Mauritius | Finances

February 09, 2012

India Grants a Credit Line of Rs 7.5 Billion to Mauritius

Mauritius and India reaffirm their ties. Great peninsula offered a credit line of Rs 7.5 billion to the Mauritian government.

Level of the non-double taxation, the two prime ministers, Navin Ramgoolam, and Manmohan Singh, say they want a speedy conclusion in the negotiations.

After the meeting between the Mauritian Prime Minister Navin Ramgoolam and his Indian counterpart, Manmohan Singh, India announced a new economic package for Mauritius, consisting of a credit line of $ 250 million, or Rs 7,5 billion and a grant of $ 20 million (Rs 6 million). Five agreements were also signed covering the fields of education, textiles, sports and science and technology.

In a press statement after the talks, Prime Minister of Great Peninsula said that the two Leaders discussed the nuclear non-double taxation between both countries."India and Mauritius have an interest in ensuring that there is no misuse of the Convention," he said, adding, "We are pleased that the Joint Working Group on the Convention resumed its work and held a meeting recently in Port Louis in December 2011. " 

He said he asked, as Navin Ramgoolam, to "employees to continue working" to find a mutually acceptable solution and satisfactory as quickly. " 

Both sides will continue discussions at an early date in order to achieve an acceptable outcome on both sides. Navin Ramgoolam said "he was confident that solutions will be found to solve problems related to the treaty. "About 42% of Foreign Direct Investment (FDI) landing in India, passing through the platform of Mauritius. Indian lobbyists insist that the Indo-Mauritius treaty, would be misused for money laundering. In this context, the pressures on the Indian authorities are enormous for the treaty to be renegotiated. 

Note that defense cooperation and security were also among the main pillars of the bilateral relationship. "We both have common security interests. India will continue to support Mauritius to ensure the security and sovereignty of its land and maritime territory, "said Manmohan Singh. He said the two sides agreed to enhance cooperation to meet the growing threat of piracy. "A stable and peaceful Indian Ocean is a goal we share."

 

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