Spanish investments in Morocco are poised for a significant boost in 2025, with economic circles in Spain forecasting a 55% increase following the 13th High-Level Meeting between Rabat and Madrid, which is expected to inject fresh momentum into the strategic economic partnership between the two countries.
This optimism was reported by the Spanish economic newspaper El Economista, which highlighted growing confidence among Spanish business leaders after a series of business forums held alongside the intergovernmental meetings. These events focused on opening new horizons for Spanish companies in the Moroccan market, now considered a strategic investment destination for Spain in Africa.
According to data from Spain’s Ministry of Economy, Trade, and Industry, nearly 360 Spanish companies have invested in Morocco in recent years, expanding their activities across multiple sectors, including industry, energy, infrastructure, agri-food industries, and logistics services.
The report noted that Spanish investment flows into Morocco had declined in recent years, dropping by 55.7% in 2021, before stabilizing in 2023 at around €24 million, and then falling again to €18 million in 2024.
However, Spanish economic experts, cited by El Economista, consider this decline part of a normal “investment cycle,” during which projects enter consolidation phases before returning to an upward trajectory. This makes 2025 a strong candidate to mark a turning point in the flow of Spanish capital toward Morocco.
Available data up to mid-2025 show that accumulated net investment has reached nearly €15 million, reinforcing expectations that total investments could exceed €30 million by the end of the year — representing a projected growth of 55%.
The report underlined that Morocco has consolidated its position as the leading destination for Spanish investment in Africa over the past decade. Spain ranks as the second-largest European investor in Morocco after France, while also being the Kingdom’s top trading partner in goods and services.
The source also emphasized that Morocco’s new Investment Charter, launched in 2022, along with the €800 million financial protocol signed between the two countries in 2023, have been decisive factors in encouraging Spanish firms to expand in the Moroccan market.
On bilateral trade, expectations are high that the outcomes of the Moroccan–Spanish Economic Forum, held in Madrid on December 3, will help push annual trade volumes beyond the €23 billion recorded in 2024.
Official figures show that trade between Morocco and Spain reached approximately €22.7 billion in 2024, with Spanish exports to Morocco totaling €12.86 billion, including fuel, machinery, industrial supplies, vehicles, and electrical equipment. Moroccan exports to Spain amounted to €9.83 billion, including automobiles, agricultural products, electrical equipment, textiles, and fisheries products.
With this advanced level of trade, Morocco has become Spain’s leading African partner and one of its most important partners outside the European Union. Economic reports expect 2025 to follow a similar trend, particularly with rising Spanish imports of Moroccan agricultural products.
Morocco is currently witnessing large-scale infrastructure projects, including the expansion of ports and airports, as well as road and rail networks. These sectors are attracting strong interest from Spanish investors seeking major contracts, a trend confirmed during recent economic forums.
At the European level, Spain accounts for 29.1% of Morocco’s total trade with the European Union and covers 37% of Morocco’s imports from the EU, ahead of France and Germany.
