Indian Businessmen To visit Morocco Next Week
To boost further trade exchanges between the two countries, an Indian business delegation is expected in the North African country next week to explore the possibilities of partnership projects in various sectors such as infrastructure, energy, information technology, construction, agriculture, chemicals and fertilizers, mining, textile and automotive.
This visit comes one month after Morocco and India set up a joint trade and industry chamber to give a new impetus to cooperation between the two countries.
The chamber was launched during the visit paid to Morocco by vice-President of India Mohammad Hamid Ansari, in presence of the Head of the Moroccan Government Abdelillah Benkirane and businessmen from the two countries.
“Morocco is committed to developing its relations with India in all fields,” Benkirane had said, recalling the longstanding and strong ties existing between the two countries sharing common development goals and views regarding several international issues.
For his part, India’s vice-President had stressed the importance of the newly created trade chamber set to enhance cooperation and partnership between Moroccan and Indian businessmen.
He also hailed trade growth between Morocco and India during the past years, stressing the huge potential of the two countries’ economies, banking on common history.
Relations between India and Morocco go back to the 14th century when the famous traveler and writer from Tangier, Ibn Batuta, travelled to India.
India is one of the major markets for Moroccan phosphate and its derivatives. India, one of the most populous countries in the world, needs fertilizers to boost agriculture output to ensure its food security and Morocco is one of the world’s top producers and exporters of fertilizers thanks to its phosphates.
The state-run OCP Morocco, the world’s biggest phosphate exporter, has already trading ventures with Tata Chemicals and Chambal Fertilizers, and 400,000 tons of phosphoric acid are exported to India each year.
In addition, India buys 5 million tons of rock phosphate a year, 20 pc of which comes from Morocco.
Exports from the North African country to India also include metallic ores and metal scrap, semi-finished products and inorganic chemicals, while its imports from India include cotton yarn, synthetic fiber, transport equipment, pharmaceuticals, agricultural implements, chemicals, spices and manufactured metals.