Moroccan, Indian businessmen explore partnership possibilities
Moroccan and Indian businessmen are currently meeting here to explore partnership and cooperation possibilities. Head of the Moroccan employers' association (CGEM), Abderrahim Lahjouji, announced at a press conference that Morocco and India will conclude shortly in India an accord, setting up a bilateral business council that will be chaired by director-general of the Moroccan state-owned phosphates corporation (OCP), Mourad Cherif.
For his part, Hoshie Hirji Malgham, who heads the Indian Industrial Federation delegation, said Morocco and India have great cooperation potentials in various fields.
He underlined that the Moroccan industries access to the Indian market is beneficial for Morocco in view of the large Indian middle-class, which numbers 250 million souls. He added that the restructuring of the Indian infrastructure opens large possibilities for Moroccan construction firms.
The Indian ambassador to Morocco called for diversifying bilateral cooperation which remains dominated by phosphates and its by-products. this cooperation should be extended to the fields of tourism, technology, computers, pharmaceutical products and small and medium industries, he said.
Trade exchanges between the two countries were worth $ 0.5 billion in 1998. More than 75 percent of these exchanges were in Morocco's favor.
India, Morocco's third client, imports from Morocco phosphates, fertilizers and phosphoric acid.Morocco's Imports from India are made up mainly of engines, cotton fibers, spices and motorcycles.
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).
The Indian delegation, which includes officials from the Indian industry and commerce department, was received by Moroccan economy and finance minister, Fathallah Oualalou, and industry, commerce and handicraft minister, Alami Tazi.
The Indian Industrial Federation is a private organization that works in coordination with the government. The Federation is the largest businessmen association in India with 3700 members and a global capital of $ 65 billion.