Rabat- The Export-Import Bank of India has identified Morocco along other 15 African countries as good investment destinations, according to a top official quoted by the economictimes.com.
“Many Indian companies keen to take advantage of the opportunities in Africa were holding back because of a lack of information on African economies”, said David Rasquinha, Exim bank’s executive director.
The top countries as identified by the Indian bank are Morocco, Angola, Cote d’Ivoire, Democratic Republic of Congo (DRC), Egypt, Ghana, Kenya, Mozambique, Nigeria, Tanzania, South Africa, Zambia, Uganda, and Algeria.
Exim’s bank of India has recently released a publication on “Enhancing India’s trade relations with Africa: Focus on select countries”, during the India-Africa partnership day organized in Marrakech on May 30, 2013, as part of the annual meeting of African Development Bank Group.
The study highlights that the two-way trade between India and Africa has witnessed a rise from US$5.2 billion in 2001 to a staggering US$ 63 billion in 2011. While India has emerged as the third largest export destination for Africa, however, the sub-continent country ranks as the fifth largest source for Africa’s imports.
Despite the increasing trend in India’s exports to Africa, India’s share in the import pie is still marginal in comparison with the major importers in Africa. For example, India’s share in Morocco’s total imports is just 1%.