Macron’s Morocco Visit Set to Boost France-Morocco Trade Amid Global Competition

Trade has jumped by 24% in 2022, driven by an increase in French exports, particularly of cereals, according to a report by the French Treasury General Directorate on the evolution of bilateral relations published in December 2023. Thanks to this increase in exports, France was able to reduce its bilateral deficit with Morocco by 72% compared to 2021. This significant recovery puts the Hexagon in second place among the Kingdom’s suppliers, just behind Spain. The rise of Moroccan industrial ecosystems, particularly in the automotive and aerospace sectors, is also behind this positive dynamic.

French imports from Morocco have increased twice as fast as exports over the past decade. However, the trade balance in terms of value added slightly favors France.

France remains the leading foreign investor in Morocco, with nearly 31% of the total stock of foreign direct investment (FDI) in the kingdom. The presence of many CAC 40 flagships and nearly 1,300 French subsidiaries in Morocco consolidates this positioning and confirms the central role of the country in the African strategy of French companies. For its part, Morocco is making France a privileged destination for its capital by investing more and more in the country.

According to the Treasury report, the French Development Agency (AFD) remains a key player in bilateral cooperation. With an exposure of more than 3.7 billion euros, mainly in projects related to the environment, transport and the energy transition, Morocco is the world’s leading recipient of AFD financing. This institutional support strengthens the ties between the two countries and underscores the importance of this cooperation in a broader framework, including the modernization of Moroccan infrastructure, notes the French Treasury report.

The French president is expected to arrive in Rabat on October 28. This two-day state visit could give a boost to trade between Morocco and France. Emmanuel Macron will plead in favor of Alstom for the Casablanca-Marrakech High Speed Line market, and will notably try to sell Airbus aircraft to Morocco.