Thursday 2 February 2023

Morocco, Spain Wish to Establish New Economic Partnership for Development

Morocco, Spain Wish to Establish New Economic Partnership for Development

The Head of Government Aziz Akhannouch and the President of the Spanish government Pedro Sanchez stressed, Wednesday in Rabat, that Morocco and Spain wish to establish a new economic partnership for development, with a view to taking advantage of the full potential offered by the relations between the two Kingdoms.

Speaking at the Morocco-Spain Economic Forum held on the sidelines of the High Level Meeting (HLM), Sanchez highlighted the importance that his country attaches to relations with Morocco and the common goal of opening a new stage that will allow to benefit from the full potential offered by these renewed relations, which are based on trust.

Spain and Morocco, he added, share the ambition to move forward in this new stage, especially with the 24 agreements that will be signed, believing that relations between the two countries are in the interest of Morocco, Spain and also 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 of trade, infrastructure and strategic sectors.

In addition, Sanchez recalled 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, on imports as exports. Morocco is the third trading partner of Spain outside the European Union, after China and the United States and the 1st 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.

Meanwhile, Akhannouch 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 the light of the scheme provided by the new Investment Charter, said the Head of Government.

Akhannouch also said that the HLM "is an opportunity to celebrate the excellence of relations between our nations, under the leadership of the enlightened vision of Our Sovereigns, His Majesty King Mohammed VI and His Majesty King 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.

He concluded: "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 His Majesty King Mohammed VI, may God assist Him, 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."

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 discuss the question "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".

MAP: 01 February 2023