India has inked a pact with Morocco under which focus would be laid on evaluation of potential mineral resources and promoting exploration and mining through participation of both public and private sector.
"After the bilateral discussions, an MoU (Memorandum of Understanding) in the field of Mining and Geology for a period of 5 years was signed by both the countries," the mines ministry said in a statement.
The focus of the MoU is on the development of the geological infrastructure for Geoscience Maps and geochemical maps, strengthening geological research and evaluation of the potential of mineral resources, promoting exploration and mining through participation of both public & private sector etc.
Tomar also informed the Morocco Minister that the Geological Survey of India is a pioneer exploratory agency in exploration and is willing to assist Morocco in geological mapping and mineral exploration, the statement said adding that a specialized Training Institute of GSI can train the professionals of Morocco.
"Rabbah...was impressed with the profile of the Indian mining industry. He expressed that India can make huge investments in Morocco in the field of automobile, textile, aerospace, agro and electronic industries. A road map for mining sector to increase the GDP by about 30 per cent has been drawn.
He stated that joint venture and B2B between Morocco and India for minerals would be welcome to improve the economy of Morocco and neighbouring markets as well," the statement said.
It was suggested by the Indian side that first meeting under the MoU may be held within six months.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)