French capital made a striking comeback in Morocco in 2025, reversing the negative flow recorded a year earlier and emerging as the main driver of the country’s increase in foreign direct investment.
French direct investment flows reached 10 billion dirhams last year, compared with a negative 2.2 billion dirhams in 2024, according to figures highlighted by France’s Treasury economic service.
The turnaround is particularly significant because Morocco itself experienced a strong recovery in foreign investment. Total inward FDI rose from 17 billion to 31 billion dirhams over the same period.
France accounted for around 90% of the increase, putting it at the center of Morocco’s renewed appeal to foreign investors.
The improvement was part of a much broader strengthening of Morocco’s financial account. Excluding reserve assets, its balance jumped from 5 billion dirhams in 2024 to 90 billion dirhams in 2025, equivalent to about 4.5% of GDP.
Foreign direct investment contributed 0.8 percentage points of GDP to that improvement.
Financial services and insurance were among the sectors driving the overall increase in foreign investment, with flows in these activities rising by 7 billion dirhams. The available figures do not, however, provide a detailed sector-by-sector breakdown of French investment alone.
The French rebound comes as economic ties between Morocco and France continue to extend across multiple industries. The scale of the recovery also stands out because most major foreign partners increased their investment flows during 2025.
Morocco was simultaneously expanding its own investment footprint abroad.
Moroccan banks and insurance groups continued to develop their international networks, particularly across Africa. Côte d’Ivoire was one of the markets to benefit from this expansion, with Moroccan direct investment flows there increasing from 600 million to 3.2 billion dirhams in 2025.
Morocco’s external financing picture was also supported by portfolio investment. This component contributed another 1.5 percentage points of GDP to the improvement in the financial account.
Debt securities recorded one of the strongest changes, moving from a negative balance of 3.6 billion dirhams in 2024 to 33 billion dirhams in 2025.
The shift was partly linked to Morocco’s international bond issue in March 2025, when the Kingdom raised 2 billion euros.
The stronger capital inflows occurred despite a widening current-account deficit, which increased from 1.2% to 2.5% of GDP, mainly because of the merchandise trade deficit.
Services continued to provide an important counterweight. Morocco recorded a services surplus of 157.7 billion dirhams in 2025, helped by another record year for international tourism.
With 19.8 million international arrivals, tourism remained a major source of external revenues while Morocco continued to strengthen its position as a destination for international capital.
