Spain and Morocco sign a financial protocol for 800 million euros for the execution of new projects by Spanish companies

The Minister for Industry, Trade and Tourism, Reyes Maroto, and the Moroccan Minister for Economy and Finance, Nadia Fettah, have signed a financial protocol that will double the capacity of Spanish companies to execute new projects in Morocco, with a total amount of 800 million euros. The text specifically prioritises a number of sectors: energy, water, transport and logistics, agri-food industry and innovation.

The summit also saw Maroto sign a memorandum of understanding on tourism with her tourism counterpart, Fatim-Zahra Ammor, with the aim of expanding existing tourism cooperation relations. The two countries are committed to the exchange of experience and know-how in marketing, promotion and the use of new information technologies in tourism. Spain is Morocco's second largest issuer and both countries are interested in further boosting the increase in mutual tourism flows and direct air links.

For Minister Maroto, "Morocco is our main trading partner in Africa. In 2022 we have reached historic highs in our bilateral exchanges and there is also a very positive overall framework of economic relations that has led to a high and growing degree of interrelation between the two countries. There is a strong economic and trade relationship between the two countries that provides a solid starting point on which to build a future relationship that has great potential for growth. The agreements signed at this RAN will give a firm boost to our trade and tourism relations to the benefit of both countries.

Reyes Maroto also referred to the fact that Morocco is a priority country for the Horizon Africa Strategy, which seeks to support the internationalisation of Spanish companies in the African market and to promote a growing and solid Spanish presence on the continent.

Finally, he recalled that the Spanish administration is making efforts to boost both export and investment operations in Morocco. Proof of this is the agreement signed yesterday between COFIDES and the Moroccan Sovereign Wealth Fund Ithmar Capital to collaborate on new investments.

Spain-Morocco Economic Forum

As a prelude to the RAM, yesterday an Economic Forum was held, where businessmen from both countries shared the challenges they face. The first panel discussed business and investment opportunities in a globalised world. The second panel addressed the energy transition and the circular economy. The forum was closed by the Spanish Prime Minister, Pedro Sánchez, and the Prime Minister of Morocco, M. Aziz Akhannouch.

Business relations

Bilateral economic relations between Spain and Morocco are very intense. For several years now, Spain has been Morocco's main customer and supplier. On the other hand, Morocco is for Spain a very important market for our exports, the first in Africa.

After the pandemic, trade has recovered fairly quickly. Spanish exports to Rabat exceeded €10 billion in 2022 (10,839), which represents an increase of 12.7% over the previous year and 28.2% compared to 2019. Imports from Morocco have also grown: from 6,962 million in 2019 to 8,096 million in 2022, an increase of 16%.

Morocco is the leading destination for Spanish investment in Africa, with an investment stock of close to 2 billion euros and the creation of 19,915 jobs. In addition, since 2017 it has been a PASE country (Countries of Strategic Sectoral Action), highlighting the special interest of sectors such as automotive, energy, agriculture and food industry, industrial technology, tourism, rail transport, renewable energies and the integral water cycle.

VIVES Programme

For its part, ICEX has recently launched, within the framework of the Next Generation funds, the VIVES programme, whose objective is to train international talent in order to provide young people with in-depth knowledge, not only of the company's activity but also of the environment in which it operates.

This programme allows for training placements in internationalised companies with a presence abroad. In just one week since its launch, almost 200 companies and more than 1,700 young people have registered. In this sense, Morocco, as the leading destination for Spanish investment in Africa, is a priority actor for the VIVES programme.

Non official translation