A top official of the premiere export financial institution of India, the Export-Import (Exim) Bank said that Morocco is one of the good investment destinations in Africa.
Other African countries identified Angola, Cote d’Ivoire, Democratic Republic of Congo (DRC), Egypt, Ghana, Kenya, Mozambique, Nigeria, Tanzania, South Africa, Zambia, Uganda, and Algeria.
“Many Indian companies keen to take advantage of the opportunities in Africa were holding back because of a lack of information on African economies” he quoted.
Few months back during the India-Africa partnership day, Exim published an article entitled “Enhancing India’s trade relations with Africa: Focus on select countries” in Marrakech.
The report give emphasis on trade between India and Africa has witnessed a rise from US$5.2 billion in 2001 to a staggering US$ 63 billion in 2011. 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%.