Mauritius & Zambia ink pact to boost investment; propose Joint Economic Commission
Mauritius and Zambia have signed an Investment Promotion and Protection Agreement (IPPA) to further reinforce and deepen economic cooperation between the two countries and strengthen Mauritius’ participation in the continent’s new economic configuration, together with proposing a Joint Economic Commission between the two countries.
Mauritius and Zambia have signed an Investment Promotion and Protection Agreement (IPPA) to further reinforce and deepen economic cooperation between the two countries.
The signatories to the pact were Mauritius’ Minister of Finance and Economic Development,Vishnu Lutchmeenaraidoo, and Zambia’s Minister of Commerce, Trade and Industry, Margaret D Mwanakatwe.
Lutchmeenaraidoo has proposed the setting up of a Joint Economic Commission between the two countries in view of speeding up bilateral trade and investment exchanges as well as sharing of know-how.
He also spoke about the vision of Mauritius to identify and explore new growth opportunities on the African continent as part of a robust South-South cooperation. He further said that, as Africa is rising, Mauritius is endeavouring to play an even more meaningful role in the African growth story. He highlighted that the Mauritian port is poised to play a defining role in the regional maritime trade in light of the continent’s new economic configuration.
The new economy strategy of Mauritius shall rest predominantly on the key pillars of deeper cooperation and integration within the African continent.
For her part, Margaret D Mwanakatwe underlined that this is an opportune time for the signing of the IPPA, which is expected to create closer economic ties between the two countries.
She further stated that the opportunities are immense and there is much to learn from Mauritius, especially in sectors like textile and tourism. On the other hand, she added that Zambia also has a lot to offer in areas such as agriculture.
It may be noted that the IPPA with Zambia is the 21st such agreement that Mauritius is signing with an African country. A Double Taxation Avoidance Agreement (DTAA) between Mauritius and Zambia has been in force since June 2012.