A Memorandum of Understanding (MoU) aimed at promoting investment and trade between Mauritius and India was signed on Friday, April 28, 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. The signatories were the EDB’s Chief Executive Officer, Ken Poonoosamy, and the MIDC’s Chief Executive Officer, Vipin Sharma.
The event was held as part of the official visit of the Deputy Chief Minister of Maharashtra, Devendra Fadnavis, to Mauritius and in the presence of ministers Renganaden Padayachy and Alan Ganoo. The MoU’s objective is to develop new business opportunities between the state of Maharashtra and Mauritius.
The state of Maharashtra has a gross domestic product amounting to $420 billion. In 2021 and 2022, Maharashtra contributed to 1/6 of the GDP of the Indian subcontinent. During this business forum, the Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis, highlighted the benefits of collaboration between Mauritius and Maharashtra. “With the Maharashtra Development Cooperation and the EDB, I believe a new ecosystem will start for investment in Mauritius and Maharashtra. This must be a two-way collaboration. Mauritian businesses can invest in Maharashtra. Similarly, Maharashtra businesses also have an excellent opportunity to invest in various sectors in Mauritius.”
Shri Devendra Fadnavis also praised the economic progress of Mauritius and the infrastructure projects undertaken by the government despite COVID-19. “I am very impressed by the progress you have made through infrastructure and by the economic progress you have made, as well as by the kind of administration you are providing to this country. I would like to congratulate the Mauritian Prime Minister for maintaining the growth of this country despite COVID-19.”
The Minister of Finance, Economic Planning and Development, Renganaden Padayachy, emphasized the opportunities that Mauritius offers to investors from Maharashtra and the island’s assets. “Mauritius can offer significant benefits to the state of Maharashtra. We enjoy an outstanding reputation for macroeconomic, political, and social stability. International agencies regularly rank us first in Africa. Mauritius offers predictability, safety, and security to investors, which are key considerations.”
According to Alan Ganoo, Minister of Foreign Affairs, Regional Integration and International Trade, Land Transport and Light Rail, this agreement marks a new era of partnership between Mauritius and India. “This signing of the Memorandum of Understanding between these two important institutions is not only a groundbreaking achievement but also an opportunity to forge an unprecedented strategic partnership. This Memorandum of Understanding will undoubtedly encourage investments and trade promotion while strengthening economic relations between Mauritius and Maharashtra.”
A networking session between representatives of Mauritian public agencies and those from the state of Maharashtra also took place during the Business Forum.