UAE and Mauritius to bolster bilateral economic cooperation

Mohamed Hadi Al Hussaini, UAE’s Minister of State for Financial Affairs, recently met Dr. Renganaden Padayachy, Minister of Finance (MoF), Economic Planning and Development of Mauritius, at the Ministry of Finance’s (MoF) headquarters in Dubai. The meeting sought to discuss means of bolstering bilateral cooperation to achieve mutual benefit for both countries.

Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organisations at MoF and Yousuf Mohammed Bin Hajar, Deputy Director of International Financial Relations Department at MoF attended the meeting from the ministry’s side, while Shaukat Ali Soudhan, non-resident Ambassador of Mauritius to the UAE attended from the Mauritius side.

During the meeting, Al Hussaini reiterated the importance of boosting economic and commercial relations between the UAE and Mauritius. He also reaffirmed the ministry’s commitment to contribute to enhancing the UAE’s international relations network, to contribute to achieving the country’s investment and development objectives across various economic, commercial and investment fields.

He said, “These meetings play a pivotal role in intensifying bilateral cooperation and activating common frameworks between both countries. The Ministry of Finance will spare no effort to build strategic relations with countries and institutions across the world, to enhance economic and financial relations and reiterate the country’s position regionally and internationally.”

The meeting deliberated the repercussions of the COVID-19 pandemic on global economy and means of strengthening joint cooperation in tourism and aviation sectors. Both parties stressed on the importance of strategic agreements aimed at attracting capital and facilitating investors’ work to benefit from the investment opportunities offered by both countries.

The meeting took place on the sidelines of the Mauritian delegation’s visit to Expo 2020 Dubai.

Meanwhile the Mauritius Finance and Investment Week held recently in Dubai with a session dedicated to the exploration of Mauritius as an Investment Hub into Africa; as government officials and financial experts gathered to explore the unique opportunity Mauritius offers investors, seeking to safely venture into the African continent.

The first day of the weeklong business forum, held at Waldorf Astoria Dubai International Financial Centre, highlighted Mauritius’ political stability, solid regulatory framework, strong banking sector and various international trade agreements with global powers such as India and China, to illustrate the credible opportunities Mauritius presents as an investment gateway into Africa.

The forum began with a keynote address from the Mahen Kumar Seeruttun, the Minister of Financial Services and Good Governance, Republic of Mauritius. Referencing a recently-released independent report, Minister Seeruttun said: “The Mauritius International Financial Centre is a leading hub for trade, investment and capital raising in the African region, and a key driver of quality grade direct investment onto the continent. After India, Africa is the second largest destination for investment from Mauritius, totalling $82 billion.”

He added, “Africa is developing at a rapid pace and is one of the fastest growing regions in the world. Its population is set to double by 2050 and its middle class is predicted to grow to more than one billion customers. For many investors around the world, this is an unprecedented opportunity to tap into a booming consumer market where their investments can find long term value.”

Praising Dubai, and the UAE, for leading the way in tumultuous times of crisis, Ken Poonoosamy, Commissioner General of Mauritius Pavilion at Expo 2020 Dubai and Chief Executive Officer, Economic Development Board, Mauritius, conveyed a sense of hope and optimism, saying: “Like most countries, Mauritius is suffering the impact of this global pandemic, yet such adversities can only strengthen our resolve to stay on a development course, and Dubai today is showing the way.”

“Despite the current crisis, Dubai has successfully brought together 192 nations at Expo 2020 to partner, share ideas, network and showcase how the future will look. A future where technology and innovation will take centre stage, particularly in the field of banking and finance,” he added.

With significant investments required to help meet the $350 billion objective set by the African Union’s agenda and realise the United Nation’s Sustainability Development Goals, Minister Seeruttun stated that wealth and prosperity can only be created with more trade and investment activities facilitated by impactful nations such as Mauritius.