Morocco, India conclude three cooperation accords
Morocco-India, Politics, 2/15/1999

Morocco and India concluded over the weekend in Rabat three cooperation accords in matters of investments, tourism and information.

Under the first accord, initialled by Moroccan General Affairs Minister, Ahmed Lahlimi and Indian Secretary of State for Foreign Affairs Vasundhara Raje, the two countries convened to encourage and protect investments.

The two countries also pledged to enhance their cooperation in tourism fields, under a second agreement, initialled by Moroccan Tourism Minister Ahmed Sebbar and Raje.

The Moroccan news agency will also consolidate cooperation with the Press Trust of India by virtue of an accord initialled by MAP's director-general Abdeljalil Fenjiro, and India's ambassador to Morocco, Indrajit Inghr Rathore.

The three accords were concluded on the occasion of the official visit Indian Prime Minister Atal Bhari Vajpayee paid over the weekend to Morocco, during which he was received by King Hassan II in Marrakesh, southern Morocco.

Moroccan Premier Abderrahmane Youssoufi announced during the signing ceremony for the three accords that the State Bank of India opened a $500 million credit line to finance trade exchange between the two countries.

Youssoufi also announced that Morocco and India will set up shortly a business council.

Trade exchange between the two countries was worth $500 million in 1998. More than 75 percent of these exchanges were in Morocco's favor.

India, Morocco's third-largest client, imports from Morocco phosphates, fertilizers and phosphoric acid.

A joint venture binding India's K.K. Birla group and Morocco's Phosphates corporation (OCP) is considered as a model of south-south cooperation.

Under the accord, the two countries set up a 230 million us dollar worth joint venture for phosphoric acid production.

The joint venture, India's largest investment in a foreign country, will annually produce 1 million tons of sulfuric acid and 330,000 tons of phosphoric acid. The production unit is being built in Jorf Lasfar (220 km south of Rabat).

Speaking at a dinner banquet hosted in Honor of India's prime minister, Youssoufi said, "Morocco strongly wishes to have India as a major partner in the fields of trade, investment, finance, science, technology and culture."

"We feel that India, as one of the world's largest economic powers, is a most suitable and reliable partner for Morocco in the important and strategic region of south Asia," Youssoufi said.

Previous Stories:
  India's premier arrives in Morocco   (2/13/1999)
  India's Premier in Morocco this weekend   (2/11/1999)
  Morocco and India convene to avoid double taxation   (10/31/1998)

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