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10.10.2018
The investment potential of the Republic of Mauritius was presented at the MCCI
On 10 October 2018, the investment potential of the Republic of Mauritius was presented at the Moscow Chamber of Commerce and Industry in preparation for the Russian-Mauritius Investment and Trade Forum in November, 2018. 

The Ambassador of the Republic of Mauritius, Mr. Maheshvarsing Hemloliva, noted that the meeting of the Minister of Foreign Affairs, Regional Integration and Foreign Trade of Mauritius, Mr. Sitanah Lachminaraid, with the Minister of Foreign Affairs of Russia, Mr. Sergey Lavrov, in November 2017, provided new dynamics to the relations of the two countries. “This year marks the 50th anniversary of the establishment of diplomatic relations between our countries. Mauritius is mainly known for its tourist attraction, but the island has a considerable economic and investment potential. In terms of government efficiency, Mauritius is the leader among African countries. In 2017, trade with Russia grew by almost 60%, but the potential is far from being exhausted,” said the ambassador. The guest noted that the focus of the government of the island - state today is the sphere of information and block chain technologies. In addition, Mauritius is implementing a program of technological development. “Consider Mauritius as a platform for doing business – both serious and promising,” said Ambassador. 

In turn, the Vice President of the Moscow Chamber of Commerce and Industry, Mr. Suren Vardanyan, noted that consultations with the Embassy of the Republic of Mauritius are taking place continuously: “The history of Mauritius’s development is amazing, as it managed from a completely agrarian economy to achieve the position of a key financial, economic and investment center of Africa.” He invited Moscow companies to participate in the second Mauritius Investment and Trade Forum, which will be held on November 19-21, 2018. 

The economic adviser of the Embassy of the Republic of Mauritius, Mr. Yogesh Amorow, made a presentation on “Doing Business in Mauritius”, and a review of new investment opportunities. He noted that a new export strategy was adopted, which is based on attracting innovation and the development of information technology. In 2017, the GDP growth was 3.7%, the expected growth in 2018 will be 4%. At the same time, the growth in the construction sector was 10.1%, in the tourism sector - 6.9%, in the financial services sector - 12.1%. The largest amount of direct investment falls on these areas. 

As for the development of economic relations with Russia, exports from Mauritius last year amounted to 144 million rubles. Jewelry, sugar, products for the confectionery industry, canned tuna, fresh pineapples is exported. Russia exports coal, petroleum products, chemicals, and non-industrial diamonds with an import volume of 720 million rubles. There is a growing interest in Mauritius as a tourist destination - more than 11 thousand tourists from Russia visited the island, and Russians may visit Mauritius without a visa.  
 
Jogeesh Amorou noted that Mauritius has developed a convenient infrastructure for opening a business that provides access to the market of African countries. A company can be created within two hours. Mauritius occupies the first place among African countries on the global indices of competition development, banking, degree of economic freedom, level of development of information technologies. Corporate tax is 15%, for production companies the tax is lowered to 3%. For 8 years, the profit tax for manufacturing companies in certain sectors is not charged. Subject to the export of products, originating in Mauritius, the Government provides subsidies and is ready to reimburse a part of the transport costs for 2 years. There are four universities in Mauritius, professionals speak English and French and are highly qualified.

The government invests large funds in infrastructure development – the airport was built, which transports more than 3 million passengers annually, a seaport, with the volume of transportation exceeding 7 million tons, road infrastructure. The construction of a metro line is planned as well.

New technologies are applied in the agrarian sector, which allows for diversification. New hotels are being rapidly built, and investors can purchase several apartments in an already - functioning hotel.

Mauritius has more than 20 banks, more than 900 investment funds, and a securities exchange.

With regard to specific areas of cooperation, the Government of the island concentrates its attention on the textile industry, whose products meet all of the European standards. The production of medical products (catheters, implants, etc.) is a growing market in Mauritius, with products exported to the EU and India. An interesting niche for cooperation is in the production of seafood, canned and frozen fish - Mauritius is the world's third largest exporter of canned tuna to the EU countries. From Mauritius, it is easy to arrange the export exotic fruits (lychee, avocado, pineapple, mango) and flowers. The pineapple "Victoria" is a unique brand of Mauritius and is already being sold in "Auchan" stores in Moscow. Fruit jams and herbal teas are also widely available in the food industry. Since 1862, Mauritius has been known for its rum. Jewelry exports are growing annually, with more than 3000 people employed in this sector.

With the support of the Embassy of the Republic of Mauritius, for the Russian participants in the Russian-Mauritius Forum in November, there will have been, on special conditions, already booked hotels. There are also agreements with the Alitalia airline. Each participant, there will have an individual plan of business meetings and planned visits to enterprises.
 
To learn more about participation in the forum, please contact Ms. Seraphima Fedosimova, tel. (495) 276-12-19, ext. 343, the FedosimovaSA@mostpp.ru

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