India, Mauritius to sign economic cooperation pact soon

India and Mauritius are very close to signing a comprehensive economic partnership very soon to deepen ties, Prime Minister of the island nation Pravind Jugnauth said Thursday. India and Mauritius will sign at any moment a comprehensive economic cooperation agreement which will stimulate trade and investment in the region, he said at a State Bank of Mauritius event here.

It is also proposed to have a Mauritius-India Infrastructure Investment Fund for the mutual benefit of both the countries, he said. Jugnauth said the Indian Ocean country can serve as a bridge between India and Africa specifically.

He said Mauritius is developing special economic zones with many African countries and urged Indian investors to invest in such zones. His countrys long-term objective is to develop a international finance centre which will act as a bridge between India or Asia and Africa, he said.

Jugnauth said there are a slew of investor-friendly initiatives which are offered by the country, including a three per cent corporate tax on export-oriented companies and also an eight-year tax holiday. SBM is the first foreign lender to start operations as a wholly owned subsidiary and has four branches at present.

India is the second country after Kenya where it has expanded into and will be going next to Seychelles. Union commerce minister Suresh Prabhu said India is looking forward to a new relationship with Mauritius, knowing well that the future is Asias.

He also alluded to the economic partnership agreement, saying the pact is in advance stages of preparation..

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