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AfricaMoney | August 20, 2017

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FSC Mauritius signs agreement with France; eyes financial services boost

FSC Mauritius signs agreement with France; eyes financial services boost

From Left to Right: FSC CEO Clairette Ah-Hen and French Ambassador to Mauritius, Laurent Garnier, ink the agreement on behalf of Mauritius and France respectively. (Image: Cecilia Samoisi)

In line with its strategic plan to enhance investment capacity in Mauritius, the island economy’s Financial Services Commission (FSC) signed a bilateral Memorandum of Understanding (MoU) with France, yesterday, October 14, 2014.

The signing ceremony took place at the FSC house at Ebene, with the MoU signed on behalf of Mauritius by FSC CEO Clairette Ah-Hen, while the French Ambassador to Mauritius, Laurent Garnier, inked the agreement on behalf of France, in the presence of important officials such as Jérôme Chastenet of the French Embassy.

This new bilateral MoU, which is incidentally the 25th signed by Mauritius with a European Union (EU) economy, will serve to reinforce relations between Mauritius and France by favouring the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of respective supervision laws.

“This MoU is major milestone in the relation of France and Mauritius. Although we are linked by our past history, it is a fact that there are not many French companies in Mauritius,” said Clairette Ah-Hen.

“We hope that with the signing of this MoU Mauritius becomes more visible on European markets, notably for French investors,” she added.

Clairette Ah-Hen concluded on the hope that signing the MoU would contribute towards making Mauritius a favoured jurisdiction for investment funds at an international level.

For Laurent Garnier, he expressed the hope that this MoU would encourage more investors to come to Mauritius, especially with regard to investments in the financial sector.

He also made clear the intent to encourage more French banks to come and set up in Mauritius, noting the unfortunate fact that Mauritius barely counts French banks in it vast financial services landscape.

He concluded on the note that this agreement shows enhanced co-operation of Mauritius and France, where France has played a sizable role in supporting the development of Mauritius over the years.

Following the signature of this MoU, only seven countries, which feature prominent EU economies such as Italy, Spain and Austria, among others, remain in the economies eyed by FSC Mauritius for future bilateral agreements.

- By Cecilia Samoisi

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