Morocco’s economic and political openness has placed the country in a privileged position compared to other countries. Since 2000, the European Union (EU) has had a free market agreement that eliminates tariffs and bureaucratic procedures, facilitating exports and imports between the EU, especially with Spain, and Morocco, although this did not come into effect until 2009.
According to the latest report by the Chamber of Commerce of A Coruña, until October 2023 Spain exported more than 10 billion euros to Morocco. Compared to the same month of 2022, it has increased by 2.89%. This increase has positioned Spain as Morocco’s main trading partner ahead of France.
Renowned as the gateway from Europe to Africa, Morocco enjoys a privileged geographical location, which, together with its historical trade relations, makes the Moroccan state a prestigious player in a dynamic and diverse market for companies from A Coruña.
Morocco is also one of the ten most important markets for Galician exports and has significant potential for growth and expansion, making it a strategic destination for companies in A Coruña.
Since 2000, a free trade agreement has been in place to eliminate tariffs and red tape and promote EU exports. This, combined with the diversity of the Moroccan market in terms of industrial sectors and consumer preferences, presents opportunities for many companies from A Coruña in sectors such as pharmaceuticals, automotive, chemicals, metal and tourism, which has had 13 million visitors in the last year.
Other industries with domestic demand include contracting and construction materials, motor vehicles, (renewable) energy, agricultural equipment or consumer goods. In addition, Morocco’s policy of economic openness and its clear willingness to attract foreign investment creates a favourable environment for investment and business cooperation.
Political stability and the growth of the middle class create new opportunities for companies, not only in La Coruña but throughout Spain, that want to increase their purchasing power and expand into international markets.
The opportunities generated by relations with Morocco are endless, but essentially they act as a key to other markets such as North America and the rest of Africa. It should be remembered that the North African country’s economic engines are also the main sectors in which the rest of the African continent’s powers wish to expand their investment and follow in Rabat’s footsteps.
Industrial modernisation and industrial development planning
The country is implementing a series of comprehensive strategies as part of a plan to modernise traditional sectors such as agriculture, fisheries and mining and develop innovative industries such as renewable energy, automobiles and aviation.
On the one hand, the modernisation of Morocco’s agricultural sector creates a huge demand for machinery and products such as seeds and fertilisers. In addition, the evolution of the agri-food sector provides business opportunities for manufacturers of agricultural machinery for processing and automation, as well as for companies related to logistics such as distribution and food packaging and storage.
Agriculture is a sector of great social relevance. In fact, the agricultural sector accounts for 46% of the country’s active population, some 5.5 million people, which represents 65% of the rural population’s income.
In the automotive sector, Morocco was the largest producer of automobiles on the African continent. Training, tools, techniques, spare parts, personal protective equipment and more. The Alawi country’s plan is to reach 36 billion euros in exports by 2029 and to reach 100% electric vehicles by 2030.
Automotive and agriculture are not only the pioneering sectors. Morocco also plans to meet 50% of its energy needs through its own renewable energy sources by 2030. In this case where companies, mainly from the Galician community, will be able to take over tasks related to the provision of equipment and services, training, technology and education, green materials and equipment.