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Mauritius invites Indian investment

Special Correspondent

Plenty of scope in both manufacturing and services, says Deputy Prime Minister

EXPLORING AVENUES: The Deputy Prime Minister of Mauritius, Rama Sithanen (right), with the President of the Madras Chamber of Commerce and Industry, V. Balaraman, at a meeting in Chennai on Saturday. — Photo: Vino John

CHENNAI: "There is tremendous potential for Indian investors in Mauritius, especially in tourism, pharmaceuticals, manufacturing, BPOs, information technology and the energy sector and investors could make the best use of them to the benefit of both the countries," said Mauritius Deputy Prime Minister Rama Sithanen here on Saturday.

Participating in a meeting organised by the Madras Chamber of Commerce and Industry (MCCI) and Southern India Chamber of Commerce and Industry (SICCI) in association with the Republic of Mauritius, the Deputy Prime Minister said investment in his country would provide investors a spring board for business opportunities in Eastern and Southern Africa markets, which had a huge untapped potential. The Mauritius government, offered to investors specially designed incentives, which could be in the form of lower corporate tax, exemption from custom duty on equipment and raw materials, preferential loan rates and reduced tariff for power and water. Dividend was exempted from tax and free repatriation of profits, dividends and capital was allowed.

Diversified economy

Mr. Rama Sithanen said his country's economy was no more based largely on sugarcane and tourism and had over the years shifted to other sectors like manufacturing, financial services, information technology, seafood industry, health, energy and BPOs.

The government wanted to convert the island into a duty-free port like Dubai, Hong Kong and Singapore and a place for hosting international conventions and conferences. It wanted to attract flagship hotel chains of international repute through a comprehensive hotel management scheme. Similarly it wanted to develop health tourism through health resorts coupled with golf courses.

The Mauritius Government had succeeded in transforming the country into a vibrant cyber-island. The line of credit of $100 million provided by India had made possible the rapid development of a cyber city where a number of IT companies had already begun their operations. It was the first of a new generation of intelligent IT parks in that part of the world. BPOs and IT-enabled units could be set up in Mauritius. Investors had opportunities to penetrate English speaking and French-speaking countries as the local people knew both the languages, Mr. Sithanen said.

The Director of the Joint Economic Council, Raj Makoond, said the council had dedicated joint working groups on seafood, information technology, and health services.

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