Mauritius and Zambia signed an Investment Promotion and Protection Agreement (IPPA) yesterday in Port Louis. The new IPPA will further reinforce and deepen economic cooperation between the two countries.
The signatories were the Minister of Finance and Economic Development, Mr Vishnu Lutchmeenaraidoo, and the Minister of Commerce, Trade and Industry of Zambia, Mrs. Margaret D. Mwanakatwe.
In his address, Minister Lutchmeenaraidoo proposed the setting up of a Joint Economic Commission between the two countries in view of speeding up bilateral trade and investment exchanges as well as sharing of know-how.
He also spoke about the vision of Mauritius to identify and explore new growth opportunities on the African continent as part of a robust South-South cooperation. He further said that as Africa is rising, Mauritius endeavours to play an even more meaningful role in the African growth story. He highlighted that the Mauritian port is poised to play a defining role in the regional maritime trade in light of the continent’s new economic configuration.
According to Minister Lutchmeenaraidoo, the new economy strategy of Mauritius shall rest predominantly on key pillars namely, deeper cooperation and integration within the African continent.
For her part, the Minister of Commerce, Trade and Industry of Zambia, Mrs. Margaret D. Mwanakatwe, underlined the opportune time for the signing of the IPPA which according to her will create closer economic ties between the two countries. She further stated that the opportunities are immense and there is much to learn from Mauritius especially in sectors like textile and tourism. On the other hand, she added, that Zambia has also a lot to offer in the area of agriculture.
It will be recalled that the IPPA with Zambia is the 21st such agreement that Mauritius is signing with an African country. A Double Taxation Avoidance Agreement (DTAA) between Mauritius and Zambia is in force since June 2012.