Morocco is a market with strong economic potential that attracts foreign direct investment. Due to its geographical proximity and its role as a gateway to the African continent, the country offers excellent business opportunities and has become an essential platform for the internationalization of Spanish companies.
In recent years, trade relations between Spain and Morocco have increased considerably. This confirms the good harmony between companies on both sides of the Mediterranean.
Morocco, a natural ally
Morocco is a natural partner for Spanish companies. From a commercial point of view, Spain leads international exports in the Renio in recent years.
Therefore, Morocco leads trade relations between Africa and Europe. Among other reasons, this is due to the incorporation of important sector reforms.
The changes have allowed diversifying the economy in export-oriented sectors, through the creation of an environment of tax exemptions favorable to attracting foreign investment.
Reasons to expand your business in Morocco
There are many arguments that motivate Spanish companies to make the leap to the African continent.
Next, we put at your disposal five reasons why any company should consider expanding its business in Morocco. They are the following!
1.Morocco keeps GDP in continuous growth
Considered as one of the African countries with the greatest economic projection, GDP growth for 2019 is expected to be 3.2%. And the numbers do not deceive: since 1998, Morocco’s GDP has evolved positively.
2.A strategic center for trade
Trade relations between Spain and Morocco play a very important role in the connection between Europe and Africa.
As if that were not enough, Morocco has the largest port in Africa. The Tanger Med port complex offers the country a unique strategic installation.
3.Local consumers value foreign products
Between 10% and 15% of local consumers buy imported products. This is a fact that explains that, as a country, Morocco is open to foreign trade.
Certainly, access to information has also caused residents to appreciate and value products from other countries.
4. Strategic sectors have favored economic expansion
The inclusion of several sector strategies has favored the economic and social growth of Morocco.
In fact, the North African country has become a reference in sectors of interest such as automotive, aeronautics, electronics, tourism and renewable energy.
5. Economic and commercial opening
The country is making a great effort of economic and commercial opening to become an influence on the continent.
Economic stability and greater business experience has caused many companies to go to Africa in search of opportunities.
Morocco is the second investor in the continent and the first in West and Central Africa. Ethiopia, Ivory Coast or Nigeria are some of the countries in which Morocco makes the most investments to strengthen its presence in Africa.
A specialist to expand your business in Morocco
As you have seen, there are many factors that make Morocco a particularly interesting country for industrial decentralization.
Although to guarantee success in the African continent, companies should adapt to the regulatory particularities of the country.
In this sense, it is advisable to partner with a specialist who acts as a facilitator, expert and liaison in the new market.
In Expandia International we offer advice and local support to foreign companies, with the aim of facilitating the expansion and achievement of objectives in Morocco.
If you want us to become your trusted partner, do not hesitate to contact us in the following way of contact: firstname.lastname@example.org. We are waiting!