Since the year 2000, there has been a free trade agreement that eliminates tariffs and bureaucratic procedures, facilitating exports from the EU.
The country stands out for its policy of economic openness and its commitment to attracting foreign investment.
A Coruña, February 5, 2024. Until October 2023, Spain exported products to Morocco worth 10,154,908 million euros, an increase of 2.89% compared to the previous year, consolidating its position as the country's top trading partner, ahead of France. Additionally, Morocco ranks among the top 10 markets for Galician exports, making it a strategic destination for companies in A Coruña, given its significant potential for growth and expansion.
With its privileged geographical position and its historical commercial relationship, Morocco presents itself as a dynamic and diversified market for companies in La Coruña. The geographical proximity, facilitated by an efficient transportation network, establishes a direct connection that reduces logistical barriers and promotes smooth commercial exchange. It is also worth noting that it is beginning to serve as the gateway to access sub-Saharan markets.
Since the year 2000, there has been a free trade agreement that eliminates tariffs and bureaucratic procedures, facilitating exports from the EU. This, combined with the diversity of the Moroccan market, both in terms of industrial sectors and consumer preferences, provides opportunities for a wide range of companies from La Coruña, including sectors such as pharmaceuticals, automotive, chemical, metal, or tourism, as the country receives more than 13 million visitors annually. Other sectors in demand in the country include contract, construction materials, automotive, energy (renewables), agro-industrial equipment, or consumer goods, among others.
Additionally, Morocco has distinguished itself for its policy of economic openness and its commitment to attracting foreign investment, which translates into a favorable environment for investment and business collaboration. Political stability and the growing middle class boost purchasing power and generate new opportunities for companies in La Coruña looking to expand into the international market.
Sectoral modernization and industrial development plan
The country is implementing a series of ambitious strategies as part of the Modernization Plan for traditional sectors, such as agriculture, fishing, or mining, and the development of innovative industries such as renewable energies, automotive, or aerospace.
On one hand, the modernization of the Moroccan agricultural sector is leading to an increase in demand for machinery and products such as seeds and fertilizers. In addition to this, the westernization of Moroccan tastes and the evolution of the agri-food sector also open up business opportunities for manufacturers of agro-industrial equipment dedicated to processing or automation, as well as for companies specializing in logistics, including distribution, packaging, and preservation of food products.
As for the automotive sector, Morocco has become the largest car manufacturer on the African continent. Needs are identified and, therefore, opportunities arise in training, tools, engineering, spare parts, personal protective equipment, etc.
It is also important to note that Morocco plans to meet 50% of its energy needs through its own renewable energy resources by the year 2030. Therefore, there will be opportunities for Galician companies related to the supply and maintenance of equipment, training, technology transfer and know-how, materials, and eco-efficient equipment.
Source of the article: camaracoruna