MUMBAI, 11 DECEMBER, 2020 (GPN): Recognising the importance of economic relations between India and Morocco and the need to further promote bilateral trade and investments, India Exim Bank has signed a Memorandum of Understanding (MoU) with the Bank of Africa BMCE Group. The MoU was announced during the India-Morocco Business Forum, jointly organized by both the institutions on December 11, 2020.

While addressing the Forum, Ms. Harsha Bangari, Deputy Managing Director, India Exim Bank said that India’s trade with the Middle East and North Africa (MENA) region has traditionally been governed by the fact that the region has been a critical source of energy. Ms. Bangari added that India is now increasingly positioning itself as an economic partner through increased investments in the region.

“In Morocco, India Exim Bank has supported 3 Indian companies for setting up ventures and sectors in chemicals, auto components, mining and minerals with an aggregate approval amount of $40 million,” she added.

India’s bilateral trade with Morocco has increased from US$ 1.2 billion in 2010 to US$ 2.1 billion in 2019. While India’s imports from Morocco are largely dominated by phosphate and potash, India’s exports to the country are more diversified covering textiles, chemical products, petroleum products, pharmaceutical products.

According to Mr. Mohammed Agoumi, Delegate General Manager, Bank of Africa the objective of the MoU is to strengthen cooperation in financing, guaranteeing and other financial mechanism to support projects of interest of both the institutions. The Banks will also jointly explore funding support for Indian companies setting up operations in Morocco and Moroccan companies setting up operations in India as per their respective mandates. 

Till date, India Exim Bank has supported 64 Indian companies for setting up ventures in the MENA region, with a sanctioned amount of ` 6,684 crore, in various sectors such as textiles, automotive, chemicals and dyes, agro processing, irrigation, renewable energy, construction, healthcare, EPC services, shipping and mining, among others.

Senior representatives from the institutions including H.E. Mr. Mohammed Maliki, Ambassador of the Kingdom of Morocco to India and Mr G.K. Pant, Chargé d’affaires, Embassy of India in Morocco were present at the Forum, which was organized on a virtual platform. ENDS