The Singapore Business Federation (SBF) signed a memorandum of understanding (MoU) on Monday with the Board of Investment (BoI) and a second one with the Mauritius Chamber of Commerce and Industry.

The Singapore Business Federation (SBF) signed a memorandum of understanding (MoU) on Monday with the Board of Investment (BoI) and a second one with the Mauritius Chamber of Commerce and Industry.

The signing ceremony was part of the Mauritius Singapore Business Meet organised by BoI in collaboration with the Joint Economic Council (JEC) at Le Meridien Hotel.

Also present at the event were the President of Singapore, S R Nathan, the minister of Finance and Economic Development, Pravind Jugnauth, and several other eminent personalities.

In his address, Jugnauth stressed on the similarities that exist between the two countries, adding that Singapore stands as a solid benchmark to Mauritius.

“Mauritius and Singapore are two countries which share the same goals to always move forward, to continuously improve the quality of life of the people and to become the financial and business hubs of their respective regions,” said the Finance minister.

Jugnauth added that the strategic positioning of Mauritius and Singapore forms a bridge between vibrant Asia and emerging Africa. “Singapore may also use Mauritius to structure its investment into Africa and to the world. It benefits from the island’s large network of double taxation avoidance treaties with 36 countries, out of which 14 DTAs are with African states,” said Jugnauth.

The Finance minister proposed to lead a high-level investment promotion mission to Singapore in the future. He added that it has become crucial for small island states to integrate with global economies.

The Singaporean President underlined that the signing of the two agreements was the first step forward. “We can only facilitate the get together but the rest will depend on you. I hope that the agreements will lead to the flourishing of trade and business between both countries.”