Canadian investment in Morocco jumps 270% as economic ties deepen

Direct Canadian investment in Morocco increased by 270% between 2022 and 2023, reaching about $283 million, according to Canada’s foreign affairs ministry, underscoring the deepening economic relationship between the two countries.

Canadian officials said the surge reflects a broader shift in bilateral relations, with trade, investment and long-term cooperation increasingly shaping the partnership.

Bilateral trade also reached a new high in 2024, totaling $1.81 billion. That figure makes Morocco Canada’s third-largest trading partner in Africa and its second-biggest export destination on the continent, the ministry said.

Ottawa described its relationship with Rabat as more strategic and diversified than in previous years, driven by shared economic and development priorities.

Canadian investment in Morocco is currently concentrated in sectors such as mining, energy and education, but Canadian companies are also active in aviation, automotive manufacturing, agribusiness and information and communication technologies. Officials said this sectoral mix aligns closely with Morocco’s industrial strategy and its efforts to attract higher-value foreign investment.

Canada has contributed $450 million to the Green Climate Fund, with part of that financing supporting Morocco’s climate transition. The two countries also cooperate through international financial institutions, including the African Development Bank and the European Bank for Reconstruction and Development, on sustainable development projects.

Educational ties continue to expand as well. More than 6,100 Moroccan students were studying in Canada in 2024, a number Canadian officials say is steadily rising. Technical and vocational training is also emerging as a growing area of cooperation, particularly as Morocco seeks to prepare its workforce for future-oriented industries.

Canada views Morocco as a strategic logistics and industrial hub in Africa, citing its trade agreements with the European Union, the United States and the African Continental Free Trade Area. Large-scale infrastructure projects linked to preparations for the 2030 World Cup and Morocco’s “Airports 2030” plan are creating new opportunities for Canadian firms in engineering, construction and transport technologies.

Beyond commercial ties, Canada is supporting development programs in Morocco focused on inclusive growth, gender equality and climate resilience. Officials said these initiatives aim to reduce poverty, expand economic participation and strengthen communities’ ability to adapt to climate risks, with particular emphasis on empowering women.