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Sunday, May 26, 2024

Trade, Investment Are Key Factors in Morocco-Spain Economic Cooperation

Trade and investment are considered as two key factors of economic cooperation between Morocco and Spain, said Spanish Minister of Industry, Trade and Tourism Reyes Maroto, who is part of the delegation accompanying the President of the Spanish government Pedro Sanchez, currently visiting the Kingdom to co-chair with his Moroccan counterpart Aziz Akhannouch, the 12th session of the Morocco-Spain High Level Meeting.

Maroto, who met Thursday in Rabat with the Minister of Industry and Trade Ryad Mezzour, told the press that it is an investment flow of more than 2 billion euros with the presence of over 600 Spanish companies in the Kingdom.

She also emphasized the trade that exceeds 17 billion euros in 2022, with great complementarity in several sectors, including automotive, industrial and textile to allow further strengthening of value chains, stressing that the agreements to be signed today demonstrate that Morocco and Spain are “two strategic partners.”

She added: “Undoubtedly, the financial protocol and the memorandum in the field of tourism that was signed yesterday between the Financial Cooperative for the Development of the Solidarity Economy (Cofides) and the Moroccan Fund Ithmar are two examples of this good relationship and especially the joint work desired to improve the quality of life of our people, create employment, and build economies that face the challenges we face.”

In addition, she congratulated the government for the success of the Moroccan-Spanish economic forum in which more than 500 companies participated, which highlights the strong and excellent relations between the two countries in the areas of trade and investment.

For his part, Mezzour said that the visit of this high-level Spanish delegation, chaired by the President of the Spanish Government Pedro Sanchez, accompanied by ministers and more than 60 businessmen is part of the implementation of the roadmap, on which the two countries have agreed after the visit made on April 7, 2022 by Sanchez in Morocco, at the invitation of His Majesty King Mohammed VI.

In addition, the Minister noted that Spain is the first trading partner of Morocco for over 8 years with trade that increases by 8% annually for 10 years to climb 20% last year.

 

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