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- Political stability and legal certainty
- Morocco, the gateway to Africa
- Morocco as an investment partner
‘Morocco and Spain: Investing together for a sustainable and shared future’ was the title of the conference organised by the Moroccan Agency for Investment and Export Development (AMDIE) at the Villa Magna hotel in Madrid with a clear objective: to strengthen collaboration and investment between the two countries to achieve a sustainable future.
After the opening ceremony by the Moroccan Minister of Investment, Karim Zidane, and the Ambassador to Spain, Karima Benyaich, a conversation was held between the presidents of the Spanish Confederation of Business Organisations (CEOE), Antonio Garamendi, and the General Confederation of Moroccan Enterprises (CGEM), Chakib Alj, moderated by Adil Rais, co-president of the Moroccan-Spanish Economic Council (CEMAES), who highlighted that the two countries have grown by almost 3.5% thanks to the dynamism of the private sector.
In response to questions from the moderator, business representatives from both countries addressed public-private relations, the need for greater collaboration to achieve a better future together, the important trade relations, with Spain being Morocco’s largest supplier and Morocco being Spain’s third largest partner outside the EU, the need to promote industry, the young and well-trained talent that Morocco offers… And, of course, the 2030 World Cup, which will have as finalists, joked Garamendi, ‘Spain and Morocco, and Spain will win’.
President of the Spanish Confederation of Business Organisations (CEOE), Antonio Garamendi, President of the General Confederation of Moroccan Enterprises (CGEM), Chakib Alj, moderated by Adil Rais, co-president of the Morocco-Spain Economic Council (CEMAES) – ATALAYAR/GUILLERMO LÓPEZ
Political stability and legal certainty
Garamendi highlighted Morocco’s great appeal as a neighbouring country with a long shared history and recalled that Spain is the main investor in this country, ‘there are a thousand Spanish companies permanently established there and they feel Moroccan,’ he said. He also highlighted the close relationship between the two monarchies, a friendship, said the Spanish businessman, that brings them closer together, especially when there are political differences.
But the most important thing for everything to flow and for us to continue growing, said Garamendi, is trust and political and regulatory stability, legal certainty and quality of regulations so that investments can be made.
The CEOE president pointed out that a key factor for Spanish businesspeople to invest in Morocco is the fact that this country is the gateway to Africa, just as Spain is an important bridge between Latin America and Europe.
He also emphasised the importance of industry for a strong economy, ‘it is the driving force of the economy’, and in this sense, Morocco offers great expectations: ‘We can collaborate a lot there, we are already doing so in the automotive sector’.
President of the Spanish Confederation of Business Organisations (CEOE), Antonio Garamendi – ATALAYAR/GUILLERMO LÓPEZ
Morocco, the gateway to Africa
Regarding what Morocco has to offer Spanish companies, Chakib Alj also highlighted the fact that it is the gateway to Africa and from Africa to Europe, its excellent connectivity with infrastructure such as the ports of Tangier Med and Dakhla, which will allow access to sub-Saharan Africa, airports with more than 200 destinations, high-speed rail, its economic, social and commercial stability, stable inflation, a growth forecast of 4%, a strong industry… ‘Investing in Morocco is the future,’ said the CGEM president, who also referred to the young and trained workforce capable of responding to business needs, the role Morocco plays in the field of renewable energy, free trade with the US and relations with Europe and the Middle East. ‘Made in Morocco will be important for the future,’ he said.
Chakib Alj pointed out that greater proximity and visibility are needed with those who share the same principles and that Spain is ideal. “The economies of both countries are very complementary and we are very close,” he said.
In short, both presidents highlighted the close and dynamic collaboration between the two countries and the great potential that Morocco offers Spanish investors in all sectors, without forgetting the prospects for collaboration opened up by the 2030 World Cup, which is being organised jointly by Morocco, Spain and Portugal.
President of the General Confederation of Moroccan Enterprises (CGEM), Chakib Alj – ATALAYAR/GUILLERMO LÓPEZ
Morocco as an investment partner
‘Morocco as a reliable investment partner’ was the focus of the next panel, moderated by Ali Seddiki, Director General of AMDIE, with the participation of Khalid Safir, Director General of CDG, Youssef Rouissi, Deputy Director General of CIB AttIjariwafa Bank, and Clemente González Soler, Co-President of CEMAES.
Ali Seddiki emphasised that Morocco is a reliable partner and showed a photo from 2007 of the port of Tangier Med as a symbol of Morocco’s transformation under His Majesty Mohammed VI, now the fourth most efficient port in the world. ‘Morocco is investing so much in infrastructure because it is the basis of industrial development,’ he said, backing up his statement with facts such as the fact that it is the leading car manufacturer in Africa, has announced the first gigabyte factory in the Middle East with Spanish partners, its development in the aerospace sector, ’ no plane flies without something manufactured in Morocco’, and being the leading exporter of clothing to the EU in Africa, not to mention sectors such as agribusiness, fishing and tourism. “We want to learn and work together; there are many possibilities ahead of the World Cup,” he said.
Khalid Safir then took the floor to highlight CDG’s contribution to Morocco’s industrial development. The executive spoke of collaboration based on respect and the desire to build tomorrow’s prosperity. He explained that the Caisse de Dépôts et de Gestion is a network of public institutions responsible for implementing public policies and translating them into action in all areas that are profitable and useful for the Kingdom: tourism, industry, agriculture, energy transition, digital technology, etc.
Ali Seddiki, Director General of the Moroccan Agency for the Development of Investment and Exports (AMDIE) – ATALAYAR/GUILLERMO LÓPEZ
In response to questions from the moderator, he referred to the talent offered by Morocco, given the importance it attaches to education and vocational training for young people.
Clemente González stressed that the world has changed completely in the last ten years, ‘it seems that globalisation is coming to an end with the latest actions of the US’, and criticised the fact that neither Europe nor the US have supported their industries against China, as well as the extra-regulation that exists in Europe, which will lead to many industries leaving ‘and the appropriate country will be Morocco’. Finally, Youssef Rouissi highlighted Morocco’s strong macroeconomic framework, ‘which provides institutional and economic stability’, and the significant development experienced with changes to the Constitution, advances in civil rights, respect for the rules, etc.
Finally, Youssef Rouissi highlighted Morocco’s strong macroeconomic framework, ‘which provides institutional and economic stability,’ and the great development experienced with changes in the Constitution, advances in civil rights, respect for the rules… all of which provide a very good framework for the economy and investment to grow and improve. He also referred to the importance of the private sector, supported by human resources with trained young people, more than 180,000 graduates each year, including hundreds of engineers, financial and economic support, infrastructure and joint agreements in all sectors.
‘Morocco is Spain’s hub, attracting investors due to its low inflation rate and very stable currency, as well as its tax-free capital and 3.5% IPB, which is the result of all the investments being made and the 2030 targets,’ he said.
Khalid Safir, CEO of CDG, Youssef Rouissi, Deputy CEO CIB AttIjariwafa Bank, and Clemente González Soler, Co-Chairman of CEMAES – ATALAYAR/GUILLERMO LÓPEZ
Regarding Morocco’s strategy for Africa, Rouissi pointed out the importance of Attijariwafa Bank in supporting Spanish investors who want to invest in Africa, providing them with global support to understand the African context in terms of risk and giving them financial support… ‘We are also committed to inclusion, we have 7. 100 offices in Africa and we try to offer low taxes to support young entrepreneurs, so that they can receive training in marketing, finance, etc.,’ he concluded.
They also discussed the 2030 World Cup, which will mean a new Morocco in terms of infrastructure, connectivity, logistics, energy needs, etc., and which will make it more attractive to tourists, investors and those who want to live in the neighbouring country.
Morocco: The investment partner you can rely on – ATALAYAR/GUILLERMO LÓPEZ
This event was organised by the Moroccan Agency for Investment and Export Development (AMDIE) in collaboration with the Moroccan Ministry of Investment, Convergence and Evaluation of Public Policies (CEMAES) and Morocco Now.
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