A Memorandum of Understanding (MoU) was signed between the Mauritius Chamber of Commerce and Industry (MCCI) and the Indian Business Council (IBC), at the MCCI headquarters in Port Louis, on Monday 8 August 2022. The objective of this agreement is, among other things, to set the principles and basis of trade relations, and to develop reciprocal cooperation between the two entities to improve the business environment in and between Mauritius and India.
At the ceremony, MCCI President Namita Jagarnath-Hardowar recalled the close ties that India and Mauritius share, particularly in the area of trade. She also highlighted MCCI’s ongoing collaboration with the Federation of Indian Chambers of Commerce and Industry and the Confederation of Indian Industry since 1985 and 1995 respectively.
“The Greater Peninsula has always been and continues to be a major trading partner for Mauritius. Our exports to India have grown to Rs 1.8 billion in 2021. This represents a 50% increase compared to 2020, while exports have risen by more than 200% in five years. Our imports from India have also risen to Rs 33.5 billion, representing an increase of more than 100% compared to 2020,” the MCCI chairwoman said.
She pointed out that MCCI is fully collaborating with its Indian counterparts, the Economic Development Board and other partners to define a roadmap to explore avenues for increased cooperation between India and Mauritius, especially under the Comprehensive Economic Cooperation and Partnership Agreement (CECPA).
MCCI Secretary General Dr. Yousouf Ismaël stressed that “if it is the government that makes policy decisions, it is up to the private sector to work together. It is important to collaborate and find new opportunities, not only in terms of trade in goods and services, but also in terms of investment. Mauritius has an important role to play in the region, especially in terms of building economic partnerships. He also pointed out that to date, some 1,800 Indian companies are established in Mauritius.
The President of the CBI, Pradeep Malik, could not be physically present, it was the Secretary, Dr. Suresh Nanda, who represented the organization. Dr. Nanda emphasized that this MOU sets the foundation and direction for collaboration between the two organizations. “This is a new chapter in the development of business relations. Our partnership with MCCI will include, among others, the promotion and facilitation of business partnerships, investment and sharing of technical expertise in industry, agriculture, green energy, among others,” he said.
India’s Deputy High Commissioner Vimarsh Aryan said the MoU between MCCI and CBI should not only strengthen the B2B relationship between the two entities, but also between the two countries. While emphasizing that the agreement aligns with the objectives of CECPA, Vimarsh Aryan reassured the support of the Indian High Commission as a key facilitator.
