Morocco’s agency for sustainable energy, India’s largest energy conglomerate sign MoU on renewable energy projects
The Moroccan Agency for sustainable energy (MASEN) and India’s National thermal power corporation (NTPC) signed a memorandum of understanding, providing for carrying out of joint projects in the field of renewable energy.
Under the MoU, MASEN and NTPC will work on capacity building and share their experiences and expertise in the renewable energy field.
The MoU was signed during the 17 CII EXIM conclave on India-Africa growth partnership held in New Delhi July 19 to 20 on the topic: Collaboration for energy security and harnessing alternative sources.
Some 40 African Ministers joined the 17th CII-EXIM Bank Conclave on India-Africa Growth Partnerships, the first such high-level investment meeting in Delhi After the Covid pandemic, to explore means of promoting investment and collaboration between Indian and African companies in various sectors and fields.
The recent turbulence – whether it is the Covid pandemic or the knock-on effects of the Ukraine conflict hold lessons for everyone. All nations, big and small, have become more aware of their vulnerabilities and external exposures.
Over the years, the Conclave has emerged as one of the largest congregations of senior ministers, policymakers and business leaders from Africa and India, cutting across sectors, and played a pivotal role in encouraging Indian companies to establish and grow their footprint in Africa. The conclave, besides helping take India’s private sector into African nations, brings together African ministers with their experienced Indian counterparts in informal meetings instead of ministerial meetings.
This year’s conclave focused on infrastructure development and trade finance, education and training, agriculture and food processing, consultancy services, and healthcare in addition to other areas where Indian companies have steadily increased their presence over the years in Africa.
The trade between India and African countries has been pretty balanced with exports of trade and services of about $40 billion and imports of $49 billion.
Solar power, military exchanges in the context of the security of the Indian Ocean, physical and digital infrastructure, health care, pharma and vaccines, and start-up ecosystem are the four major focus areas for the India-Africa partnership.
Trade between the African subcontinent and India increased from $7.2 billion in 2001 to $59.9 billion in 2017, making India the continent’s fourth-largest national trading partner, according to Exim Bank and the African Export-Import Bank (Afriexim Bank).
Trade with India accounted for more than 6.4 percent of total African trade in 2017. Data from the Ministry of Commerce and Industry show bilateral trade between India and the 48 countries of sub-Saharan Africa was valued at $46.82 billion in 2020-21, down from $55.70 billion in 2019-20. India has a negative trade balance with sub-Saharan Africa, the Ministry figures show.