Spain to invest €45 billion in Morocco by 2050

Spain is planning to invest 45 billion euros in Morocco by 2050 in various projects, said Spanish Prime minister Pedro Sanchez at a press conference held Wednesday in Rabat at the end of his working visit to the North African Kingdom.

“Spain is a key partner for Morocco with €45 billion investment planned by 2050”, said Sanchez, lauding the “positive evolution” of trade between the two neighboring countries.

Moroccan-Spanish economic partnership will be strengthened further with the organization by the two countries along with Portugal of the FIFA 2030 World Cup, said the Prime Minister.

He also praised the efforts made by Morocco to modernize its economy, and underlined the Spanish companies’ commitment to support this dynamic spurred particularly in transport, renewable energies and water resource management.

Spain is Morocco’s largest trading partner while Morocco is the third largest trading partner for Spain outside the EU, right after the US and the UK.

Bilateral trade totaled 20 billion euros last year and is set to break new records as businessmen from the two countries reap the benefits of improved diplomatic ties.