Morocco plans to open new Consulate in India, launches campaign to seek investments

morocco, consulate, india, investments, mohamed maliki

A high-level trade delegation from North African economic major Morocco was on a six-day visit to India, beginning with Bengaluru to increase bilateral trade through ‘Morocco Now’ – the national brand that promotes investments and export in the country.

Led by Mohamed Maliki, Ambassador of Morocco, the delegation included Youssef El Bari, Director General (CEO) Moroccan Agency for Investment and Export Development (AMDIE), Ayda Fathi, AMDIE’s Director of Investment and Member of the Steering Committee, Hicham BAYAR, First Secretary, Morocco Embassy in India, Karam Lahlou, AMDIE and Ilham Fadlallah, AMDIE.

In Bengaluru, the delegation engaged in a series of meetings with Government of Karnataka officials, industrialists and other professionals. ‘Morocco Now’ roadshows were held in Mumbai and New Delhi with a series of similar meetings in these cities as well.

“Under the leadership of his Majesty King Mohammed VI, Morocco has positioned itself as a leading regional industrial and export platform with the fastest growing automotive cluster in the world. We created the brand ‘Morocco Now’ to position Morocco as an investment destination that encourages renewable energies and offers a distinctive value proposition with privileged access to a market of more than 1 billion consumers through the country’s 54 free trade agreements. Sustainability, competitiveness, guarantee of success and agility best define brand ‘Morocco Now’. Morocco can be considered as the gateway to Europe and Africa and this is the result of continuous efforts undertaken by the Kingdom to develop international trade. We constantly introduce progressive forward-looking policies to enhance business and investments. The country is well connected by road, sea and air. Morocco and India have very strong industrial potential and the two countries complement each other” said Maliki.

‘Morocco Now’ is expected to boost bilateral trade between Morocco and India, which is currently around $2.1 billion. While India’s exports to Morocco currently straddling different industries such as automotive, textiles, pharmaceutical, petroleum products and chemical products, India’s imports from Morocco are largely dominated by phosphate and potash.

“We have a national plan to increase our presence in India. We currently have consulates in Mumbai and Kolkata and are working on opening one in Bengaluru. Our aim is to grow together and have India as one of our top 10 partners by 2025. We have outsourced visa services whereby potential investors can apply in cities wherever they are and multiple visas for a period of one year will be processed within 3 to 5 days” Maliki informed.

“Morocco has set up a vast range of industrial acceleration zones spread across the Kingdom, which offer foreign investors several advantages including total exemption from Corporate Income Tax for the first five years of operations and a fixed 15% for every year that follows. Other tax benefits include exemption of professional tax for the first 15 years of consecutive operations, exemption of VAT for operations carried out inside or between industrial acceleration zones and exemption from withholding tax of dividends originating from activities carried out in industrial acceleration zones. We will also facilitate foreign exchange transfers abroad for incomes generated by foreign investments made in Morocco, such as dividends and interests generated by shareholders’ loans. A special customs regime which allows companies located in industrial acceleration zones to benefit from exemption of all duties, taxes or surcharges on import, circulation, consumption, production or export has also been set up. Our major focus areas of business include automotive, aeronautic, textiles, agri-food, pharmaceutical and outsourcing. The quality of Morocco’s human capital, strong financial backbone and a stable economic and political climate make our country an attractive investment destination” said Youssef El Bari, Director General (CEO) Moroccan Agency for Investment and Export Development (AMDIE).

At least 35 Indian companies have already set up units in Morocco including Varroc Lighting Systems, Steel Strip Wheels, Mahindra & Mahindra (M&M), Tata Hispano Motors Carrocera, Indian Motors and Sun Pharmaceuticals Morocco. India is the fourth largest trading partner of Morocco and the 13th largest supplier to the country in the first half of 2021.

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