The inaugural edition of the U.S.-Africa Business Summit 2024 was officially launched at the InterContinental Balaclava Fort Mauritius, this morning, 21st August 2024.
This summit, a first of its kind in two decades has been jointly organised by the U.S. Embassy to Mauritius in collaboration with the Economic Development Board (EDB) and the American Chamber of Commerce (AmCham).
The event gathered around 200 participants comprising diplomatic corps from both Mauritius and U.S., government agencies, authorities as well as members of the business community, testifying the huge interest and appetite for both sides to enhance economic and bilateral cooperation.
Moreover, the event witnessed an impressive lineup of U.S. delegates including eleven leading U.S. companies, Abbott Laboratories, Ashipa Electric, Bioculture, Charles River Laboratories/Noveprim, Citi, Fortinet, Lucy Consulting Engineers, Rife International, Talus, Titan Health, and Varian Medical, as well as the key U.S. government trade, financing, and development agencies, the Department of Commerce, the U.S. Development Finance Corporation, the U.S. Trade and Development Agency, Prosper Africa, and Power Africa.
In his special address, Dr. The Honourable Renganaden Padayachy, Minister of Finance, Economic Planning, and Development emphasised a significant opportunity for Mauritius and the U.S to further solidify some already strong economic, bilateral, and commercial ties.
The Minister of Finance gave an overview of the impressive growth in U.S. foreign direct investment in Mauritius which has reached USD 147.8 million in 2023 which bears testimony to the confidence of American investors are placing in the economy.
The recent setting up of Charles River, a leader in the pharmaceutical sector in Mauritius represents another milestone to the already impressive group of US investors who have successfully implanted their operations in the Mauritian jurisdiction over the last decades such as Ceridian, Concentrix, Microsoft and Fedex amongst others.
The Minister emphasised on the strategic positioning of the Mauritius IFC for Africa and the robustness of our financial ecosystem in facilitating global business operations. He highlighted that inward flow of funds through Global Business Companies (GBCs) reached USD 78.492 billion as of June 2023, highlighting our country’s attractiveness for international business operations.
The Minister further added that the network of Investment Promotion and Protection Agreements (IPPAs) gives more credentials to the attractiveness of the jurisdiction and underscores the commitment to safeguarding investor interests.
The Honourable Maneesh Gobin, Minister of Foreign, Regional Integration and International Trade highlighted that this summit symbolises the commitment of the US Government to do business in Mauritius and through Mauritius. He further underscored the importance and advantages of the Mauritius jurisdiction and business ecosystem. He also added that it is the most opportune time for US to do business with Mauritius and invited investors to tap into the various opportunities the country has to offer.
In his opening remarks, the United States Ambassador to the Republic of Mauritius and the Republic of Seychelles, H.E. Henry V Jardine underlined the importance of Mauritius as a valued trade partner to the United States and reiterated the commitment of the U.S. to further enhance the relationship by actively seeking to expand in Mauritius in the near future.
H.E Henry Jardine underlined that more than 100 American companies and brands evolving across various sectors, notably, financial services, telecommunications, information technology, logistics, food processing, fishing, clothing, education, and consumer goods have invested in Mauritius.
Ambassador Jardine emphasized the importance of the summit in his opening remarks, stating, “This summit brings together leading American firms from sectors that the Government of Mauritius and our industry contacts have identified as priorities. We have no doubt that it will open new avenues for trade and investment, deepen commercial ties with Mauritius, and enable the U.S. private sector to access opportunities in this market.”
He further added there are numerous opportunities for the business community here, and there are many success stories. As an example, Noveprim Group is a part of the U.S. biotechnology company Charles River, who is a lead participant at the summit. They are one of the largest sources of foreign direct investment in Mauritius and in this field, playing a critical role in developing the biotechnology sector for clinical research.
In her remarks, Ms. Cynthia Griffin, U.S. Minister Counsellor for Commercial Affairs for Sub Saharan Africa region reiterated the U.S. Government’s commitment, to further deepen engagement with Mauritius and to the greater continent of Africa has, for enhanced engagement on both sides of the Atlantic. She further added that “We are eager to continue fostering strong relations with countries like Mauritius, one of the most business-friendly and open countries in Africa, which is in a unique position as a gateway to both the African and Asian markets.”
The summit also comprised panel discussions on market insights, showcasing U.S. expertise, and exploring potential partnerships in key sectors such as pharmaceuticals, healthcare, financial services, ICT, and renewable energy.
The 2nd day of the business summit will take place tomorrow, 22nd Aug 2024 and will comprise b-to-b meetings between the US companies and the Mauritian business operators.
Photo Courtesy : US Embassy
