Morocco continues to advance in a roadmap that aims to boost its domestic business. And to achieve this, it is not only looking within its borders. It is precisely outside its borders where Rabat is focusing on attracting investors who can raise the level of the different businesses offered by the Kingdom. One of those that Morocco has begun to explore is India, for which the Moroccan Agency for the Development of Investment and Exports, in collaboration with the Moroccan Embassy in India, travelled to the country for a tour to study potential investors.
India, as one of the five largest economies in the world, is a major attraction for any country. In fact, Rabat, beyond this approach in search of investors, is planning a rapprochement with New Delhi that will allow it to establish itself as an important economic partner. The key to this move is that the desire for rapprochement is reciprocal, as shown by the Indian Minister of Trade and Industry, Piyush Goyal, who expressed his admiration for what Morocco has achieved in terms of infrastructure, in addition to having succeeded in developing a very favourable investment climate throughout the country.
One of the sectors in which the Alawi kingdom is presented as the main option for India is the automotive sector. Last year, the automotive industry was the second largest export sector, helped in large part by Morocco’s production capacity of around one million cars per year. In fact, it is the country that exports the most cars to Europe from outside the European Union.
However, the automotive sector is not the only one that stands out in Morocco. The Kingdom’s efforts to lead the renewable energy sector in North Africa have not gone unnoticed by India. It is one of the sectors that the Moroccan delegation’s visit to India sought to analyse, as large Moroccan companies have joined the new investment pact with Morocco, which provides nearly 30% of the total gross investment. Moreover, according to data from the Indian Embassy in Morocco, the value of trade with the Alawis reached $3.2 billion for the first time in its history.
In turn, India exports a large number of products to Morocco. These range from mobile phones to textiles and petroleum products. Morocco, in turn, exports phosphoric acid, phosphates, minerals and chemical products. Thanks to these fruitful trade relations between the two administrations, many Indian companies have opted to set up in Morocco. These include Tata Motors, Mahandria – both in the automotive sector -, Samta, in the metals sector, and HCL, which specialises in offshoring.
Morocco is thus becoming one of the most attractive countries for those seeking to invest in emerging economies. India, as one of the most important economic powers at the international level, is also working to strengthen its ties with the country that is emerging as an important regional leader. And it is precisely this, the fact that the world’s strongest economies want to ally with Morocco, that is the best news for the Kingdom.
Source : Atalayar