India, Morocco sign MoU to enhance cooperation in MSME Sector

Sep 27, 2018 08:41 IST
India, Morocco sign MoU to enhance cooperation in MSME Sector

India and Morocco on September 26, 2018 signed a Memorandum of Understanding (MoU) for deepening cooperation between Micro, Small and Medium Enterprises (MSME) sectors of the two countries.

The MoU was signed by Ravindra Nath, CMD of National Small Industries Corporation (NSIC), and Rabri Barrazouka, Director General, Maroc PME of Morocco in Rabat, Morocco. The MOU will facilitate transfer of Indian technologies and products to Morocco.

The MoU was signed during the bilateral meeting between India and Morocco. Alka Arora, Joint Secretary in the Ministry of MSME, led the official delegation along with CMD NSIC to Morocco and held bilateral meetings with Othman El Ferdaous, Secretary of State in the Ministry of Industry, Investment and Trade and Digital Economy of Morocco.

Both the sides discussed the ways and means to synergise the strengths of both countries in MSME Sector in terms of capacity building, sharing of experiences, exchange of business delegations for creating linkages, JVs and technology transfers.

India-Morocco bilateral relations

• Morocco mainly relies on its exports of minerals and ores and Service sector. It has very small MSME sector in manufacturing, whereas India has strong MSME sector especially in manufacturing.

• Over the years, India and Morocco have enjoyed cordial and friendly relations and bilateral relations have witnessed significant growth.

• India is one of the major markets for Moroccan phosphate and its derivatives.

• An India-Morocco joint venture in fertilizer sector in Morocco, called IMACID, was set up in November 1999. At present, the JV is producing around 430000 MT per annum of phosphoric acid, nearly all of which is imported by India.

• The Moroccan phosphate company, OCP, has invested in Paradip Phosphates Ltd. in India.

• Other main items of export to India are metallic ores and metal scrap, semi-finished products and inorganic chemicals.

• The main items of India’s exports to Morocco are cotton yarn, synthetic fiber, transport equipment, pharmaceuticals, agricultural implements, chemicals, spices and manufactured metals.

• The balance of trade has been in favour of Morocco because of imports of phosphoric acid and rock phosphate by India.

• The quantum of bilateral trade, which was USD 1.63 billion in 2010, reached to USD 2.04 billion in 2011.  However, in 2014, it decreased and stood at USD 1.36 billion.

• Indian exports to Morocco in 2014 decreased by 21.6 percent, compared to the previous year while Moroccan exports to India registered an increase of 10.2 percent in 2014.

• Indian industry and business associations such as CII, FICCI and ASSOCHAM have institutional arrangements with Moroccan industry and business associations.


Video: Check out the latest current affairs of this week

Is this article important for exams ? Yes

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK