An important multisectoral delegation from the Global India Business Forum (GIBF) arrived in Mauritius last week. This business delegation came to explore investment opportunities in Mauritius and look for potential collaboration and partnership with local companies.
GIBF is one of the fastest growing networking platforms in the world that has successfully connected businessmen from different countries and sectors on one platform and is raring to go for more. The GIBF consists of members from all fields of business and industry. They have offices in India, Dubai, USA, UK, Singapore, and China.
An informative workshop titled “Enhancing Business Opportunities between India and Mauritius” was conducted by the EDB on Thursday 23rd March 2023. This visit also coincided with the 75th Anniversary Celebrations of establishment of diplomatic relations between India and Mauritius. In his welcome address, Mr Arvind Radhakrishna, Strategic Advisor to EDB, highlighted that over 90% of the over $70 Bn Indian investment into Africa is made through the Mauritius Investment Hub.
“Today, more than 100 Indian companies have invested significantly in Mauritius in various sectors such as financial services, banking and non-banking, infrastructure, healthcare and hospitality, education, logistics, ICT, training and film shooting. Companies such as the State Bank of India, Bank of Baroda, Infosys Technologies, Indian Oil, LIC to name a few are today major players in our economy,” said Mr Radhakrishna. He mentioned that investment from Mauritius to Africa represents 9% of overall foreign investment in the continent.
The Strategic advisor noted that foreign investment routed from Mauritius into Africa supports 42 million jobs in Africa and infrastructure development. “Mauritius is the intermediary for 13 per cent of total reported investment in Central Africa and at least 10 percent in each of East, West and Southern Africa”, added Mr Radhakrishna before inviting the members of the delegation to make the most of their visit to Mauritius.
Mr Hemraj Ramnial, CSK, Chairman of EDB, stated that the Economic Development Board has been very active with promotional campaigns in India. “In February 2023, a targeted financial services mission was conducted in India to re-assert the position of the Mauritius-IFC as the preferred cross-border platform for the structuring of investments. In the same month, a delegation from Elite Chapter of Saturday Club Global Trust visited Mauritius to explore business and investment opportunities. Out of 18 companies, 5 have manifested firm intention to establish their operations in Mauritius. And by end April, EDB will be leading a promotional Mission targeting Mumbai, Bangalore and Hyderabad”, added Mr Ramnial.
The Chairman of EDB also mentioned that Mauritius has been invited by India, in its capacity as G20 Chair, to participate as a Guest Country in all the G20 meetings during India’s presidency. This according to him, will provide a unique opportunity to further the national agenda of Mauritius in the realm of global governance and on issues of vital interests for the country.
In his address, Dr Jitendra Joshi, Global President of GIBF thanked EDB for its support in helping Indian investors and entrepreneurs who look to open offices in Mauritius and take advantage of the country’s unique position as a safe gateway to Africa. Mr Joshi mentioned the strong ties that exist between India and Mauritius and how the latter strengthens the economic cooperation between the two countries.
His Excellency, Mr Vimarsh Aryan, Deputy High Commissioner of the Republic of India to Mauritius reminded that with such strong cultural ties that exist between Mauritius and India, business must grow between the two countries. He also stressed that the CECPA agreement signed with Mauritius will strengthen economic cooperation between the two countries. He invited the delegation members to put forth every effort to fully take advantage of the opportunities offered in Mauritius.