Business News | MoS Jitin Prasada's Morocco Visit to Provide Fresh Impetus to Bilateral Trade, Investment and Business Engagement
Get latest articles and stories on Business at LatestLY. The minister is on a visit to Morocco from August 24 to 25 to co-chair the 7th India-Morocco Joint Commission meeting, aiming to deepen economic cooperation across diverse industrial and commercial sectors.
New Delhi [India], August 25 (ANI): India's Minister of State for Commerce and Industry and Electronics & IT, Jitin Prasada's visit to Morocco is expected to provide fresh impetus to bilateral trade, investment and business engagement.
The minister is on a visit to Morocco from August 24 to 25 to co-chair the 7th India-Morocco Joint Commission meeting, aiming to deepen economic cooperation across diverse industrial and commercial sectors.
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The bilateral discussions focus on trade diversification, market access, investment, and industrial cooperation. Sectoral priorities span fertilisers, agriculture, pharmaceuticals, energy and mining, renewable energy, digital transformation, and logistics.
Both countries also prepare to sign a Memorandum of Understanding on food safety to facilitate standard testing, information sharing, and streamlined agricultural trade.
Prasada was joined by Omar Hejira, Minister of State for Industry and Foreign Trade of Morocco, during the high-level business meeting.
"In Morocco, with the aim of giving new momentum to India-Morocco business relations, I jointly chaired a high-level Morocco-India Business Meeting with Mr. Omar Hejira, Minister of State for Industry and Foreign Trade of Morocco. This meeting was attended by a business delegation from the Confederation of Indian Industry and representatives from Morocco's leading industry organization @CGEM_MA. During the discussions, we emphasized promoting direct B2B contacts between entrepreneurs from both countries. Our governments are committed to providing every possible guidance to the business community and creating a highly conducive and positive business environment," the Minister said on X.
A report by Rubix analysing merchandise trade dynamics showed that total trade between India and Morocco reached USD 3.96 billion in FY2026, recovering from USD 2.44 billion in FY2024. Overall merchandise exchange expanded at a compound annual growth rate of 5 per cent between FY2022 and FY2026.
India's goods exports to Morocco rebounded to USD 1.07 billion in FY2026, recording a 10.4 per cent year-on-year growth after contracting from USD 1.05 billion in FY2023 to USD 0.97 billion in FY2025.
Meanwhile, imports from Morocco increased from USD 1.40 billion in FY2024 to USD 2.90 billion in FY2026, logging a 7 per cent compound annual growth rate across the four years. Due to import expansion outstripping export growth, India's trade deficit widened nearly 4.5 times from USD 0.37 billion in FY2024 to USD 1.83 billion in FY2026.
According to the Rubix report, India maintains a relatively diversified outbound shipment portfolio despite recent shifts. The report states:
"India's exports to Morocco remain diversified, with the top five products accounting for only 25% of exports in FY2026, compared to 18% in FY2022. This indicates a gradual increase in concentration among key product categories, although the broader export basket remains diversified, with Others accounting for 75% of exports."
The report further added that "Passenger vehicles remained the largest individual export category, increasing from 7% to 9%, while pharmaceuticals rose from 5% to 6%. Spices, rice and auto components also gained share, particularly rice, which increased from 1% to 3%, suggesting expanding opportunities across both automotive and agri-food products."
On the inbound side, Moroccan supplies remain concentrated within the phosphate value chain. NPK and other fertilisers held a 45 per cent share in FY2026, phosphatic fertilisers stood at 22 per cent, phosphoric acid at 18 per cent, and phosphate minerals at 13 per cent, collectively making up 98 per cent of India's imports from Morocco.
The report noted that this concentration reflects "Morocco's globally significant phosphate reserves and strong fertiliser manufacturing capabilities, while India's structural dependence on imported phosphatic inputs has encouraged long-term sourcing arrangements with Moroccan suppliers."
"Established partnerships between Moroccan and Indian fertiliser companies further reinforce this strategic, supply-chain-driven trade relationship," the report mentioned. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)