India and Morocco have signed an agreement to increase cooperation in the MSME sector, a move which will facilitate the transfer of Indian technologies and products to the North African nation.
With this agreement, NSIC and Maroc PME will work together to enhance cooperation between the micro, small and medium enterprises (MSMEs) of the two countries.
The MoU was signed between National Small Industries Corporation (NSIC) CMD Ravindra Nath and Director General, Maroc PME, Rabri Barrazouka in Rabat, Morocco, an official statement said.
"Both sides discussed the ways and means to synergise the strengths of both the countries in the MSME Sector in terms of capacity building, sharing of experiences, exchange of business delegations for creating linkages, JVs and technology transfers,” the statement said.
Morocco mainly relies on its exports of minerals and ores and service sector. While India has a strong MSME sector, especially in manufacturing, Morocco has a MSME sector.
India is one of the major markets for Moroccan phosphate and its derivatives.
An India-Morocco joint venture in the fertiliser sector in Morocco, called IMACID, was set up in November 1999. At present, the JV is producing around 4,30,000 MT per annum of phosphoric acid, nearly all of which is imported by India.
The Moroccan phosphate company, OCP, has invested in Paradip Phosphates in India. Other main exports to India are metallic ores and metal scrap, semi-finished products and inorganic chemicals.
The main items of India’s exports to Morocco are cotton yarn, synthetic fibre, transport equipment, pharmaceuticals, agricultural implements, chemicals, spices and manufactured metals. The balance of trade has been in favour of Morocco because of the imports of phosphoric acid and rock phosphate by India.