India-Mauritius-Africa trade and business dynamics discussed at PHDCCI session
Continued interactions between business communities of Mauritius and India are crucial in unlocking huge business opportunities especially in the context of Comprehensive Economic Cooperation and Partnership Agreement (CECPA), said Alan Ganoo, Minister of Foreign Affairs, Regional Integration and International Trade, Mauritius.
“Our trade and investment relations have been intensified over the years. With Foreign Direct Investment (FDI), Indian offices and companies in several sectors, India has been one of the most important partners in the Mauritius market, indicating the dynamism in business relations,” said Ganoo at a session on ‘Global Trade and Investment Opportunities for Indian Industry in Mauritius’ organized by PHD Chamber of Commerce and Industry (PHDCCI) on 16 June 2021.
Santi Bai Hanoomanjee, High Commissioner of Mauritius to India, stressed that CECPA will mark a pivotal landmark to foster trade and economic cooperation between the two countries and opens new avenues of trade and investment opportunities for the business community especially during this global recession.
“It will provide economic revival for both nations,” added the envoy.
India-Mauritius-Africa trade and business dynamics, which will help to benefits each other in increasing business growth and partnerships, were discussed by Dr. Narainduth Boodhoo, Director, Trade Policy, Ministry of Foreign Affairs, Regional Integration and International Trade, Mauritius.
Also, he discussed various components of CECPA; opportunities for goods and services and regional dimension, stressing that India remains one of the major FDI sources in Mauritius.
The Mauritius-India diplomatic and economic partnership has been reinforced with excellent exchanges in services especially in the financial and ICT sector, added Seewraj Nundlall, Counsellor (Investment & Trade), Economic Development Board, Mauritius.
He listed investment opportunities for Indian companies in Mauritius’ IT, Startups, E-Commerce, Manufacturing, Food Processing, Healthcare, Education, Film Industry, Wealth Management among others sectors.
Mauritius’ main economic sectors include manufacturing, tourism and ocean economy, financial services, real estate, and property, and ICT and BOP, he pointed out.
For public sector participation, Rooma Narrainen-Pillay, Manager – Trade Division, Mauritius Chamber of Commerce and Industry, listed opportunities through joint public-private sector committee, implementation of CECPA, joint ventures and partnerships, and export of goods and services in manufacturing, health and ICT sector.
She highlighted ease of doing business, trade agreement network and investment incentives in Mauritius.
Since the past years, India has played a pivotal role in the development of Mauritius’s infrastructure, human resources, skill development, capacity building and many more, added PHDCCI President Sanjay Aggarwal.
Opportunities for bilateral trade and economic cooperation are immense in both countries, noted Aggarwal, highlighting that CECPA will be a milestone in bilateral relationship.
He shared that India has been one of the largest trading and export-import partner to Mauritius. The main items of export to Mauritius include pharmaceuticals, cereals, cotton, electrical machinery and clothing among others.
“CECPA will help to boost business and economic ties shared between the two nations in times to come,” added Vivek Agarwala, Chair, International Affairs Committee for Africa, PHDCCI.
Overall, CECPA offers a win-win opportunity for Indian exporters and importers in Mauritius. It improves India’s access by eliminating or reducing tariffs on goods and removing regulatory bottlenecks in the service sector. The agreement offers financial access to many products which are in the interest of India including tea, species, sugar, ayurvedic products, glasses and such products. #manufacturing #investment #exports #technology #economies /fiinews.com
