Mauritius keen on wooing Africa-focussed India Inc

NEW DELHI: Mauritius is looking to pitch itself as the gateway to India Inc's Africa forays. Officials of the Mauritius Investment Board will be in Delhi on Friday to meet with heads of Indian companies to explore the possibility of setting up linkages with leading Africa-focussed funds and investment holdings which operate from the island nation.

"Mauritius is gradually emerging as an access centre for Africa as Singapore became one for Asia a couple of decades back," said Mauritius Investment Board director Shamima Hussam. Though she declined to say if the double taxation treaty between India and Mauritius will be discussed during the visit, she sought to assure India's concerns over abuse of the treaty saying that information exchange between the two countries on financial flows had increased.

India receives over 40% of its foreign direct investment from Mauritius, most of which is of third countries routed this way to take advantage of the tax treaty.

India is looking to renegotiate the treaty to ensure that it is used for genuine investments.

India has already set up a tax information office in Mauritius to strengthen and speed up the exchange of information.

The Financial Services Commission in Mauritius has signed memorandum of understanding with 19 regulators with respect to information exchange, including one with the Securities and Exchange Board of India (SEBI), she said.

"The Mauritius has received 64 requests for bank and tax information from India and all information requested have been duly submitted by the Mauritius authorities," she said.

Mauritius is an active member of the COMESA and SADC regional blocks.