Morocco-Spain Economic Forum: A new start towards a renewed partnership

The Moroco-Spain Economic Forum, chaired on Wednesday, February 1, 2023 in Rabat by the heads of government of the two countries, Aziz Akhannouch and Pedro Sanchez, has drawn up a roadmap meant to boost commercial and industrial sectors primarily through the creation of new joint ventures.

This new dynamic was outlined during the economic forum that was attended by the Moroccan and Spanish employers’ confederations, the CGEM and the CEOE, as well as the Morocco-Spain Economic Council (CEMAES).

The forum, held part of the working visit to Morocco by the President of the Spanish government, Pedro Sanchez, was also attended by about twenty ministers, including the 12 members of the Spanish cabinet accompanying the Prime Minister.

Addressing the Forum, Sanchez highlighted the importance that his country attaches to relations with Morocco and the two countries’ shared goal to open a new stage in their relations that will allow to benefit from the full potential offered by these renewed relations, which are based on trust.

Pedro announced that he will co-chair with Aziz Akhannouch the signing ceremony of 24 cooperation agreements covering various fields, deeming that good relations between the two countries are beneficial not only to the two countries but also to the whole of Europe.
This new economic partnership will allow Moroccan and Spanish companies to be more prosperous, said Sanchez, announcing the signing of a new financing protocol of 800 million euros to finance new projects of common interest carried out by Spanish companies in Morocco.

President of the Spanish government also emphasized the opportunities existing in the sectors of trade, infrastructure and other strategic areas.

He recalled in this connection that Spain is the third largest investor in Morocco, considering that the legal component is a key tool to strengthen economic ties between the two countries.

For his part, Akhannouch stressed that the strength of the Moroccan-Spanish relationship is fueled by the positive dynamics of bilateral trade.

“Spain is now the first trading partner of Morocco. Morocco is the third trading partner of Spain outside the European Union, after China and the United States and the first destination of Spanish exports in Africa and the Arab world,” he said.

“Our trade reached 17 billion euros in 2021. In the first nine months of 2022, they were up more than 21%,” he added.

Akhannouch also noted that the stock of Spanish investment in Morocco is growing while the stock of foreign direct investment (FDI) positions Spain as the third foreign investor in Morocco.

On this ground, the margin of progression remains important, whether in energy, transport, tourism or industry, especially in light of the benefits provided by the new Investment Charter, said the Head of Government.

He added that the high-level meeting is an opportunity to celebrate the excellence of relations between the two nations, under the leadership of King Mohammed VI and ing Felipe VI.”

“As such, a new era of our bilateral relations has opened, through the position of your government regarding our southern provinces. Spain has had the courage of historical realism. And for this, Morocco pays tribute to you,” he said, insisting on working hand in hand to build, together, a better future.

In March 2022, Spain made a shift in its stand regarding the Sahara issue, clearly announcing that it considers the Moroccan autonomy initiative, presented in 2007, as “the most serious, realistic and credible basis for the resolution of the Sahara dispute.”

Spain also said “it recognizes the importance of the Sahara issue for Morocco as well as Morocco’s serious and credible efforts within the framework of the United Nations to find a mutually acceptable solution.”

“It is not surprising that a reliable, strong, flexible, intelligent and multidimensional partnership, translates into economic development. This is the meaning we wish to give to our partnership, as desired by King Mohammed VI, that of a leadership in the service of development and peace in our Mediterranean region and, beyond, a model of understanding and shared prosperity for all nations,” Akhannouch said.

Organized at the initiative of the CGEM, the Confederación Española de Organizaciones Empresariales (CEOE) and the Moroccan-Spanish Economic Council (CEMAES), this forum was an opportunity to address “How Moroccan and Spanish companies can seize together the opportunities presented by the reconfiguration of global value chains?” and “Energy transition, environment and circular economy, key sectors of the Moroccan-Spanish economic partnership”.