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    The European union gives 270 million Rupees to the Republic of Mauritius to improve the business and investment climate

    2017-01-19 EIN News

    The Ambassador of the European union to the Republic of Mauritius, Marjaana Sall and the Minister of Finance and Economic Development, the Honourable Pravind Jugnauth signed a new financing agreement of 270 million rupees to facilitate trade and investment. 

    The Ambassador of the European union to the Republic of Mauritius, H.E. Marjaana Sall said: "Today’s event bears testimony to the solid and broad partnership between the European union and The Republic of Mauritius. Improving the investment and business climate is essential to build competitiveness and is key to economic growth. The EU is keen to support Mauritius in its endeavours to unlock the full potential of the Economic Partnership Agreement." 

    The funds will support Mauritius in the implementation of the Economic Partnership Agreement signed between the European union and 4 ESA countries Mauritius, Madagascar, Seychelles and Zimbabwe.  

    The objective of the project, which will be implemented by the Board of Investment (BOI) over a period of four years, is to enhance Mauritius’ business and investment climate in line with Government priority.  

    Under this programme, Mauritius will be able to process permit applications through an electronic platform which will be a single point of entry for business permits and licences. The project will facilitate the business and investment environment by reducing the number of business permit applications and the time taken to obtain business licences and permits. This will considerably reduce administrative burdens for businesses and will offer the opportunity for reduced business transaction costs and more efficient allocation of resources. 

    It will also improve regulatory compliance by businesses through better understanding of the investment requirements and improved accountability. 

    This modern and efficient practice will not only reduce the time and cost to the private sector, but will improve transparency and decrease possibilities for red-tape and corruption. The project targets all businesses including Small and Medium Enterprises, women and young entrepreneurs. The European union and the Republic of Mauritius have a longstanding partnership. This partnership covers a wide range of policy areas, including maritime security, environmental protection, climate change mitigation, migration, culture, trade and investment opportunities.  

    EU support to Mauritius in the area of trade

    Mauritius, Madagascar, Seychelles Zimbabwe and the European union signed an Economic Partnership Agreement in 2009. The agreement has been applied since 2012. EPA is a generous agreement, it is reciprocal and goes beyond conventional free-trade deals. It opens EU markets fully and immediately, imposes no tariffs, no quotas, and allows for long transition periods for partner countries to open up partially to EU imports while providing protection for sensitive sectors. EPAs strive towards bigger regional integration and coherence, they are also 'development instruments', comprising the political, economic, social, cultural and environmental aspects of sustainable development. Under the 10th European Development Fund, Mauritius benefited from EU support to the amount of 950,000 euros to implement the agreement. The funds have been used to enhance the capacity at the Mauritius Standards Bureau (MSB) to remove technical barriers to trade and to the Mauritian Revenue Authority (MRA), with the aim to enhance its risk management framework. 

    The European union  

    The European union is a unique economic and political union between 28 European countries that together cover much of the continent. Today, the EU has a total population of more than 500 million. Within the EU market, people, goods, services and capital move without any barriers. Euro, which is the single currency adopted by 19 Member States, is used each day by over 300 million people. Main institutions include the European Parliament, the Council of Ministers, and the European Commission. Since the adoption of the Lisbon Treaty in 2009, the EU has a High Representative for Foreign Affairs and Security who heads the European External Action Service. With 139 delegations and offices, the European External Action Service is one of the world's largest diplomatic services. Ms Federica Mogherini is the EU High Representative of the union for Foreign Affairs and Security Policy.