Morocco opens the door for Spanish companies to investments in strategic sectors that it plans to develop over the next three decades. The High Level Meeting (RAN) with Spain held this Thursday in Rabat has been marked by an extensive agenda and commercial key announcements. Both governments have insisted that this increase in investment and exchange will support the new roadmap of “understanding” and “trust” staged during the bilateral meeting.
The Moncloa He has defended that good relations between governments will help companies to enter into new projects. The Moroccan Executive has also encouraged the business sector to be part of this new stage between Madrid and Rabat. “Bilateral relations are experiencing a qualitative evolution which requires the involvement of economic operators in this dynamic”, stated the President of the Moroccan Government, Aziz Akhannouch.
The president has also highlighted the fact that Spain has become the Morocco’s first commercial and economic partner and has expressed that the intention is to go beyond commercial exchanges and “embrace common projects of strategic scope.” According to the Moroccan president, this association opens the door to “numerous opportunities for both countries towards promising markets, especially in Africa”.
45,000 million
Part of this strategy to increase the commercial relationship will be developed “taking advantage of the new Moroccan investment charter“, the Moroccan president specified. The Maghreb country plans to allocate 45,000 million euros in different projects until 2050. This investment letter aspires to convert Morocco in a continental and international hub of foreign direct investment, in addition to the economic development of the different regions of the country where there are more disparities. One of the initiatives in which Spanish companies could participate, as explained by the Spanish Government, are the regional railways. Although other sectors such as the construction of desalination plantsthe agriculture and the renewable energy. Moncloa aspires to make Spain a “reference investor” to develop these projects.
The President of the Spanish Government, Pedro Sanchezhas defended during the summit that the bases have been established for “an advanced economic association, to develop new investment projects that accompany the extraordinary development process that Morocco is experiencing”. “We must ensure harmonious progress in all areas: more political and security dialogue, more investments, exchanges and interconnections, more mobility and communication between our societies”, he added.
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In the joint declaration, they have stressed the importance of the renewable energy and water resources, especially in the current context of climate change and energy uncertainty. On water management and desalination, three memorandums have been signed. They have also opted for “the need to continue developing connectivity and infrastructure, and to facilitate mobility between the two countries.”
Among the agreements signed this Thursday in Rabat, it will double, from 400 to 800 million euros, the departure of the Spanish Government to finance companies that want to invest in the Alaouite country. Morocco and Spain have also signed a memorandum that also seeks to accentuate the tourism cooperation.