India Exim Bank recently signed a memorandum of understanding (MoU) with the Bank of Africa BMCE Group during the India-Morocco Business Forum to further promote bilateral trade and investment. The aim is to strengthen cooperation in financing, guaranteeing and other financial mechanism to support projects of interest of both the institutions. This will also help boost India’s textile exports to Morocco.
The forum was jointly organised by both the institutions on December 11.
India’s bilateral trade with Morocco has increased from $1.2 billion in 2010 to $2.1 billion in 2019. While India’s imports from Morocco are largely dominated by phosphate and potash, India’s exports to the country are more diversified covering textiles, chemical products, petroleum products, pharmaceutical products.
The banks will also jointly explore funding support for Indian companies setting up operations in Morocco and Moroccan companies setting up operations in India, according to a press release from India Exim Bank.
Till date, India Exim Bank has supported 64 Indian companies for setting up ventures in the Middle East North Africa region.