Morocco targets Indian companies to attract investments, raise trade exchanges

A Moroccan delegation headed by Mohcine Jazouli, Minister Delegate in charge of Investment, Autonomy and Evaluation of Public Vehicles, concluded a week-long promotional tour in India with the aim of introducing the Moroccan offer and attracting investments from Indian companies.

It included the cities of New Delhi, Bombay and Ahmedabad.

The promotional tour, organized by the Moroccan Agency for the Development of Investments and Exports in partnership with the Moroccan Embassy in India, included meetings with a number of executives of Indian companies to present investment opportunities in the Kingdom and explore ways to increase their commercial activities.

The Kingdom is counting on India to become an important economic partner for it, as it is one of the 5 largest economies in the world, given the interest of Indian companies to invest in the Kingdom of Morocco over the past years, targeting African, European and American markets.

The Moroccan delegation also met a number of government officials in India; Among them is Piyush Goyal, Minister of Trade and Industry, who expressed his admiration for what Morocco has achieved in the infrastructure and business climate suitable for investment, as he confirmed that his country is interested in encouraging investment in the Kingdom.

Rabat is counting mainly on developing cooperation with India at the level of information technology, fertilizers, the automotive industry and renewable energies. The Indian Ministry of Industry and Trade is expected to visit Morocco in the coming months.

The automotive industry in Morocco is the most prominent sector that may interest India, as it is the second sector in terms of exports, last year, with a production capacity of about 1 million cars, and the Kingdom ranks first as an exporting country to Europe from outside the Union.

The promotional campaign also aimed to present the renewable energy sector as an important sector for Indian investment.

Given what he has accumulated in Morocco in this field, where the percentage of electricity currently produced from renewable energies is about 40%, and the low cost of producing electricity from renewable energies.

Large Indian companies have been introduced to the new investment pact, which provides about 30 per cent of the total gross investment.

According to the data of the Indian Embassy in Morocco, the value of trade exchanges with Morocco reached for the first time 3.2 billion dollars, equivalent to about MAD 33 billion, as India exports many products to the Kingdom; Such as mobile phones, petroleum products and honey, in addition to auto parts and textiles.

Morocco exports many products to India. Including phosphoric acid, phosphates, raw minerals and chemicals.

Many Indian companies have chosen to settle in Morocco. These include “Tata Motors” and “Mahandria” for the automotive industry, in addition to “Samta” operating in the metals sector, and “HCL” company investing in the offshoring sector.