The Board of Investment (BOI) and the Sierra Leone Investment and Export Promotion Agency (SLIEPA) signed yesterday in Port Louis a Memorandum of Understanding (MOU) aimed at developing intra-regional trade and investment between the two countries.
The signing ceremony was held in the presence of the Acting Minister of Finance and Economic Development, Dr Vasant Bunwaree, and the Minister of Trade and Industry for Sierra Leone, Mr Richard Konteh. Both parties agree on the strategic importance of regional cooperation for the promotion of investment in Africa.
The MOU provides the necessary framework for regional cooperation and is in line with the outward investment strategy of the BOI to further increase the economic space for Mauritian investors. It also has as objective to support the BOI cooperation programme to assist Investment Promotion Agencies in the region in improving the business and investment climate.
It will be recalled that the MOU is the 11th one that BOI has signed with its counterparts in the region. In addition to increasing the flow of investment in the region, the collaborative agreement will strengthen mutual cooperation between the two agencies through sharing of information, experiences and best practices on matters relating to investment promotion, investment facilitation, investment aftercare and policy advocacy.
SLIEPA, established in May 2007 to contribute to Sierra Leone's economic development through investment promotion and export development, operates under the aegis of the Ministry of Trade and Industry and is supervised by a Board of Directors comprising of both private and public sector representatives.
Mauritian authorities encourage local entrepreneurs to tap into opportunities in Africa. Owing to the strategic location of Sierra Leone in the west coast of Africa it is considered that the country can act as an entry point into the west African markets.
The possibility of concluding bilateral trade and investment agreements with Sierra Leone regarding a Double Taxation Avoidance Treaty (DTA) and an Investment Promotion and Protection Agreement (IPPA) was also evoked at the signing ceremony. Such agreements would further cement the friendly bilateral relations by helping the private sectors of both countries to engage in deeper cooperation and enabling Mauritius to re-structure additional investments into Sierra Leone in major projects such as infrastructure, mining, energy, construction, port and airport.
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