The decision was taken during External Affairs Minister Salman Khurshid meeting with his Moroccan counterpart Salaheddin Mezouar.
Khurshid is here on the first leg of his three-nation tour of natural-resources rich North African countries. He will also visit Tunisia and Sudan to boost India's 'Look Middle East' policy.
During his visit, India and Morocco explored ways and means of diversifying their phosphate-centric economic and commercial relations which Khurshid said "have an immense untapped potential".
A lot of phosphoric acid and rock phosphate from Morocco are sourced to India for use in the fertiliser industry which helps India's agriculture sector.
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To further boost economic cooperation, the two sides also identified new areas of collaboration such as pharmaceuticals, agriculture, automobiles and renewable energy. They also exchanged views on regional and global issues of common concern, including international terrorism.
"We have agreed that our Foreign Office Consultations be held later this year," said Khurshid.
"India and Morocco have deep-rooted historical links from the days of the famous Moroccan traveller Ibn Batuta in the 14th century. Since the establishment of diplomatic relations in 1957, these ties have become multifaceted and stronger.
Khurshid also met Prime Minister Abdelilah Benkirane.
Two MoUs concerning Cooperation in Marine Fisheries as well as in the field of Environment Cooperation were also signed during Khurshid's visit.
Khurshid praised Morocco for its economic growth and rights record. He also thanked Morocco for supporting India in the UN and other multilateral fora.
"We deeply appreciate Morocco's support to India in the United Nations and other multilateral fora, including in particular for the expression of support for a permanent seat for India in a reformed and expanded UN Security Council," the External Affairs Minister said.
"We have proposed the setting up of an Information and Communication Technology (ICT) centre in Morocco, and we are happy that your government has accepted this proposal. We are working to see that this project is implemented at the earliest," Khurshid said.
"India will also be pleased to offer additional slots and scholarships to Morocco for training and higher education under various schemes of the Government of India."
He also extended an invitation to Mezour to visit India at a mutually convenient date.