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New Delhi: Morocco
wants its relations with India to expand beyond trade and supply
of phosphates, a key ingredient for fertilizers of which it holds
two-thirds of global reserves, to investment in services and
manufacturing with a slew of tax sops.
"India is our top trading partner in Asia and the third largest
globally. We have set an excellent example of South-South
cooperation. These ties now must expand. There is a great scope
for that as well," said Moroccan ambassador to India Larbi Reffouh.
"There are already two major joint ventures between our two sides
in the broad area of fertilizers. But scope exists in virtually
every field -- from automotives and textiles to agro-processing
and IT," Reffouh told IANS.
Morocco, which shared bilateral trade worth $1.6 billion with
India last year, accounts for some 60 percent of the country's
phosphatic needs, a mineral primarily used in the manufacture of di-ammonium phosphate, an important plant nutrient.
"In many ways, Morocco is contributing to India's food security."
India's Aditya Birla Group and the Tatas have an equal joint
venture with a state-run company of Morocco at Jorf Lasfar, some
150 km from Casablanca, to produce 430,000 tonnes of phosphoric
acid, nearly all of which is exported to India.
This apart, Morocco has also invested in Paradeep Phosphates for a
unit in Orissa with a capacity of over 2 million tonnes per annum
of phosphatic fertilisers. The Zuari Group and the Indian
government also hold stakes in the company.
According to the ambassador, Morocco, which has 70 pristine
tourist destinations, also seeks investments from India in the
hospitality sector, particularly for construction and maintenance
of hotels.
He said help was at hand even for acquisition of land.
The Tata group already runs a luxury hotel in Marrakech, and hopes
to open another in Casablanca by the end of this year.
The ambassador explained that among the incentives given to
foreign investors in his country include freehold land ownership
and financial support in acquisition of land for factories, modern
infrastructure and liberal taxation and other norms.
Under Moroccan law, local and international investors are treated
equally. Whatever incentives are available for national investors
are also available for overseas investors.
Morocco is the largest recipient of foreign investment in North
Africa. It received $18 billion such capital between 2000 and
2009, according to the UN Conference on Trade and Development (UNCTAD).
The majority of it is in fertilizer and minerals.
India and Morocco have set up a joint commission to facilitate
two-way investments and trade. "The next meeting of the joint
commission will be held sometime in the first quarter of 2013,"
the ambassador said.
Reffouh said Morocco and India share a common vision in a host of
both regional and multilateral forums, notably in the UN where the
two nations are currently non-permanent members of the Security
Council.
"We appreciate that India was among the very first countries to
recognise Moroccan independence. It was also the first to
establish diplomatic ties and open an embassy in our country," he
said.
"Our ties, in fact, date back to the 14th century when our
explorer Ibn Butata travelled to India."
Gyanendra Kumar Keshri can be reached at gyanendra.k@ians.in and
biz@ians.in
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