Doha – Mexico has captured the attention of hotel investors from Morocco, drawn by the international popularity of resort destinations like Cancún and Tulum.
According to Abdelfattah Lebbar, Ambassador of Morocco to Mexico, Moroccan businessmen have already constructed five hotels in the Yucatan Peninsula to cater to the booming travel and tourism industry.
“Cancún and Tulum are now trendy internationally, and businessmen are interested in investing where they see opportunities,” Ambassador Lebbar stated at the CANACAR 2024 National Convention, as reported by Forbes México on September 26.
He revealed that Moroccan hotel chains have invested in resorts in Tulum, which has become a hotspot for tourists from the US, Canada and Europe. Another Moroccan-funded hotel in Tulum is slated to open within a month.
While the Moroccan embassy does not track all new business ventures, the ambassador noted steadily growing interest from investors in both directions.
“Mexican companies also see opportunities in Morocco, such as a large firm that purchased a cement plant,” he said. “We are the gateway to Africa and the Arab world.” Major Mexican corporations like Bimbo already operate in the Moroccan market.
Trade data from the Mexican government shows the deepening economic ties between the two countries.
Mexico exported $20 million worth of goods to Morocco in 2024, primarily data processing machines and electronics from industrial hubs like Mexico City, Querétaro and Jalisco.
Meanwhile, Mexico imported $355 million from Morocco, with fertilizers, clothing and integrated circuits among the top products.
The main destinations for Moroccan imports were Mexico City ($128 million), Michoacán ($77.5 million), and Jalisco ($22.2 million).
The bilateral trade imbalance reached $335 million in Morocco’s favor in 2024.
Remittances between the two countries remain modest, with Mexico receiving $22,200 from Morocco and sending $148,000 in the second quarter of 2024.
On the immigration front, Mexico was home to 132 Moroccan immigrants in the 2020 census, nearly three-quarters of them men. Over 60% were concentrated in Mexico City and the neighboring states of Morelos and Tamaulipas. Cultural and personal factors were the most common reasons cited for moving.
Tourism has long been a pillar of the Mexican economy, consistently ranking among the world’s top destinations.
Mexico’s temperate climate, distinctive blend of European and Mesoamerican influences, and wealth of cultural and natural attractions draw tens of millions of international visitors annually, primarily from the US and Canada.
As Moroccan hotel brands expand their presence, they are poised to benefit from Mexico’s continued popularity and ambitious plans to boost tourism in the coming years.
Read also: Moroccans Emerge as Top Foreign Investors in Spain’s Real Estate Market
