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New data showed that France led the list of foreign investors in Morocco for the year 2023.
The data from Morocco’s Exchange Office shows that Morocco’s investment reached a net inflow of MAD 6.8 billion ( $693.6 million) compared to MAD 3.8 billion ($ 387.6 million) in 2022. This data marks a 79.5% increase.
It also represents 61.4% of the total net foreign direct investment (FDI) flow, as shown in the data the office compiled for its 2023 annual report.
The data comes as the two countries’ diplomatic ties have been experiencing a significant milestone.
Last week, France officially recognized Morocco’s sovereignty over its southern provinces in Western Sahara.
With this announcement, the two countries are expected to further boost their cooperation at all levels, including trade.
Figures from the National Institute of Statistics and Economic Studies (INSEE) in April said French exports to Morocco hit an all-time high in February, totaling €690 million.
This record figure is double the amount exported to Morocco in February 2014, reflecting the growing trade cooperation between the two countries.
The upward trend extends beyond a single month. In 2023, overall commercial exchanges reached a new peak of €14 billion, nearly double the volume witnessed in 2015.
On the global scale, foreign trade investment flow from the UAE amounted to MAD 2.3 billion in 2023, down from over 2.2 billion in 2022.
Following the UAE is the UK with 1.8 billion against 2.6 billion and then Spain and Germany with more than 1.5 billion each.
Foreign direct investment in Morocco reached MAD 11.1 billion, compared to 23 billion in 2022.
This represents a significant decrease of 51.7% due to different factors, including the combined effect of increased expenditures and decreased revenues.
