Mauritius eyes Indian investments

Quoting the success of Indian Oil Corporation in providing energy security for Mauritius, the Indian Ocean island nation today said it was looking forward for more investments from Indian businesses in the country.

Shamima Mallam Hassam, director of Mauritius Board of Investment, on the sidelines of a CII summit on investment opportunities, she said investors could gain from the trade agreements it had inked with the African nations in sectors including IT, infrastructure, education and healthcare and hospitality.

Hassam said, under the special regime for manufacturing for Africa, the amended Mauritius Freeport Act, 2012, was aimed at facilitating exports to the tune of 95 per cent, with a minimum of 80 per cent targeted at Africa. The policy could boost trade in manufacturing goods to entire Africa.

On the proposed tax information exchange mechanism with India, Hassam said the Joint Working Group (JWG) had worked a deal in the interests of both countries. "We're looking for an appropriate time to sign it," she said.

Having started its business in Mauritius in 2004, Indian Oil (IOCL) is now meeting 25 per cent of liquid fuel needs of the island nation. IOCL Mauritius Ltd's revenues in 2012-13 stood at around Rs 1,200 crore and growing at 6-8 per cent.

IOCL is in the process of setting up a Rs 144-crore aviation fuel storage facility of 5,000 tonne capacity, to be completed by the end of financial year 2014-15.

"We are also a part of the consortium of oil firms setting up a 25,000 tonne combined fuel storage for the State Trading Corporation, Mauritius," said S S Samant, executive director, marketing division, IOCL. It has a 25 per cent share in the project.