Spanish Business Delegation to Visit Morocco to Strengthen Economic Ties

A delegation of 20 Spanish companies will visit Morocco from June 4-6 to explore opportunities to strengthen commercial and economic ties with Moroccan productive sectors. This visit aims to enhance bilateral trade and investment between the two nations.

In addition to the business delegation, Morocco is making substantial progress in its energy sector. The country plans to launch a tender this summer for the construction of a floating liquefied natural gas (LNG) terminal at the Nador West Med port. The project is expected to reach financial close in 2025, with operations commencing in 2026.

The LNG terminal will connect to an existing pipeline that imports 0.5 billion cubic meters (bcm) of LNG annually from Spanish terminals. This supply is sufficient to power two small electricity production plants in Morocco. The pipeline will also link to developing gas fields in Morocco's east and west regions.

Why this matters: Strengthening economic ties between Morocco and Spain can have a significant impact on the regional economy and trade. This collaboration can lead to increased investment, job creation, and economic growth, benefiting both countries and the wider region.

Morocco's natural gas needs are projected to increase significantly, from 1 bcm currently to 8 bcm by 2027. The Nador West Med port, which is currently under construction, is expected to have a capacity of 3.5 million containers, further boosting Morocco's logistical and trade capabilities.

This visit by the Spanish delegation follows a series of high-level meetings between Moroccan and Spanish officials, including discussions between Morocco's Director General of National Security and Territorial Surveillance, Abdellatif Hammouchi, and Spain's Director General of the National Police, Francisco Pardo Piqueras.

Morocco has also been making significant progress in other sectors, such as aviation. The country has attracted investments from major companies like Airbus, Boeing, and Royal Air Maroc, establishing itself as a competitive hub in the aviation industry. With 142 international companies investing in Morocco's aeronautics industry, the sector provides around 20,000 job opportunities and is expected to exceed USD 2.1 billion in exports in 2022.

The upcoming visit by the Spanish delegation highlights the ongoing efforts to strengthen economic and commercial ties between Morocco and Spain. As both countries continue to collaborate on various projects, the potential for increased trade, investment, and economic growth remains promising.

Key Takeaways

• 20 Spanish companies to visit Morocco to strengthen commercial ties.
• Morocco to launch tender for floating LNG terminal at Nador West Med port.
• LNG terminal to connect to existing pipeline, importing 0.5 bcm of LNG from Spain.
• Morocco's natural gas needs to increase from 1 bcm to 8 bcm by 2027.
• Collaboration to boost trade, investment, and economic growth between Morocco and Spain.