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Mauritius-Turkey Agreements: A solid Platform to develop business relations

Mauritius-Turkey Agreements: A solid Platform to develop business relations

February 14, 2013: The two Agreements signed between Mauritius and Turkey recently will be a solid platform on which the business communities of Turkey and Mauritius can develop their relations with each other over the coming years, said the Minister of Foreign Affairs, Regional Integration and International Trade, Dr Arvin Boolell.

The Minister was speaking at the signing ceremony of a Framework Agreement on Trade and Economic Cooperation and an Investment Promotion and Protection Agreement (IPPA) recently.  The agreements were signed by Dr Boolell (head of delegation), for Mauritius, and the Minister of Economy, Mr Zafer Caglayan, for Turkey.

The two agreements represent an additional step in fostering relations between both countries following the signing of a Free Trade Agreement (FTA) in September 2011.

According to Dr Boolell, these agreements will also allow the two governments to elaborate areas of cooperation through the conclusion of Memoranda of Understandings.  ‘The Framework Agreement is a comprehensive one, inviting cooperation in areas ranging from agriculture to education, research and development, health as well as private sector cooperation, while with the IPPA, we expect investment to be a critical pillar in our relationship.  Thus we expect more Turkish companies to come and invest in Mauritius and see great potential for future investment growth’, said the Minister.

Bilateral Meeting

Ministers Boolell and Caglayan also held a bilateral meeting, during which Dr Boolell reiterated his invitation for the Turkish Minister to lead a business delegation to Mauritius to coincide with the coming into operation of the FTA during the course of this year.

Minister Boolell encouraged Turkish economic operators to use Mauritius as a platform for their outward investment in Africa because of stability and legal security in Mauritius.  He emphasised the importance of Mauritius as a Regional Arbitration Centre to which the Turkish investors will be able to have recourse for any dispute arising in their investment and business dealings on the African continent.

Trade Statistics

Latest economic statistics highlight the existing strengths of Mauritius-Turkey bilateral economic relationship.  Turkey is the 18th largest trading supplier to Mauritius, with exports and imports totalling 44 million USD and 4 million USD in 2011 respectively.  Figures also show a growth in imports from Turkey by 10%.

For Mauritian companies, Turkey is a large market nearing 90 million people with companies having a strong global orientation and a business culture that values quality.  Mauritius with its links to the SADC and COMESA region represents an important market of more than 500 million inhabitants.

Image Source: www.lemauricien.com

Source: Government of Mauritius

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