Mauritius-UAE: Embarking on a new era of economic collaboration
A 12-member strong Business Delegation led by H.E Humaid Mohamed Ben Salem, Secretary General of UAE Federation of Chambers of Commerce and Industry visited Mauritius from 23rd to 25th October 2018.
In this context, the Economic Development Board organized a Business Forum & Networking Event, themed "Mauritius-UAE: Embarking on a new era of economic collaboration" on Wednesday 24th October 2018.
In his welcome address, Mr. Francois Guibert, CEO of the Economic Development Board, has reiterated the commitment of Mauritius to further enhance and consolidate bilateral ties with the United Arab Emirates with a view to bolster economic and trade between our two countries. It is worth noting that FDI inflows from the UAE to Mauritius has averaged USD 16 million annually over the past 5 five years, with an upswing of USD 28.6 in 2016.
Investment from the UAE into the Mauritian economy represents 4% of total FDI to Mauritius and the main sectors of interest being Real estate, Manufacturing, the Hospitality industry and Business services. Both countries have signed a Double Tax Avoidance Agreement (DTAA) and an Investment Promotion and Protection Agreement (IPPA) which has resulted in more than USD 10 Billion of investment flows between Mauritius and the UAE structured through the Global Business Sector. Mauritius can be a strategic partner to UAE companies venturing into Africa.
The keynote speaker, His Excellency Humaid Ben Salem, Secretary General of the Federation of Chambers of Commerce and Industry of the United Arab Emirates invited the Mauritian business community to take advantage of the UAE’s economic and competitive strengths, as major gateway to the east and west regional markets. He further elaborated on the opportunities which exists in various sectors like agriculture, food, infrastructure, logistics, transport, tourism and telecommunications whereby both Mauritius and Dubai can cooperate, strengthen relations and create investment opportunities which can lead to potential joint ventures.
Mr. Marday Vencatasamy, President of the Mauritius Chamber of Commerce & Industry emphasized the long-standing partnership between Mauritius and Dubai on a number of economic and trade issues. In 2017, Mauritius imports from UAE was approximately USD 100 million worth of goods, while Mauritius exports was approximately USD 50 million . A Gross Direct Investment of nearly USD 50 million has been recorded from Dubai over the last two years, mainly in manufacturing, business services and real estate sectors. The collaboration between Mauritius and UAE is represented through the extensive air connectivity, with over 14 scheduled weekly flights.
The event provided a unique opportunity to showcase investment opportunities in both countries, act as a B-to-B platform and further consolidate economic ties between the two countries. It is anticipated that the networking sessions will allow economic operators to find avenues to further strengthen the economic corridor between the UAE and Mauritius.
Mauritius will participate in Dubai 2020 Expo with a full-fledged Pavilion which represents an excellent opportunity to showcase Mauritius’ unique history, diverse culture and diverse economy.
For more information about the Dubai 2020 Expo, kindly register your interest on the event website.