Spain’s Secretary of State for Trade Considers Morocco a Favorable Destination for Spanish Investors

Spain’s Secretary of State for Trade, Xiana Méndez, stated on June 7 in Casablanca that Morocco is a favorable destination for Spanish investors in Africa, as the Kingdom plays a key role in the internationalization strategies of Spanish companies.

Intervening at the inaugural session of the Morocco-Spain Business and Investment Meeting, Méndez highlighted Morocco and Spain’s commitment to strengthening bilateral ties since the recent Morocco-Spain High-Level Meeting. 

The Spanish official, who is also President of ICEX Trade and Investment, noted that all necessary means must be put in place to boost trade and investment relations so that they match the current dynamic between the two Kingdoms.

Méndez also recalled the recent business meeting held in Madrid with the Minister Delegate in charge of Investment, Mohcine Jazouli, which was an opportunity for Spanish business stakeholders to explore investment opportunities in Morocco. 

In a similar context, Méndez stated that the present meeting, which is an important event for the Moroccan and Spanish business communities, is a continuation of Morocco-Spain consultations, adding that the meeting will focus on several topics of common interest, such as business climate, renewable energies, industry, water, and transport. 

In terms of investment, Spain’s Secretary of State for Trade underlined that “over the last decade, we have achieved record figures in terms of trade volume, with EUR 20 billion in 2022,” recalling that Spain is the third country in terms of investment stock in Morocco. 

Méndez affirmed that the Morocco-Spain Business and Investment Meeting aims to further expand trade and investment relations as part of the internationalization strategy of Spanish companies that prioritizes the Kingdom of Morocco.

The Spanish official also cited several factors that support Morocco’s positioning, such as the Kingdom’s capacity to integrate into regional value chains, commending the initiatives and reforms undertaken by Morocco that seek to expand trade. 

In a similar context, the Spanish Secretary of State also highlighted Morocco’s position as a gateway to Africa, and a pivotal point for Spanish companies to broaden their activities to other African countries, reaffirming Morocco’s economic attractiveness, which is at the center of all Spanish companies’ internationalization plans.

“We must take action to mutually benefit each other by overcoming obstacles and establishing a secure business climate that encourages investment between the two countries,” stressed Méndez, calling for joint action to promote shared prosperity, mutual benefit, and co-development.

The inaugural ceremony of the Morocco-Spain Business and Investment Meeting was attended by the Minister of Industry and Trade, Ryad Mezzour, Spain’s Ambassador to Morocco, Ricardo Díez-Hochleitner, President of the General Confederation of Moroccan Enterprises (CGEM), Chakib Alj, and business stakeholders from both Morocco and Spain.

The Meeting, held in Casablanca between June 6 and 8, aims to boost investment between the two countries.

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