Economic relations between Morocco and France are characterized by a constantly renewed dynamic, reflected in particular by the growing importance of Moroccan investments in France.
While bilateral trade remains strong, Morocco is asserting itself as a key player in the foreign investment landscape in France. In 2022, the Kingdom has risen to the forefront of African investors in France, a status which goes well beyond simple financial transfers, contributing significantly to job creation and industrial innovation.
A growing flow of investments
Since the opening of the capital account by the Foreign Exchange Office in 2007, Moroccan companies have gradually intensified their investments abroad, a movement which has accelerated in recent years. According to data from the Foreign Exchange Office, Moroccan Direct Investments Abroad (IDME) reached a record amount of 25.6 billion dirhams in 2023, after a rebound marked by the post-pandemic recovery. Among these flows, France occupies a preponderant place, capturing nearly 60% of IDME in 2022.
Read also | Morocco-France economic relations: French bosses want to believe in a “honeymoon”
This orientation demonstrates not only the solidity of bilateral relations, but also the attractiveness of France for Moroccan investors. By positioning itself as the leading African investor in France, Morocco is overtaking major partners such as the United Arab Emirates and South Africa. France thus benefits from a significant contribution of capital which, unlike other forms of investment, is directly linked to the creation of jobs and the implementation of strategic industrial projects.
Job creation, a major lever
Beyond investment figures, the impact of Moroccan FDI in France is particularly measured by their contribution to employment. In 2022, Moroccan companies have distinguished themselves as the leading African job creators in France. According to an EY report and data from Business France, new Moroccan establishments have generated an impressive increase of more than 160% in jobs created or saved compared to 2021.
These job creations are not limited to traditional sectors. Moroccan companies are increasingly engaging in innovative industries, particularly through partnerships with French companies. For example, the Moroccan SME Groupelec, specialized in the design of intelligent electrical panels, chose to establish its European office in Sisteron, France, in order to benefit from the “Made in France” label for its exports to African markets. This project, which is accompanied by the creation of 14 jobs, clearly illustrates the strategic approach of Moroccan companies which, by establishing themselves in France, combine technological innovation and industrial synergies with their French partners.
Beneficial sectoral diversification
Moroccan investments in France are not only focused on industry. They also affect key sectors such as commerce, financial activities and, to a lesser extent, real estate. However, industry remains the preferred sector for Moroccan companies, representing more than 70% of IDME in 2022, or an amount of 13.66 billion dirhams. This figure reflects the rise in power of Moroccan players in areas such as aeronautics, automobiles, and more recently, energy and green technologies.
Read also | The euro on the verge of equaling three hundred times the dinar
At the same time, the Moroccan banking sector continues to strengthen its presence in France, attracting more than 1.67 billion dirhams in investments in 2022. Large Moroccan banks, like Attijariwafa Bank, are consolidating their position in France, playing a role as a bridge for Moroccan companies wishing to establish themselves in Europe, while supporting the development of other African companies in the region.
A strategic lever for bilateral cooperation
Moroccan investments in France, far from being limited to simple financial participation, represent a real lever for bilateral cooperation. They allow the two countries to mutually benefit from their respective expertise, while strengthening economic and human ties. With nearly 1,300 subsidiaries of French companies established in Morocco, Moroccan investments in France balance this relationship, demonstrating the Kingdom’s capacity to play a leading role in European industrial sectors.
This dynamic is accompanied by increased institutional support, in particular via the French Development Agency (AFD) and BPI France, which continue to play a key role in financing Moroccan projects in France. In addition, the new Investment Charter in Morocco, coupled with the support system for Moroccan FDI abroad, aims to further stimulate this trend in the years to come. Morocco is thus in the process of strengthening its presence in France, while pursuing its objectives of economic diversification and increased industrialization.
Towards a sustainable dynamic
As Moroccan investments in France continue to grow, this trend reflects a structural change in the bilateral relationship. Morocco, now fully integrated into global value chains, no longer just exports products, but actively invests in strategic sectors, creating jobs and contributing to innovation. This dynamic opens the way to new forms of partnership between the two countries, strengthening not only economic ties, but also the integration of talents and technologies between the two shores of the Mediterranean.
