Swaraj calls on Mauritius Prez, discusses range of issues
External Affairs Minister Sushma Swaraj today called on Mauritius President Ameenah Gurib-Fakim and discussed a range of issues of mutual interest including impediments to investment inflows.
Gurib-Fakim, the first woman President of Mauritius, who is a distinguished scientist, arrived here yesterday on a three-day visit.
In the meeting, Gurib-Fakim and Swaraj talked about the potential to further expand bilateral ties in various key areas and emphasised on greater flow of trade and investments.
India is engaged in talks with Mauritius on revision of bilateral Double Taxation Avoidance Agreement (DTAA) as some issues were still need to be sorted out.
The tax treaty amendments, hanging fire for many years, are aimed at addressing India’s concerns over the island nation being allegedly used to route illicit funds into the country. The issue is understood to have figured in the meeting.
Mauritius was the top source of Foreign Direct Investment into India for many years but recently Singapore has replaced it and the delay in finalising the DTAA has been identified as a reason for decline in investment inflows from the island nation.
During April-September, India has attracted USD 6.69 billion (Rs 43,096 crore) FDI from Singapore while from Mauritius, it received USD 3.66 billion (Rs 23,490 crore), according to data from the Department of Industrial Policy and Promotion (DIPP).
The FDI equity inflows from Mauritius to India during the period April 2000-March 2015 amounted to USD 87.55 billion which is 35 per cent of the total FDI inflows into India in that period.
India and Mauritius share warm bilateral ties which is more focused on trade and investment.
India is Mauritius’ largest trading partner and has been the largest exporter of goods and services to Mauritius since 2007.
In 2014-2015 India exported goods worth USD 1.9 billion to Mauritius and imported goods worth USD 21.19 million. India’s exports to Mauritius comprise largely petroleum products.
