India, Morocco launch Chamber of Commerce and Industry to boost trade
India and Morocco have launched the India-Morocco Chamber of Commerce and Industry (IMCCI) in Moroccan capital city Rabat.
The IMCCI was jointly launched by visiting Indian Vice President Hamid Ansari and Moroccan Prime Minister Abdelilah Benkirane. Hamid Ansari’s visit is the first by an Indian Vice President in 50 years to Morrocco.
- The IMCCI was launched to boost trade and accelerate the pace of economic development between two countries.
- It will help India to tap Morocco as the hub for its economic activities in the resource-rich western Africa region in the globalised world.
- The bilateral trade between two countries stood at 1.26 billion dollars in 2015 with Indian exports forming roughly 25% of the trade volume.
- In recent times, Morocco has emerged as a favoured destination for investments by Indian firms.
- Indian companies have cumulatively invested more than 320 million dollars in Morocco, including in the flagship project, Indo-Maroc Phosphore SA joint venture.
Besides launching IMCCI, India and Morocco also signed five Memorandums of Understanding (MoUs) covering various fields such as television broadcasting, water resources, institutional cooperation and educational and cultural exchanges.
Month: Current Affairs - June, 2016