As regards the financial services sector our measures and policies are aimed at consolidating and diversifying both our product base and markets.
First, Government will introduce a special Financial Sector Incentive Scheme to attract international Asset and Fund Managers to relocate their front-office operations in Mauritius.
Second, The Financial Services Promotion Agency will be reactivated for more effective promotion campaigns, especially to diversify our Global Business activities in Africa.
Third, a Financial Services Institute is being set up at Réduit to provide specialised training courses that are focused on the actual needs of the industry.
Fourth, to revitalise the secondary market for Government Securities, the Bank of Mauritius will provide market makers with an exit mechanism.
Fifth, the Income Tax Act is being amended to exempt nonresident corporate bond holders from withholding tax.
Sixth, the Insurance Act will be amended to enable the issue of insurance policy documents in digital format.
And seventh, the clear statement made by Prime Minister Modi during his last visit in Mauritius has reassured all stakeholders in the global business sector that India will do nothing to harm this sector. We will cooperate fully with Indian authorities to bring to a fruitful conclusion our discussions on outstanding issues relating to the Double Taxation Avoidance Agreement.
Madam Speaker, concerning the ocean economy, a new Petroleum Bill will be introduced shortly to provide the legal and fiscal framework for exploration and exploitation of hydrocarbon resources in our Exclusive Economic Zone.
Government is also setting up a National Ocean Council to ensure better coordination among all stakeholders both public and private to implement the Ocean Economy project.
I must also add that the new Faculty of Ocean Studies at the University of Mauritius is offering courses in Oil and Gas Enterprise Management in collaboration with Aberdeen University.
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