India, Morocco open Chamber of Commerce & Industry

The Dollar Business Bureau

India-Morocco Chamber of Commerce and Industry (IMCCI) was jointly inaugurated by Vice President of India Hamid Ansari and Prime Minister of Morocco Abdelilah Benkirane. The new chamber is established to boost the trade between India and Morocco. It would also help in strengthening the economic development of both the countries.

Hamid Ansari said that a chamber was not established till now, as the countries had taken things for granted. But, the world is transforming into globalisation these days. Countries need industry bodies like the IMCCI.

The IMCCI acts as a testimony to the rising significance of the commercial ties between the two countries. It should focus on the trade requirements of both the countries, he added.

According to an official spokesman, the bilateral trade between India and Morocco stood at $1.26 billion in 2015. Last year, Indian exports formed approximately 25% of the total trade volumes of Morocco.

Morocco has become one of the preferred destinations for Indian investments. The companies from India have invested an overall $320 million in Morocco, including the joint venture firm Indo-Maroc Phosphore SA. Strengthened by the economic growth in the past 20 years, India’s private sector is looking forward to the expansion, he said.

During his visit, the Vice President visited the Mohammed VI Imam Training Centre which promotes the values of moderate Islam. The centre is aggressively working on ideologies and beliefs of the people and provides training to a huge number of preachers from Africa and Arabia.

Later, Ansari also visited the Mohammed V University in Rabat to address on the topic ‘Accommodating Diversity in a Globalising World: The Indian Experience’. The Moroccan University awarded an honoris causa degree to him.