Morocco attracts one billion euros in French investment, an unprecedented level in ten years

Net flows of French investment reached 10 billion dirhams, or approximately one billion euros, according to the French Treasury Directorate General in a note published on September 10.

This amount represents 33% of the net foreign direct investment entering Morocco in 2025. Even more significantly, French capital accounted for 90% of the increase in these flows between 2024 and 2025.

France thus retains its position as the leading foreign investor in the kingdom. Its investment stock already stood at 15 billion euros in 2023 and represented approximately 27% of the total held by foreign investors in Morocco.

This presence is based on 1,159 subsidiaries of French companies, which employ nearly 152,000 people. Almost all CAC 40 groups now have operations in the kingdom, particularly in the automotive, aerospace, services, energy, healthcare and infrastructure sectors.

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Morocco has also become the leading destination for French investment in Africa. It concentrates 20% of French capital stock on the continent and 30% of the jobs created by the subsidiaries concerned.

New investments are focused in particular on industrial ecosystems, the energy transition and the infrastructure needed for the 2030 World Cup. Several groups have recently strengthened their Moroccan operations, such as Safran in aircraft engine production and maintenance.

Morocco is also investing much more in France

The relationship no longer operates in only one direction. The stock of Moroccan investment in France rose from 372 million euros in 2015 to 1.8 billion euros in 2024, nearly quintupling in nine years.

Morocco has thus become the leading African investor in France. Moroccan companies are present there in several sectors, notably banking, insurance, real estate, industry and telecommunications.

This sharp increase in investment comes as trade between the two countries also reached a record level. It amounted to 15.1 billion euros in 2025, up 1.9% year-on-year and at a level more than twice that of 2015.

French exports to Morocco rose by 3.6%, to 7.7 billion euros. Sales of electrical equipment increased by 13.2% and those of agricultural products by 26.7%, while French aerospace exports fell by 17%.

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The trend is nevertheless different on the trade front. Despite its dominance in investment, France is now only Morocco’s fourth-largest supplier, accounting for 9% of its imports. It is now behind China (13.9%), Spain (13.6%) and the United States (9.3%).

The figures published by the French Treasury therefore show a dual movement: Paris is losing ground to its competitors in merchandise sales, but French companies have never invested as much in Morocco in the past ten years.