“The proposed FTA between India and Mauritius can enhance India’s presence in African markets”, says Ms. Napaul
“Mauritius is well-known as a business destination for investors seeking a secure investment climate, a conducive business environment, political stability, transparent regulations, high value-addition and an efficient financial ecosystem offering a wide-range of services. We are working towards reinforcing our economic collaboration with other countries in Africa while underscoring our geostrategic position for driving investment in the continent. The proposed free trade agreement between India and Mauritius can enhance India’s presence in these markets”, said Ms. Bineshwaree Napaul, Consul General, Consulate General of Mauritius at an interactive programme on ‘Ease of Doing Business in Mauritius’ organized by World Trade Center Mumbai and All India Association of Industries (AIAI).
Ms. Napaul said, “We have undertaken setting up of permanent Joint Commissions with Ethopia, South Africa, Kenya, Ghana, amongst others and signed Double Taxation Avoidance treaties, Investment Promotion and Protection agreements, and bilateral Air Service and Maritime agreements to enhance air and sea connectivity. We have also developed Special Economic Zones in Senegal, Ghana, Mozambique and Côte d’Ivoire to tap business opportunities and explore avenues of cooperation.”
Ms. Napaul expressed pleasure that SBM Bank India has been permitted by the RBI to commence operations as a full-fledged universal bank in India via the wholly-owned subsidiary route since December 2018.
In his address, Mr. Seewraj Nundlall, Counsellor (Investment & Trade) - Market Development (Asia Division), Economic Development Board Mauritius, said “Mauritius is a leader in Ease of Doing Business Rankings in Africa and has respectably placed itself at the 20th rank among 190 countries as per the World Bank's Doing Business 2019 Report. I urge the Indian business community to expand its presence to Africa, EU and USA through Mauritius as it has preferential market access in these countries.”
Mr. Nundlall highlighted that Mauritius offers a low tax regime, free movement of capital, IP protection, top-level educated manpower and high level of security. He further remarked that Mauritius has a reliable and expanding logistics platform with modern infrastructure such as a well-maintained road network, port with deep-water quays, international airport and an airport city catering for high-value cargo, smart buildings and a world-class telecommunication network. New infrastructure is being developed in the form of Metro Express, Smart Cities Development Projects and Industrial Parks.
Mr. Nundlall suggested that Mauritius is a conducive place for innovation in the Health Tech, Biotechnology, Fintech, Creative & Media Industry, Artificial Intelligence, Data Analytics and Digital Industry (Incubators & StartUps) sectors.
Earlier, in his Welcome Address,Mr. Vijay Kalantri, Vice Chairman, World Trade Center Mumbai and President, All India Association of Industries said, “India and Mauritius have the potential to double their trade to USD 3 billion in the next three years from today’s USD 1.2 billion. In order to achieve this, the two countries should focus on enhancing trade and investment in the agro, pharma, textile and gems and jewellery sectors.“ Mr. Kalantri suggested that Mauritius should earmark one industrial park exclusively for the gems and jewellery sector and other sectors. Mauritius can be a hub for export to the African continent for Indian business community.
Ms. Rupa Naik, Senior Director, World Trade Center Mumbai proposed the Vote of Thanks.
The event was attended by MSMEs, representatives from trade and industry, consular corps, startups, export promotion councils, chambers of commerce and consultancy organizations, among others.
The address was followed by a Panel Discussion where experts shared their views on how Indian businesses can gain from the various incentives provided by Mauritius as an investment destination.