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The creation of the Euro-Mediterranean Free Trade Area constitutes a big opportunity for Mediterranean third countries to integrate in the international economy. The big Euro-Mediterranean market that will unfold will not only intensify trade and investment flows into the Southern countries of the Mediterranean, but will also, as in all regional economic integration processes, signify a restructuring of the investments already made. This article studies the strategies of Spanish companies with industrial investments in Morocco in the light of the creation of the Euro-Mediterranean area, and the repercussions these strategies may have on employment. [ABSTRACT FROM AUTHOR]