Two MoUs signed to bolster Mauritius-Russia Investment & Trade Opportunities
To provide further impetus to the existing excellent bilateral relations between Mauritius and Russia, the Economic Development Board organized an Investment & Trade Forum on 19th November 2018.
The business forum provided a platform to foster greater interaction with the 25-member strong business delegation led by H.E. Mr. Maheswarsingh Khemloliva, Ambassador of the Republic of Mauritius to the Russian Federation and the Mauritian business community. It should be highlighted that the delegation is on an official visit to Mauritius from 19th to 21st November 2018. The business forum was attended by 80 participants from both the private and public sector.
In his keynote address, Honourable Ivan Collendavelloo, Deputy Prime Minister of Mauritius has highlighted that Mauritius and Russia have established diplomatic ties in 1968 which is underpinned by cooperation in the fields of education and technical areas of science. He further promoted the essence of the live, work and play concept and portrayed Mauritius as an investment and trade destination offering an array of business opportunities.
In his welcome speech, Mr. Charles Cartier, Chairman of the Economic Development Board underlined that Russia is a global leader on numerous fronts and Mauritius is committed to hand hold the expansion strategy of Russia into Africa. He has also highlighted that FDI from Russia amounted to USD 3.9 million in 2017 while Imports from Russia stood at USD 11.4 million while exports amounted to USD 2.1 million. The top three import commodities were precious/semi-precious stones, petroleum gases and Vodka whereas main exports from Mauritius to Russia were Tuna, Special Sugar and T-shirts. Mr. Cartier also showcased opportunities for setting up regional headquarters in Mauritius in order to structure investments into Africa.
Delivering the introductory address on behalf of the Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Mauritius (RFRM), Mr. Denis Karmlaskiy, the First Secretary of the RFRM emphasized the long-standing friendly and mutually beneficial relationship shared by the two countries which extends beyond economic ties through cooperation in political, humanitarian and cultural areas. With a well-regulated and transparent legal system as well as a competitive financial sector, Mauritius is well-positioned to become a logistics, transport and financial hub for doing business in Africa. In context of the Russia-Africa Summit which will be held next year, Mauritius is expected to play a strategic role due to its memberships to regional blocs such as SADC, COMESA & EAC.
The Ambassador Extraordinary and Plenipotentiary of the Republic of Mauritius to the Russian Federation, Mr. Maheshwarsingh Khemloliva referred to the budgetary measure announced by the Prime Minister, Honourable Pravind Jugnauth which sets out the foundation for the growth of new sectors such as Fintech, Blockchain Technology, Cryptocurrency, Artificial Intelligence, and Data Centres. As Russia is well-advanced in these fields, H.E Khemloliva invited the Mauritian business community to tap into opportunities for the development of new sectors.
The second edition of the Mauritius-Russia Investment and Trade forum saw the signing ceremony of two Memorandum of Understanding between the Economic Development Board (EDB) and the Moscow Chamber of Commerce and Industry and the Lipetsk Chamber of Commerce and Industry. Under the agreements, the two sides will establish institutional collaboration to boost economic exchanges.