the participation of more 150 business leaders from both countries.
» The economic ties between Spain and Morocco, favored by geographical proximity and regular official contacts, generate intense commercial and investment activity » adds the employers, recalling that the bilateral agreements concluded between Rabat and Madrid aim to promote a « more favorable framework » for the development of exchanges and cooperation.
In this respect, says the CEOE, the Euro-Mediterranean association agreement between the European Union and Morocco, in force since 2000, has made it possible to create a free trade area between the two parties, with important tariff reductions and has favored the access of Moroccan agricultural products to the Spanish and European markets.
Spanish companies of different sectors and sizes maintain commercial relations with Morocco, making Spain the first customer and supplier of this market, details the framing note, specifying that in 2021, more than 17,600 companies exported to Morocco. Morocco.
Currently, 669 Spanish companies hold at least 10% of the capital of Moroccan companies and 524 Moroccan companies are subsidiaries of Spanish companies, maintains the same source.
In 2021, Spain was the third country in terms of investment stock in Morocco and the seventh in terms of cumulative flows, according to the CEOE, which notes that Spanish investments in Morocco in 2021 reached a volume of 30.7 million euros, concentrated mainly in the manufacturing industry, tourism and real estate.
The Morocco/Spain economic forum was organized in the wake of the Bilateral High-Level Meeting, held in Rabat last February, and the Bilateral Joint Declaration established following the meeting between His Majesty King Mohammed VI and the President of the Government Spanish, Pedro Sánchez, in April 2022 in Rabat.
Bringing together nearly 150 Moroccan and Spanish business leaders, this meeting, initiated jointly by the Morocco-Spain Economic Council (CEMAES), the General Confederation of Moroccan Enterprises (CGEM), the CEOE and the Spanish Chamber of Commerce, confirms the desire of the two friendly and neighboring countries, united by a historic and multidimensional partnership, to strengthen their economic relations.
