Sunday, May 9, 2021
Home Business finance India Becoming Economic Partner of MENA Region

India Becoming Economic Partner of MENA Region

India is now increasingly positioning itself as an economic partner

India is positioning itself as an economic partner by investments in the Middle East and North Africa (MENA) region, said a senior official of Export-Import Bank of India (India Exim Bank) on Friday.

In his address at the India-Morocco Business Forum, the bank’s Deputy Managing Director Harsha Bangari said that India’s trade with the MENA region has traditionally been governed by the fact that the region has been a critical source of energy.

“India is now increasingly positioning itself as an economic partner through increased investments in the region,” she said.

Follow NewsGram on Twitter to stay updated about the World news.

India Exim Bank on Friday signed a Memorandum of Understanding (MoU) with the Bank of Africa BMCE Group.

Senior representatives from the institutions were joined by Morocco’s Ambassador to India, Mohammed Maliki, and India’s Charge d’affaires in Morocco, G.K. Pant, at the Forum, which was organized on a virtual platform.

India’s bilateral trade with Morocco has increased from $1.2 billion in 2010 to $2.1 billion in 2019.

MENA Region
India Exim Bank has supported 64 Indian companies for setting up ventures in the MENA region. Pixabay

While India’s imports from Morocco are largely dominated by phosphate and potash, exports are more diversified covering textiles, chemical products, petroleum products, and pharmaceutical products.

Want to read more in Hindi? Checkout: हॉलीवुड अभिनेता जेफ डेनियल ने बताया अराजनैतिक होने का अर्थ

According to Mohammed Agoumi, Delegate General Manager, Bank of Africa, the objective of the MoU is to strengthen cooperation in the financing, guaranteeing, and other financial mechanisms to support projects of interest of both the institutions.

The banks will also jointly explore funding support for Indian companies setting up operations in Morocco and Moroccan companies setting up operations in India as per their respective mandates.

ALSO READ: Amazon Web Services To Skill 29 Million People Globally By 2025

To date, India Exim Bank has supported 64 Indian companies for setting up ventures in the MENA region, with a sanctioned amount of Rs 6,684 crore, in various sectors such as textiles, automotive, chemicals, and dyes, agro-processing, irrigation, renewable energy, construction, healthcare, EPC services, shipping, and mining, among others, a statement from India Exim Bank said. (IANS)

STAY CONNECTED

19,511FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

History Of Mother’s Day

BY- JAYA CHOUDHARY Mother's Day has been observed for hundreds of years now. The origins of Mother's Day can be traced back to ancient Greek...

Breathing Exercises To Strengthen Your Respiratory System

While Covid-19 cases continue to surge, we need to be even more vigilant, while staying at home and keeping ourselves healthy and fit. While...

A Makeover Guide For All Mothers Out There

For generations, mothers have been a force of nature doing the heavy lifting when it comes to raising children right; keeping them safe, and...

Covid-19 May Cause Long-Lasting Harm To Heart: Doctors

A large number of recovered patients from Covid-19 have encountered heart problems and even patients with existing heart problems have felt its effects. The...

Make Your Mom Feel Extra Special With These Gifts

Thinking about what to get your mum for Mother's Day? Check out our compilation of ideas which makes for the perfect gift for mums...

Research Reveals Why Some Patients May Test Positive For Covid-19 After Recovery

Some virus RNA can be reverse transcribed and inserted into the human genome, finds a new study, which may explain why some people who...

Life In The Clock Tower Valley: Spelling Life In Kashmir Valley

Even as another book 'Life in the Clock Tower Valley' emerges from Kashmir, its author, Shakoor Rather says that while many past books have...

Lakshmi Devy: The Doctor-Turned-Filmmaker Is Winning Laurels In US

 Dr. Lakshmi Devy, a doctor by profession has always been passionate about acting and filmmaking and her dreams have come true after she won...

Recent Comments