France was the leading investor in Morocco for 2023, with a net flow of 6.8 billion dirhams (MAD), up from MAD 3.8 billion in 2022—an increase of 79.5%, according to the Foreign Exchange Office. This investment represents 61.4% of the total net flow of foreign direct investment (FDI), according to the Office's 2023 annual report on Morocco's balance of payments and international investment position. Net FDI inflows from the United Arab Emirates totaled MAD 2.3 billion in 2023, compared to MAD 2.2 billion in 2022. The United Kingdom followed with MAD 1.8 billion (down from MAD 2.6 billion), while Spain and Germany each contributed MAD 1.5 billion. Overall, the net flow of FDI into Morocco reached MAD 11.1 billion in 2023, a significant drop from MAD 23 billion in 2022—down 51.7%. This decline is attributed to a rise in expenditure to MAD 23.5 billion in 2023 (+35.8%) and a decrease in revenue to MAD 34.6 billion (-14.1%).
