A meeting between His Excellency Aziz Rabbah, Minister of Energy, Mines and Sustainable Development of Kingdom of Morocco, with Hon’ble Union Minister of Mines, was held in New Delhi.
During the meeting, Hon’ble Union Minister of Mines highlighted that India has huge geological potential and a wide variety of minerals of India. He also brought out that the MMDR ACT, which governs the mineral sector, was amended in January 2015.This amendment brought in transparency in grant of mineral concessions and removed discretion by instituting auction, as the sole method of grant of major mineral concessions. The DMF (District Mineral Fund) has been instituted for addressing the concerns of welfare of the mining-affected areas. The PMKKKY (Pradhan Mantri Khanij Kshetra Kalyan Yojna) scheme has been launched by the Central Government for ensuring systematic development of the mining-affected areas funded through DMF.
Hon’ble union Minister of Mines 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. A specialized Training Institute of GSI can train the professionals of Morocco.
His Excellency Aziz Rabbah, Minister of Kingdom of Morocco 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 roadmap for the mining sector to increase the GDP by about 30% 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.
After the bilateral discussions, a MoU in the field of Mining and Geology for a period of 5 years was signed by both the countries.
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 the participation of both public & private sector etc.
It was suggested by the Indian side that 1st meeting under the MoU may be held within 6months.