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Morocco World
a day ago
- Business
- Morocco World
Multisectoral Partnership Drives India-Morocco Ties Forward, More Growth on Horizon
Rabat – Guided by King Mohammed VI's vision, Morocco's diplomacy has positioned the North African country as a key player and a strategic partner on the global stage. Through an almost octopus-like approach to foreign policy, Morocco's diplomacy has proven influential from north to south and west to east, creating strategic relations across continents. The country's multidirectional diplomacy enabled Morocco to not only deepen its partnership in Africa and Europe but also expand toward global powerhouses like India, a leader in many sectors, including information technology, exports, and innovation. Beyond diplomatic ties Recent data from the Indian government noted that the country's exports have reached $778.21 billion in 2023-2024. The number represents a 67% increase from 466.22 billion in 2013-2014, the same data shows, attributing the situation to India's 'expanding role in global trade, driven by strong performances in both merchandise and services exports.' Morocco's stability, appealing business environment, and advanced infrastructure make the country an ideal partner for countries across the world, especially those seeking to expand into new markets. For world leaders, a presence in Morocco means access to a fast-growing market, Africa — a continent with vast untapped potential in all industries, including agriculture. The continent's agriculture sector covers vast arable lands that remain underutilized, offering significant opportunities that could serve the continent's food security. Morocco's high-value sectors, like aeronautics and automotive, as well as the renewable energy industry, also provide fertile ground for both existing and potential. Multisectoral partnerships Statistics from different sources, including the Observatory of Economic Complexity (OEC), have confirmed an already strong tie between India and Morocco. The observatory indicated that India exported $101 million to Morocco in March 2025. Meanwhile, the country imported $46 million as of March, with the observatory stressing that this resulted in a positive trade balance of $55.3 million. 'Between March 2024 and March 2025, the exports of India to Morocco increased by $8.15M (8.75%) from $93.1M to $101M, while imports decreased by $57.8M (55.7%) from $104M to $46M,' the data shows. India's main exports to Morocco include drug formulations, motor vehicles, cars, and biologicals. In 2020, Morocco exported $1.39 billion to India, with the main products exported covering phosphoric acid, mixed mineral or chemical fertilizers. Over the past 25 years, Moroccan exports to India strengthened at an annual rate of 6.25%, jumping from $306 million in 1995 to $1.39 billion in 2020. In 2020, meanwhile, India exported $623 million to Morocco, with imports including refined petroleum, packaged medicines, and cars. India's exports to the North African country reached an annual rate of 11.8%, jumping from $38.9 million in 1995 to $623 million. India's private industry increasingly sees Morocco as an attractive investment destination. Over the years, the number of Indian companies operating in Morocco has grown from 12 to 40, with businesses from the Asian country focusing on different sectors, including automotive, IT, green technologies, and hospitality. Some notable Indian companies operating in the North African country include Tata Motors, Sterling and Wilson, Larsen and Toubro, Sumilon, Furnace Fabrica, among several others. Morocco's appealing sectors In March, India's main imports from Morocco were fertilizers, which represent a key cornerstone sector in Morocco's economy. The North African country positioned itself as a global leader in fertilizer production, as it is home to over 70% of the world's phosphate reserves. In 2023, Morocco's fertilizer giant OCP Group announced a deal with India to supply the Asian country with 1.7 million metric tonnes of phosphate-based fertilizer. Under the deal, OCP announced it will supply 700,000 tonnes of fertilizers to the country. OCP emphasized that the fertilizers would be tailored to meet the needs of farmers' soil, with another one million tonnes to be supplied directly to farmers. Beyond fertilizers, Morocco is considered a powerhouse in other sectors, including the automotive industry, competing with key players like China and India. The Moroccan government is also confident that its automotive sector has the potential to be more competitive than these countries. Recently, Morocco's Minister of Industry, Ryad Mezzour, announced that the country's automotive production stands at 700,000 vehicles. The minister said that Morocco is expected to produce one million vehicles by the end of the year. Morocco's proximity to Europe and its position as a gateway to Africa attract dozens of industrial companies from all sectors, including automotive. Free zones across Kenitra, Tangier, Casablanca, and beyond host major automotive companies, including Renault, Stellantis, Yazaki, and more. Indian companies are also establishing a presence in the North African country, including Motherson Group. In 2022, the group opened its new site in Tangier Med, with a focus on producing instrument panels and door panels for passenger and light commercial vehicles. During the opening ceremony, the group emphasized Morocco's position as a strategic location for Motherson due to its proximity to Europe and the Middle East, noting that the new facility allows it to better serve its existing and new customers in the regions. Beyond the automotive sector, the partnership between Morocco and India also extends into different areas like defense and military collaboration. Expanding into defense and beyond In 2024, Moroccan military officials, including Abdellatif Loudidyi, Morocco's Minister Delegate in charge of national defense administration, highlighted the importance of bilateral ties and stressed how the two countries have 'every potential to pursue their positive momentum in various fields, including defense.' He also renewed Morocco's commitment to providing favorable conditions for Indian defense companies, vowing zero bureaucracy and profitability. 'We want you in Morocco, we will support you, ' Loudyi said, according to the Hindu. A strategic partnership in defense has already begun to take shape between the North African country and India's Tata Group. The military deal included a shipment of 90 military trucks. In September 2024, Morocco's military and TATA Advanced Systems Limited teamed up to produce the WhAP 8×8 armored combat vehicle domestically. The Moroccan Ministry of Defense said the project is a systematic step toward deepening the historical ties between Morocco and India. All of the aforementioned agreements and partnerships stem from strong diplomatic ties between the two countries. Many officials from both countries stressed the importance of these relations in forging further agreements benefiting New Delhi and Rabat at all levels. In May, a senior diplomat from the Indian embassy in Rabat emphasized the importance of ties between the two countries. In an exclusive statement to Morocco World News (MWN), the official warmly welcomed Morocco's place as a strategic ally to India. 'India and Morocco share a time-tested and resilient partnership built on deep mutual respect, strategic convergence, and shared quest for the well-being and prosperity of our citizens,' the official who preferred to speak under a condition of anonymity said. 'We value its stability, moderation, and deep ties to multiple regions,' the official added. The same remarks were echoed by the former Indian ambassador to Morocco in 2024 during the MWN-led initiative Rabat Networking Day (RND) in January, when Rajesh Vaishnaw celebrated the strong bilateral ties between Rabat and New Delhi. Commenting on ties between Morocco and India, Vaishnaw described them as 'friendly and close.' King's visit brought momentum to ties The former ambassador emphasized that relations have been strengthened, particularly after the landmark visit of King Mohammed VI to India in 2015. According to the Moroccan embassy in India, Morocco 'was an unknown destination for Indians for business and investment' for a long time . 'However, since the historic visit to India of His Majesty King Mohammed VI, may God Assist Him, in October 2015 on the occasion of the 3rd Summit of the India-Africa Forum, the Kingdom of Morocco has become increasingly present in the radar of the Indian business community and Indian multinationals in particular,' the embassy said. Most recently, reports resurfaced about a potential visit by Indian Prime Minister Narendra Modi in early July as part of his potential five-nation diplomatic tour. However, a high-level source from the Indian embassy in Rabat familiar with the matter told MWN that the visit is unlikely to take place as such a visit should be well-planned. Similar high-level visits bring further momentum to relations between countries. A potential visit in the future by Modi could bring further momentum to Morocco-India relations, especially if India moves beyond its traditional position and joins the growing number of powers in recognizing Morocco's sovereignty over its southern provinces in Western Sahara. A shift towards full recognition or support for Morocco's Autonomy Plan as the most serious and credible political solution to the dispute would place India alongside over 113 countries, including the US, UK, France, and Spain. Morocco has constantly emphasized how Western Sahara is the lens through which Rabat views its relations and cooperation with other countries.
Yahoo
04-06-2025
- Business
- Yahoo
Factbox-Leading steel, aluminum importing companies in US
By Mrinalika Roy (Reuters) -U.S. President Donald Trump's increased tariffs on imported steel and aluminum - key materials used in industries ranging from construction to packaging - kicked in on Wednesday, pushing duties to 50% from 25% previously. While the tariffs are aimed at encouraging investment in domestic production, they have already fuelled higher costs for steel and aluminum consumers, while undermining manufacturing. Given limited capacity to ramp up domestic output, U.S. import volumes are likely to be unaffected unless the price increases undercut demand, putting the spotlight on firms reliant on these shipments. Here is a breakdown of the imports of both metals into the U.S. and the firms that ship them: ALUMINUM About half of all aluminum used in the U.S. is imported, with the vast majority coming from Canada, which exported 3.2 million tons of the metal to the country last year. In 2024, total U.S. imports of aluminum articles were valued at $27.4 billion, according to data from the Observatory of Economic Complexity (OEC), with Canada, China and Mexico the top three suppliers. Data from the Aluminum Association shows that transportation, packaging, construction, electrical and consumer durables sectors import the most amount of aluminum by volumes. According to U.S. CBP Bill of Lading data and shared by OEC, these firms were the top importers in 2024: ES Windows LLC: A leading importer of aluminum products for architectural applications like windows and facades. It accounted for 18.4% of shipments Netherlands-headquartered IKEA Group: Designs and sells ready-to-assemble furniture, home accessories and kitchen appliances. It accounted for 6.34% of shipments. Global automotive manufacturer Nissan, discount retail chain Dollarama and disposable beverage and food supplies firm Lollicup: Each accounted for over 3% of total aluminum shipments last year. Other major importers were Costco, Samsung, and Boeing. STEEL About a quarter of all steel used in the U.S. is imported, the bulk of it from neighbours Mexico and Canada. In 2024, total U.S. imports of iron and steel articles were valued at $49.7 billion, according to data from OEC, with China, Mexico, and Canada being the top suppliers. According to U.S. CBP Bill of Lading data and shared by OEC, these were the top importing companies of 2024: Iron & Steel Articles: IKEA accounted for 5.85% of total imports. SIGMA Corp accounted for 3.94% Stelfast, which makes industrial fasteners like bolts and nuts etc, made up 3.32% of shipments. CrimsonLogic, a global technology firm, accounted for 3.21% of shipments. Other notable companies include German technology firm ZF Friedrichshafen, Continental Materials, Stihl and Cosentino. Basic Iron & Steel Electronics manufacturing company TPV Tech accounted for 18.9% of shipments Valbruna Stainless accounted for 12.8% Brose Mechatronic Systems accounted for 5.89% Multinational engineering and technology company Robert Bosch made up 8.89% of shipments Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
Factbox-Leading steel, aluminum importing companies in US
By Mrinalika Roy (Reuters) -U.S. President Donald Trump's increased tariffs on imported steel and aluminum - key materials used in industries ranging from construction to packaging - kicked in on Wednesday, pushing duties to 50% from 25% previously. While the tariffs are aimed at encouraging investment in domestic production, they have already fuelled higher costs for steel and aluminum consumers, while undermining manufacturing. Given limited capacity to ramp up domestic output, U.S. import volumes are likely to be unaffected unless the price increases undercut demand, putting the spotlight on firms reliant on these shipments. Here is a breakdown of the imports of both metals into the U.S. and the firms that ship them: ALUMINUM About half of all aluminum used in the U.S. is imported, with the vast majority coming from Canada, which exported 3.2 million tons of the metal to the country last year. In 2024, total U.S. imports of aluminum articles were valued at $27.4 billion, according to data from the Observatory of Economic Complexity (OEC), with Canada, China and Mexico the top three suppliers. Data from the Aluminum Association shows that transportation, packaging, construction, electrical and consumer durables sectors import the most amount of aluminum by volumes. According to U.S. CBP Bill of Lading data and shared by OEC, these firms were the top importers in 2024: ES Windows LLC: A leading importer of aluminum products for architectural applications like windows and facades. It accounted for 18.4% of shipments Netherlands-headquartered IKEA Group: Designs and sells ready-to-assemble furniture, home accessories and kitchen appliances. It accounted for 6.34% of shipments. Global automotive manufacturer Nissan, discount retail chain Dollarama and disposable beverage and food supplies firm Lollicup: Each accounted for over 3% of total aluminum shipments last year. Other major importers were Costco, Samsung, and Boeing. STEEL About a quarter of all steel used in the U.S. is imported, the bulk of it from neighbours Mexico and Canada. In 2024, total U.S. imports of iron and steel articles were valued at $49.7 billion, according to data from OEC, with China, Mexico, and Canada being the top suppliers. According to U.S. CBP Bill of Lading data and shared by OEC, these were the top importing companies of 2024: Iron & Steel Articles: IKEA accounted for 5.85% of total imports. SIGMA Corp accounted for 3.94% Stelfast, which makes industrial fasteners like bolts and nuts etc, made up 3.32% of shipments. CrimsonLogic, a global technology firm, accounted for 3.21% of shipments. Other notable companies include German technology firm ZF Friedrichshafen, Continental Materials, Stihl and Cosentino. Basic Iron & Steel Electronics manufacturing company TPV Tech accounted for 18.9% of shipments Valbruna Stainless accounted for 12.8% Brose Mechatronic Systems accounted for 5.89% Multinational engineering and technology company Robert Bosch made up 8.89% of shipments Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malaysia Sun
16-05-2025
- Business
- Malaysia Sun
Puerto Rico lures manufacturing to lift economy facing Trump's tariffs
SAN JUAN, Puerto Rico: As the global trade war deepens, Puerto Rico is seizing the moment to lure international companies to relocate manufacturing operations to the U.S. territory, where they can avoid tariffs. Government officials are actively courting businesses in sectors like aerospace, pharmaceuticals, and medical devices, promoting Puerto Rico's tariff-exempt status. "The tariff issue is a controversial one, but for Puerto Rico, it is a great opportunity," said Governor Jenniffer González. Puerto Rico is hoping to revive its once-thriving manufacturing sector, which still accounts for nearly half of its GDP but has struggled in recent years. The island is emerging from a historic bankruptcy and continues to grapple with power outages and potential cuts in federal funding under the Trump administration. Federal funds currently represent more than half of the island's budget. According to Ella Woger Nieves, CEO of Invest Puerto Rico, officials have identified 75 to 100 companies that could be interested in relocating to the island. "This is the moment to plant those seeds," she said, noting that site selectors have been brought to Puerto Rico for tours highlighting the island's existing infrastructure and the benefits of operating in a tariff-free environment. Invest Puerto Rico and other government agencies plan to make nearly 20 more trips this year to pitch the island as a prime business destination. In the past, Puerto Rico's economy thrived on needlework and textiles, later shifting to chemicals, electronics, and pharmaceuticals. A federal tax incentive in 1976 attracted major pharmaceutical companies, but its gradual repeal in the 1990s led to a 30 percent decline in manufacturing employment. Despite the downturn, pharmaceuticals and medical devices remain key industries, with Puerto Rico accounting for nearly 20 percent of total U.S. pharmaceutical exports in 2020, according to the U.S. Bureau of Labor Statistics. In 2024, the island exported almost US$25 billion worth of goods, including $11 billion in vaccines and $7 billion in packaged medicaments, according to the Observatory of Economic Complexity. Sergio Marxuach, policy director at the Center for a New Economy, said Puerto Rico's focus on pharmaceutical and medical device sectors makes sense given its established infrastructure. "If I were advising the government, begin there because you already have a footprint," he said. Marxuach added that Puerto Rico could also target defense and security contracts, such as manufacturing drones or underwater surveillance systems. However, significant challenges remain. Puerto Rico's energy infrastructure is unreliable and costly, a fact acknowledged by Robert F. Mujica, executive director of the federal control board overseeing the island's finances. Woger Nieves said officials are transparent about power issues and offer potential solutions, such as cogeneration and renewable energy. "Power doesn't have to necessarily be an impediment," she said. But Marxuach cautioned that those alternatives are often expensive and that Puerto Rico must address structural issues that add costs for investors, such as the Jones Act, which requires goods shipped to the U.S. to be carried on U.S.-flagged vessels. Meanwhile, many CEOs remain hesitant to make long-term commitments amid ongoing uncertainty over U.S. trade policy. "The short-term reaction of many CEOs and companies is basically to wait and see," Marxuach said. Trump has suggested he might keep some tariffs in place while negotiating deals with trading partners, using "strategic uncertainty" as leverage. This has complicated Puerto Rico's efforts to attract companies. "We are competing with Vietnam, South Korea, Malaysia, Singapore — countries that already have advanced manufacturing facilities," Marxuach said. "It's not a slam dunk."
Epoch Times
11-05-2025
- Business
- Epoch Times
US Initiates National Security Investigation Into Aircraft, Jet Engine Imports
The Commerce Department initiated an investigation on May 1 to determine the impacts of commercial aircraft and jet engine imports on national security, it said in a May 9 The investigation is being conducted under Section 232 of the Trade Expansion Act of 1962, which grants the American president broad The May 9 notice calls on interested parties to submit input on the import of aircraft and jet engines. This includes views on the current and projected demand for these products, the extent to which the domestic production is capable of meeting demand, and the role of foreign supply chains in meeting U.S. demand. The notice seeks comments on the impact of subsidies and predatory trade practices of foreign governments on the competitiveness of the aircraft and jet engine industry in the United States. It also aims to know the potential of foreign nations to weaponize their control over supplies of these items. Related Stories 5/9/2025 5/9/2025 Comments must be received 21 days after the notice is published in the Federal Register. The notice is scheduled to be officially published on May 13. According to data platform Observatory of Economic Complexity, the United States imported $15.3 billion worth of aircraft parts in 2023 and was the largest importer of these items that year. Some of the key nations that supplied these parts are the United Kingdom, Canada, France, Japan, and Mexico. In May last year, the Chinese Communist Party's Ministry of Commerce, General Administration of Customs, and the Central Military Commission issued a joint document If nations on which the United States depends for aircraft imports were to adopt an adversarial stance, it could put the country in a tough spot. Tariff Impact While the Section 232 investigation may not result in additional tariffs, the Trump administration's existing tariffs could apply to these items. For instance, the In a Feb. 2 'Decades-long trade agreements enabled robust civil aviation and defense trade that resulted in a sky-rocketing positive trade balance over the last 40 years, making aerospace and defense the largest American exporting industry,' said Dak Hardwick, vice president of international affairs at the association. 'Tariffs on Canada and Mexico could change that positive trajectory. We hope to work with the Trump Administration to find a path forward to protect this critical industry, which is a strategic asset to both our economy and our national security.' The tariff war has affected certain U.S. aircraft sales to China. Recently, the Chinese regime ordered Chinese airlines to The Trump administration has imposed a 145 percent tariff on Chinese products, which for some items goes up to 245 percent. Beijing has imposed 125 percent tariffs on American imports. In an interview with The Epoch Times, Shen Ming-shih, a research fellow at Taiwan's Institute for National Defense and Security Research, said China's cancelation of Boeing deliveries won't sting the United States as much as Beijing expects. 'Global demand for the 737 MAX remains strong, production slots are sold out for years, while China accounts for only about 10 percent of Boeing's commercial backlog,' he said. Boeing can potentially get new buyers for the returned jets. Sean Tseng contributed to this report.
