The Hindu : Business : Mauritius offers hassle-free ‘residence permit scheme’

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Thursday, Jan 21, 2010
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Mauritius offers hassle-free ‘residence permit scheme’

Special Correspondent

Fillip to FDI into that country planned
Two firms in race for constructing a new city

NEW DELHI: Positioning Mauritius as a stable destination to invest money for doing business with strong emerging African economies, the Board of Investment Mauritius is opening doors for investors from India, China and the Middle East to a hassle-free ‘residence permit’ and planning a major fillip to foreign direct investment (FDI) into the country. “We are looking at doubling the FDI from the present around $500 million annually to around $1billion plus and we are very upbeat about India investments. We are offering a platform to Indian companies to plan and structure their businesses according to the increasing needs of the emerging strong economies of African nations. These companies can also benefit from the bilateral and taxation agreements and legislations that Mauritius has with leading African economies,” Managing Director, Board of Investment (Mauritius), Raju Jaddoo, said during his visit to India.

Mr. Jaddoo said that at present Mauritius was being used by some internationally repute companies for structuring infrastructure and donor funds being invested in Africa out of Mauritius for soft concessionary finance. “We want to change that and look beyond,” he added.

Mr. Jaddoo said his country expected to award a contract by March for the construction of new city for which Indian firm Mahindra Lifespaces, along with Abu Dhabi-based realty firm Bloom Properties are in race.

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