New Delhi (07/04/2022): “Government of Mauritius has declared a dedicated economic zone for Indian companies and it invites Expression of Interest from Indian investors in pharmaceuticals, biotechnology hi-tech and R&D sectors in that zone. Mauritius is positioning itself as a springboard for global pharma industry to access African market for vaccines and therapeutic drugs. Mauritius government provides USD 25 million immediate seed capital to Indian firms investing in biotech and pharma sectors. This is my maiden visit to Mumbai after taking over as High Commissioner and I am here to convince you the reasons for investing in Mauritius. India-Mauritius partnership goes beyond diplomatic ties as it is a relation of bloodlines,” said S. B. Hanoomanjee (G.C.S.K.), High Commissioner of the Republic of Mauritius to India at an interactive meeting. This event was jointly organized by MVIRDC World Trade Center Mumbai and All India Association of Industries (AIAI).
The High Commissioner suggested Indian companies to consider Mauritius as a strategic location to enter the 1.3 billion African consumer market. She remarked, “The consumer spending in Africa is set to grow from USD 1.4 trillion now to USD 7 trillion by 2030 because of rising middle class population and purchasing power. Indian manufacturers can set up regional center in Mauritius and export to the entire Africa duty-free with a minimum value addition of 35% in Mauritius.”
Hanoomanjee further informed, “Mauritius has a low corporate tax rate of 15% and for export oriented units the corporate tax rate is still lower at 3%. Companies setting up plants in pharmaceuticals, medical devices, food processing, hi-tech sectors can enjoy 8-year tax holiday. Mauritius exempts duty on import of raw materials and capital goods. It also has the fastest transshipment facility in the region and it ranks number one ease of doing business in Africa.”
Speaking on this occasion, Seewraj Nundlall, Counsellor (Investment & Trade), Consulate General of the Republic of Mauritius remarked, “In the last one year, India exported Rs. 800 crore worth of pharma products to Mauritius. India’s goods exports to Mauritius grew 110%, while imports rose 45% last year. Indian companies can consider Mauritius as a gateway to the world as they can have duty-free access to 70% of world market. Mauritius has signed trade agreements with China, EU, UK, USA, Africa, Turkey and Pakistan. Indian financial services companies can benefit from 5-year tax holiday by setting up regional center in Mauritius.”
Speaking about the emerging sectors of cooperation, Nundlall mentioned, “Mauritius has opened insurance, banking, telecommunication, architecture, tourism and other services for Indian investments. Indian companies can also invest in emerging sectors such as IT, digital technology start-ups, e-commerce, film production and hi-tech manufacturing. Government of Mauritius is willing to provide work permits to hire foreign labourers in case skilled workforce is not available locally.”
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai and President-All India Association of Industries (AIAI) remarked, “India and Mauritius are like Sister countries as Indians account for more than 70% of their population. Government of Mauritius gave land for establishing Maharashtra Sadan in that country and India has also supported Mauritius in mega projects such as metro rail and construction of Parliament. The current bilateral trade between India and Mauritius is hardly USD 700 million, which is below the potential and can grow beyond USD 1 billion. In order to promote bilateral trade, EXIM Bank may consider increasing the existing credit line.”
Speaking about the efforts taken by WTC Mumbai and AIAI to promote bilateral trade, Dr. Kalantri pointed out, “AIAI formed Indo-Mauritius Chamber of Commerce in 1999 to promote two-way trade and since then we have led around 10 high level delegations to Mauritius. The earlier Prime Ministers of Mauritius have supported our trade promotion initiatives and we are looking to work closely with the current Prime Minister as well. The online exhibition launched by WTC Mumbai last month is our latest efforts to promote India’s exports of 310 goods for which Mauritius has given preferential market access to India.”
Dr, Kalantri suggested Indian companies to consider Mauritius as a gateway to enter the African market.
The program was also addressed by Vishwajeet Cheetoo, Consul General, Consulate General of the Republic of Mauritius.
The event received overwhelming response from members of trade and industry, academia, financial institutions and consular corps.
Ajoykant Ruia, Vice Chairman, MVIRDC World Trade Center Mumbai proposed vote of thanks for the event.
