In recent years, two industrial sectors, automotive and aeronautics, are gaining momentum, benefiting from the arrival of important investments by multinational companies, such as Renault, Bombardier or Boeing.
Among the factors that limit Morocco's development potential are excessive dependence on energy and the agricultural sector, little diversification, a low competitiveness industry, a poorly developed financial sector, a high level of unemployment and a very inefficient public sector.
The Moroccan government is trying to improve the conditions of the national economy with reforms and with the boost of some manufacturing sectors, especially the automotive sector, which has become the main source of exports, even above sales of phosphates. Agricultural and food products, textiles, pharmaceuticals and aeronautics and electronics are next in importance.
Because of the aforementioned high dependence on foreign energy, the main component of Morocco's imports are energy products, especially those derived from oil and other hydrocarbons.
Moroccan foreign trade has as its main partner and customer the European Union, which concentrated 54% of imports and just over 65% of exports in the period 2015-2018.
The participation of Spain in these exchanges is very evident. In fact, exports and investments between Spain and Morocco already account for more than 15% of Moroccan GDP. Our exports have increased in volume (from 4,130 million euros in 2011 to 8,025 million in 2017) and as a percentage of Spanish world exports (1.9% in 2011 and 2.9% in 2017). The volume of Spanish imports has also increased significantly (3,101 million euros in 2011 and 6,284 million in 2017).
Sectors of opportunity
In the Moroccan market there are good business opportunities for Spanish companies in sectors such as components and automotive equipment, thanks to the progress of the Renault factory in Tangier, capital goods, raw materials for industry, agricultural machinery, services transportation and logistics, engineering and consulting, commercial distribution, construction and tourism.
The Government of Morocco highlights seven major advantages to attract foreign investment: competitive costs, strong and stable economic base, access to a market of more than one billion consumers, under international trade agreements such as those signed with the EU and the United States; infrastructures of international level, qualified human capital, ambitious sectoral strategies and a favorable environment for business.
Morocco is the first destination of Spanish foreign investment in Africa. In 2016, it received 43% of the "stock" of the entire continent. This country also offers investment opportunities in renewable energies and water treatment, in which there are important projects for concessions under a public-private partnership regime.
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