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Seychelles, Mauritius Enhance Cooperation

by Lorys Charalambous,, Cyprus

28 April 2014

Four memoranda of understanding (MoUs) to promote trade and investment were signed during the first Seychelles-Mauritius business forum, at the International Conference Centre of Seychelles on April 24 and 25, 2014.

Over 50 local companies, including merchants, importers and corporate service providers, attended the forum and the trade fair, held at the same time, to discuss business possibilities with more than 100 of their Mauritian counterparts.

Organized by the Seychelles Investment Board (SIB) in collaboration with the Board of Investment of Mauritius, the forum was officially opened by the Seychelles' Minister for Finance, Trade and Investment, Pierre Laporte, in the presence of the Mauritian Minister for Industry, Commerce and Consumer Protection, Cader Sayed Hossen.

Laporte said that the Seychelles government is taking steps to make the country a more attractive destination to do business and to encourage foreign direct investment. He called on both countries' business representatives to use the forum to explore potential areas for further economic cooperation.

For his part, Hossen said that: "The forum will provide a platform for strengthening collaboration. The forum is an excellent vehicle to further consolidate and strengthen our commercial and economic ties elevating them to new heights. We have a similar business climate and we offer excellent opportunities for investment in a wide range of activities."

The MoUs were signed between the Small Enterprise Promotion Agency and Enterprise Mauritius; the Seychelles Trading Company and the State Trading Corporation of Mauritius (STC); the Seychelles Petroleum Company and the STC; and the Seychelles Chamber of Commerce and Industry and the Mauritius Chamber of Commerce and Industry.

SIB Chief Executive Rupert Simeon confirmed that Mauritian investors are showing interest in areas like tourism and offshore international financial services, and said he expects "to see more business developments between the two countries in these two sectors in the future."

It was also noted that, at present, trade between Mauritius and Seychelles stands at only SCR600m (USD49.6m) annually, but that figure is expected to improve as further ways to work together are explored.

TAGS: Finance | tax | investment | business | Mauritius | financial services | international financial centres (IFC) | offshore | agreements | memorandum of understanding (MOU) | trade | Seychelles | services | Investment | Invest | Investment

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