A major French group could leave France for Morocco

The French government plans to introduce an "exceptional contribution" that would only affect CMA CGM. This tax, estimated at 500 million euros the first year and then 300 million the second, aims to tax "large maritime transport companies" with more than one billion euros in turnover. CMA CGM, which made a record profit of 23.4 billion euros in 2022, is the only French company affected by this measure.

While the Ministry of the Economy assures that this tax is temporary, CMA CGM fears that it will be extended beyond 2026. The group denounces an unfair measure and is concerned about its impact on its competitiveness. Faced with this tax pressure, CMA CGM is turning to Morocco, where it already has significant interests.

A joint venture agreement has recently been concluded between CMA CGM and Marsa Maroc, the Moroccan leader in port management, for the development of the container terminal of the port of Nador West Med. This 3 billion dirham investment confirms the attractiveness of the kingdom for the French giant.

Present in Morocco since 1983, CMA CGM employs 1800 people there and its ships call at all the main ports of the country. The group is the leader in reefer (refrigerated containers) transport with 40,000 TEUs and operates 24 shipping lines, recalls Challenge.

Founded in Marseille in 1978 by Jacques Saadé, CMA CGM is today the third largest container shipping company in the world. With more than 29,000 employees and a fleet of nearly 540 ships, the group could be tempted to transfer part of its activities to Morocco if the tax pressure in France becomes too strong.