(MoU) on economic co-operation
6 February 2009
The Minister of Trade and Industry, Mandisi Mpahlwa, has appealed to South
African business people to take advantage of investment opportunities in their
fellow Southern African Development Community (SADC) member state, Mauritius.
Minister Mpahlwa was speaking at the signing ceremony of a Memorandum of
Understanding (MoU) on economic co-operation between the two countries, which
took place at Radisson Hotel, in Cape Town. The Mauritian Minister of Foreign
Affairs, Regional Integration and International Trade, Dr Arvin Boolell, also
attended the ceremony.
âI would like to appeal to South African business here today, that the South
African Government has made serious attempts at creating a proper environment
for outward-investments towards the continent and Mauritius in particular,
which will culminate in the signing of the MoU today. For example, the amount
of foreign investment allowed for South African companies is R750 million per
approved investment in the SADC region, which applies to the rest of the
continent, compared to R500 million allowed to countries outside the continent.
This demonstrates the seriousness in which our government views its role in
Africa. We, therefore, encourage South African business to follow suit,â
appealed Minister Mpahlwa.
He added that South Africa and Mauritius, as members of SADC, had committed
themselves to the harmonisation of standards and the fast-tracking of
industrialisation in the region. He stated that the MoU on economic
co-operation would provide a tangible framework for action in this regard.
âThe South African Government, through the Department of Trade and Industry
(the dti), has adopted a bilateral strategy for economic engagement with the
Government of Mauritius, in line with the partnership strategy we have adopted
for the continent. The main objective of this strategy is to achieve mutual
economic growth and development through outward investment facilitation,
infrastructure development and trade liberalisation,â said Mpahlwa.
Dr Boolell said his government has gone out of its way to ensure that the
economic environment in Mauritius was conducive for doing business, without
hindrance.
âWe have always had excellent relationships with South Africa, and your
country has responded to the needs of Mauritius without fail throughout these
cordial relationships. Mauritius is open for business. We have worked hard to
remove bottlenecks that stifle economic activity and entrepreneurship. We are
on a mission to attract investors to the country. Opportunities are there for
South African companies to explore, with the aim of investing in Mauritius,â
said Boolell.
As stipulated in the MoU, signed on 5 February 2009, the two countries agree
to:
* further strengthen and deepen their friendly relations
* find new approaches and strategies of consolidating, expanding and deepening
areas of economic development, industrial and trade co-operation, with specific
focus on economic empowerment
* vigorously promote investment and intensify efforts to promote trade between
the two countries, with a view to expanding the volume of trade and reducing
the trade imbalance, which is currently in favour of South Africa
* identify strategic infrastructure development projects, in order to enhance
the competitiveness of Mauritius
* develop industrial and technological co-operation between private sector
enterprises and organisations of both countries
* encourage and facilitate strategic alliances between institutions of both
countries in the field of human resource development, science and research, and
higher learning.
For more information contact:
Sidwell Medupe
Tel: 012 394 1650
Cell: 073 522 6801
E-mail: msmedupe@thedti.gov.za
Lillian Mofokeng
Tel: 012 394 1775
Cell: 082 888 8362
E-mail: LMofokeng@thedti.gov.za
Issued by: Department of Trade and Industry
6 February 2009
