Morocco and Spain welcome economic relationship under the slogan of integration

Morocco and Spain welcome economic relationship under the slogan of integration

Agility, integration, commitment and a win-win relationship are the strengths of the existing economic ties between Morocco and Spain, which over the years have evolved, diversified and become role models for cooperation. The 19 ″, geographical proximity, inspired by the strong Spanish entrepreneurial fabric in Morocco, and the favorable investment climate in the kingdom and the diversity of bilateral trade flows have enabled both countries to give new impetus to their trade.

The bilateral economic partnership is supported by a political-strategic relationship that has enabled the two countries to maintain a stable dynamic of trade and to implement joint development projects with greater value added.
Trade between Rabat and Madrid has doubled in the last ten years, with growth rates of over 10% per annum since 2011. This is evidenced by the fact that Spain has been Morocco’s leading supplier and customer for 8 years. In 2021, Morocco exported about 7.3 billion euros to Spain, 14.6% more than last year, according to data released by the Spanish embassy in Rafat. Morocco, on the other hand, imported 9.5 billion euros from the Iberian country, registering a growth of 29.2%.

These indices accounted for 3% and 2.1% of the global share of Spanish exports and imports, respectively. The trade curve between the two countries has been upwards since 2016, with exports to Spain reaching 6. 6.37 billion in 2020 (up from 9 6.96 billion in 2019), while imports showed a slight decline to 35 7.35 billion (compared to 45 8.45 billion). In 2019). He appreciated the importance of integration and wealth creation between the two countries, which would benefit the people of both countries.

According to Madrid, the stability and prosperity of the two countries are “inextricably linked.” Spanish Foreign Minister Jose Manuel Albaris recently confirmed that “Spain and Morocco are united by history and geography. Despite the epidemic of “Covit-19”, “Spanish exports to Morocco increased by 29% by 2020/2021, 17,000 Spanish companies have trade relations with Morocco, 700 companies are established in the neighboring country, and more than 800,000. Moroccans live there.” . In Spain they are fully integrated and contribute to our prosperity. ⁇

According to Ms. Hota Benghazi, Director-General of the Moroccan-Spanish Economic Council, trade between the two countries is characterized by three basic elements: harmony, quality and balance. It lasted more than eight years, and outside the EU, Morocco became Spain’s third largest customer, surpassing only the United States and the United Kingdom. Moreover, the two countries have become allies in a partnership based on high value-added industries, and the import / export balance is increasingly in balance.

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