Spain wants to migrate investments in Algeria to Morocco

Spain wants to migrate investments in Algeria to Morocco

The Spanish Ministry of Industry, Trade and Tourism has invited Spanish companies established in Algeria to leave the country following the decisions taken by the Algerian government and to favor Morocco instead. This goes back to the unpredictable and unstable nature of Algeria.

After Algeria’s decision to suspend the treaty of friendship, good neighborliness and cooperation with Spain, the Algerian authorities began to block the flow of goods and the work of operators between the two countries.

The Professional Association of Banks and Financial Institutions of Algeria has blocked payments to and from Spain.

Faced with this situation, officials from the Spanish ministry headed by Reyes Maroto told Spanish businessmen operating in Algeria that the Spanish government had no way of foreseeing the consequences of its new position on the Sahara, according to the El Independiente newspaper.

Still according to the same source, the Spanish government considers that “commercial interests with Morocco outweigh interests with Algeria” thus, it “bets more on Morocco than on Algeria, because it seeks to benefit from projects to be launched in Morocco, including the short-term purchase of between eighty and one hundred new trains, with a speed of up to 200 km / h, at a cost of approximately 839 million euros” .

Previous Post Next Post