Spanish Analyst Urges Companies to Scale Back Morocco Exposure Amid Tensions
More than 350 Spanish companies operate in Morocco. A Spanish military analyst is advising them to scale back their commitments, fearing that bilateral tensions could eventually affect their business. The warning contrasts with investments backed by the Spanish government.
“Diversify and avoid Morocco.” That is the advice Yago Rodríguez, director of The Political Room, gave Spanish business owners in a op-ed published by El Español on October 24. The military analyst is urging them to suspend new investments in the Kingdom.
For companies already operating there, he recommends gradually reducing their exposure, finding alternative suppliers and preparing contingency plans. In his view, an industrial investment that takes several years to pay off can become vulnerable to a diplomatic crisis.
To support his analysis, Rodríguez revisits the incidents between Moroccan and Spanish ships off Ceuta over the summer. Pedro Sánchez confirmed they had taken place on October 12. The Spanish prime minister described them as isolated events and highlighted the dialogue with Rabat.
Billions of euros in trade at stake
Rodríguez envisages two forms of economic pressure: administrative or commercial obstacles imposed by Rabat and, in the other direction, measures taken by Madrid. He cites these scenarios to justify his recommendation to diversify locations and suppliers.
The stakes are considerable. The Spanish Ministry of Economy listed more than 350 Spanish companies operating in Morocco. According to the EFE news agency, bilateral trade reached 22.757 billion euros in 2025.
Yet Madrid is backing major projects in the Kingdom. The Spanish government has detailed public financial support of close to 340 million euros for the Casablanca desalination plant, led by a consortium headed by Acciona.
Rodríguez’s warning reflects a position he had already expressed on September 7: in a previous op-ed, he advised investors to postpone new projects in Morocco and companies already there to prepare contingency plans.
