“The continued interaction between the business communities of our countries is crucial in unlocking the huge business opportunities, especially in the context of the Comprehensive Economic Cooperation and Partnership Agreement (CECPA).” The Minister of Land Transport and Light Rail, Minister of Foreign Affairs, Regional Integration and International Trade, Mr Alan Ganoo, made this statement, yesterday, 15th of June, in a Virtual Interactive session with the PHD Chamber of Commerce and Industry of India. The session focused on ‘Global Trade and Investment Opportunities for Indian Industry in Mauritius’.
The Minister indicated that Total Foreign Direct Investment from India to Mauritius for the last five years stands at more than USD 50 million. There were more than 7 800 Indian workers in Mauritius including 966 professionals in 2020, he said. Some 64 Indian companies, he pointed out, have invested in Mauritius in several sectors such as healthcare, education, ICT, Freeport and financial services.
Mr Ganoo also pointed out that India was the second most important partner to supply the Mauritian market in 2020, that is, around USD 670 million whereby exports to India on the other hand amounted to USD 14 million.
Speaking of the CECPA, the Minister underlined those existing potentials can be substantially increased if the opportunities of the CECPA which entered into force on 01 April are fully utilised. The CECPA improves India’s access to the Mauritian market by eliminating or reducing tariffs on goods and removing regulatory bottlenecks in the services sector, he added.
The CECPA also benefits Indian importers to source, at preferential rates, some 600 products from Mauritius, ranging from special sugar, tuna, high-quality rum, beer, fruit wine and garments, tropical fruits, pasta and medical devices.
The Foreign Minister highlighted that the CECPA does not cover only trade in goods but also provides an appropriate platform to expand bilateral trade in services between Mauritius and India through key sectors such as professional services, architectural services, engineering, education, audio-visual services and transport (logistics services).
It further provides a framework for professional bodies to conclude agreements on the recognition of qualifications, licences and registration in areas of mutual interest and caters for modalities to be agreed to facilitate movement of skilled labour and qualified professionals, in scarcity areas.
The Minister also stated that there is a growing interest among Indian businesses to access opportunities on the African Continent and this can be done using Mauritius as a gateway. The African Continental Free Trade Agreement which came into force on 1st January of this year opens trade and investment opportunities on a much larger market of 1.3 billion consumers, he further recalled.
We already have duty free access on a market of 650 million consumers by virtue of our membership in the Common Market for Eastern and Southern Africa and the Southern African Development Community, highlighted the Foreign Minister. This is in addition to duty free access on the European Union, Chinese and US markets and any investor located in Mauritius will be able to access these markets on preferential terms, he underlined.
