The tenth anniversary of the subsidiary CaixaBank in Morocco coincides this year with the twentieth anniversary of the enthronement of His Majesty the King of Morocco Mohamed VI. “During these years, CaixaBank has witnessed significant and important changes that the country has seen to consolidate itself as a stable and dynamic economy and as an important trading partner of Spanish companies, through the promotion of investments and trade between Spain and Morocco.”
The economies of the two countries are major trading partners and according to the latest ICEX data, all exports and investments between Spain and Morocco already represent 15% of Morocco’s GDP. Morocco is the eighth largest customer in Spain and Spain is the largest supplier in the African country with a 34.3% market share, followed by France.
“From our operational offices in Morocco, we have seen how our customers have benefited from the country’s commercial growth. A growing number of Spanish companies have been established in recent years in the region to integrate into the value chains of the automotive, textile or energy sectors, attracted by the major investments made to improve their sectors”, the Spanish bank said.
It is undoubtedly the result of a clear commitment of the national leaders in the economic and commercial impulse of Morocco, with important investments and projects, among which the construction of the port of Tangier Med, become the first port, Africa and global logistics hub; or the commitment to renewable energy, to give just a few examples.
However, as a financial entity present in Morocco, CaixaBank does not fail to highlight the great strategic project to promote Morocco as a financial center to strengthen the economic relations of European countries with the rest of the African countries.
An objective to which CaixaBank wanted to bring a grain of sand from its operational offices in Casablanca, Tangier and Agadir. From there, the entity offers foreign trade, corporate and corporate banking services to Spanish companies already established in the country or about to enter the Moroccan market, as well as to large Moroccan and multinational companies, by converting their knowledge and experience into a value-added service for their clients.
But our commitment to Morocco goes beyond the strictly commercial, by focusing on a greater rapprochement between Spain and Morocco.