Africa-Press – Mauritius. A Memorandum of Understanding (MoU), aiming to promote investment and trade between Mauritius and India, was signed, this evening, between the Economic Development Board Mauritius (EDB) and the Maharashtra Industrial Development Corporation (MIDC) at the Hennessy Park Hotel in Ebène during a Mauritius-Maharashtra Business Forum.
Signatories were the Chief Executive Officer of the EDD, Mr Ken Poonoosamy, and the Chief Executive Officer of MIDC, Dr Vipin Sharma. The event, was organised by the EDB and the Ministry of Foreign Affairs, Regional Integration and International Trade, in the context of the official visit of the Deputy Chief Minister of Maharashtra, Mr Devendra Fadnavis, to Mauritius from 28 to 29 April 2023.
Prior to the signing of the MoU, the Deputy Chief Minister had a courtesy meeting with several Ministers including the Deputy Prime Minister, Minister of Housing and Land Use Planning and Minister of Tourism, Mr Steven Obeegadoo; the Minister of Land Transport and Light Rail, Minister of Foreign Affairs, Regional Integration and International Trade, Mr Alan Ganoo; the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy; and the Minister of Information Technology, Communication and Innovation, Mr Darsanand Balgobin.
Mr Fadnavis also met the High Commissioner of India to Mauritius, Mrs Nandini Singla. In his address on the occasion, Deputy Chief Minister Fadnavis dwelt on the historical ties and the shared future of India and Mauritius.
According to him, with the signing of the MoU, a new chapter is being charted in the history of both countries, more particularly a new relationship is being forged at sub-national level between Maharashtra and Mauritius.
He seized the opportunity to commend Mauritius for the economic progress achieved so far despite the COVID-19 challenges. Mr Fadnavis stressed that Maharashtra and Mauritius can collaborate for mutual benefits in the tourism sector and looks forward to further strengthening the bilateral and economic relations between both countries.
Speaking about the state of Maharashtra, he pointed out that it is the engine of Indian economy accounting for 15% of its GDP adding that Mumbai is the financial, commercial and entertainment capital of India.
Maharashtra, he recalled, accounts for 25% of India’s exports, 28% of Foreign Direct Investment to India, 20% of India’s industrial output. While India inspires to be a five-trillion-dollar economy, Maharashtra, he stressed, inspires to become a one trillion economy in the next five to seven years.
As for Minister Ganoo, the MoU will provide an opportunity to forge strategic partnership and encourage investment while enhancing the economic relations between Mauritius and Maharashtra.
Referring to the bilateral partnership with Indian state, he stated that Maharashtra will strengthen cooperation by financing scholarship in Marathi language, marine sciences and information technology.
Moreover, an agreement will be signed in the field of technology. For his part, the Finance Minister emphasised the bond between Mauritius and India that has evolved into mutually beneficial relationship on the economic front.
“Over 100 Indian companies across various sectors such as agro-industry and manufacturing tourism, real estate, financial services, health care and education that have set up projects in Mauritius”, he said adding that Mauritius provides ease of doing business and several opportunities to investors.
Dr Padayachy also spoke on the preferential market access that the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) offers to Mauritius and India. The CECPA, effective as from 01 April 2021 is the first trade agreement signed by India with an African country.
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