January 2024 \ World News \ Mauritius

Mauritius and India are celebrating 75 years of the establishment of diplomatic relations this year. We have excellent bilateral ties founded on close cultural affinities. There is also wide-ranging cooperation in a number of areas, including infrastructure development, defence and security, economic and trade, education and capacity-building.

India has been playing a significant role in the socio-economic development of Mauritius and has been assisting Mauritius in several projects. The high-level visits by the political leaders of both countries have further consolidated the relations between our two countries.

Based on the special relationship that Mauritius has with India, Mauritius was invited as a Guest Country in all the G20 meetings and Summit during India’s presidency, where the interests of the developing countries and Small Islands Developing States (SIDS) were high on the agenda.

At the bilateral level, as a result of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between Mauritius and India, trade exchanges have increased drastically and there is a great interest in partnership with the business community. CECPA offers a framework for Indian investors and businesses to use Mauritius as a gateway to access countries with which Mauritius has concluded trade Agreements. It also provides opportunities for Indian investors to access Africa as Mauritius forms part of the African Continental Free Trade Area (ACFTA).

While Agriculture, Tourism and Textile remain the key traditional pillars of the economy, the Government has embarked on a diversification strategy to accelerate the transition of Mauritius into an innovation driven economy. Several incentives have been put in place to enable the development of pharmaceuticals, medical devices, biotechnology and fintech as new pillars. The Government is also focusing on the ocean economy with possibilities of investment in aquaculture, maritime services, marine biotechnology and renewable energy.

Mauritius has forged a strong reputation as a financial centre of choice. It has a robust ecosystem with transparent practices and regulations recognised by international standard setting institutions such as the Organisation for Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF), where Mauritius is one of the few countries that are Compliant or Fully Compliant with all the 40 FATF Recommendations. The Mauritius International Financial Centre (IFC) provides a number of incentives for the International community, including Indian investors, to conduct their global and cross border businesses. The Mauritius platform offers a viable and attractive option to Indian companies to access the African market.

Courtesy: High Commission of the Republic of Mauritius, New Delhi

Tags: Mauritius

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