French Companies Expand into Morocco, Eyeing African Market Growth

"The kingdom is in search of many construction sites, ranging from road infrastructure to rail, telecommunications and water management," says Stéphane Perez, CEO of the NGE group, which was selected at the end of 2024 by the National Railway Office (ONCF) of Morocco to carry out the deployment work of the high-speed line to Marrakech, in an interview with the newspaper Les Échos. The construction group, present in Morocco for 35 years, notes an acceleration of infrastructure and urban development projects, in anticipation of the 2030 World Cup, which the kingdom is organizing jointly with Spain and Portugal.

In addition to the high-speed line project, whose completion is scheduled for 2030, other major construction sites are underway in the kingdom. These include the Tiznit-Dakhla expressway, completed in 2024, and the extension of the Tanger Med port, with the construction of two quays, one near Dakhla, and the other in Nador. To these projects are added those in the field of energy transition, which also attract foreign investors, particularly French, Chinese and Emirati.

With its strategic geographical position, Morocco is seen by some companies as a gateway to Africa. According to data from the Moroccan Foreign Exchange Office, the kingdom’s foreign direct investment (FDI) has almost doubled since 2019. "After long looking at Europe for multiple reasons, Morocco is reviving its roots, with a stronger diplomatic presence in several African countries, and the development of win-win partnerships," analyzes Sami El Omari, a teacher-researcher on the TBS Education campus in Casablanca.

According to the expert, the signing of the African Continental Free Trade Area (AfCFTA) agreement in 2018 is a boon for French companies. "An SME could benefit from easier access to the African market, particularly in highly export-oriented sectors such as mechanics, renewable energies, agricultural processing or the pharmaceutical industry," he explains, adding that the presence of Moroccan banks such as Attijariwafa Bank, Chaabi Bank and Bank of Africa in West and East Africa reassures investors even more. "These institutions serve as a benchmark for entrepreneurs and help mitigate the risks associated with payment security."