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Budget 2016/2017 Highlights: Era of development built on economic diplomacy

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02Aug

Budget 2016/2017 Highlights: Era of development built on economic diplomacy

Economic diplomacy will have a crucial role to address cutting-edge issues in foreign policy, in particular in the areas of trade, finance and investment, so as to open new opportunities for Mauritian businesses. In the new era of development, openness will be a core feature of the economic strategy.

Now that the issue of DTA with India has been resolved, Government will revive and finalise the negotiations with New Delhi on the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) including a Preferential Trade Agreement.

The Budget 2016/2017 makes provision to continue building on our Africa strategy where concrete progress has been made in the past year, with the signing of agreements with Senegal, Madagascar and Ghana for the establishment and management of Special Economic Zones.

Regarding the Special Economic Zone project in Senegal, 40 hectares of land have already been allocated by the Government of Senegal. The project will be executed by a joint SPV where Mauritius Africa Fund holds 51 percent of the shares.

Following the establishment of an Embassy in Saudi Arabia, the Budget 2016/2017 announces the setting up of a Consulate in Jeddah. This will significantly raise the visibility of the Republic of Mauritius in Saudi Arabia. These two diplomatic representations will further improve communication and contribute in providing greater security, comfort and opportunities to our citizens travelling to Saudi Arabia.

The Budget 2016/2017 also caters for the opening of a consulate in Reunion Island to further facilitate trade and business relationships and to support economic diplomacy, seven Counsellors (Economic Matters) will be recruited in addition to those already serving in Paris, New Delhi and Johannesburg.

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