India is being significantly impacted by punitive tariff and trade war, said Mauritius prime minister Dr. Navinchandra Ramgoolam highlighting the instability in global economic order. He also expressed his hope that India will navigate the economic task and invited Indian businesses to explore opportunities in blue economy and digital transformation.
Instability in Global Economic Order
Mauritius PM was speaking at the India-Mauritius business conclave organised on Wednesday in Mumbai in honour of his state visit to India. The Federation of Indian Chambers of Commerce & Industry (FICCI), the Confederation of Indian Industry (CII), and the Economic Development Board (EDB) of Mauritius jointly organised the event bringing together politicians, bureaucrats and business leaders from both the countries.
While India and United States are going through a rough phase of economic relations, Dr Ramagoolam highlighted that the global economic order is in a state of instability and unprotectability. “India is being significantly impacted by punitive tariff and trade war, I wish the country very best in navigating the economic task,” he said. However, he reaffirmed the longstanding and strategic nature of bilateral relations, describing them as “time-tested, rooted in shared history, and forward-looking in ambition.”
Blue Economy and Digital Opportunities
He invited Indian businesses to explore opportunities in the blue economy, including aquaculture and marine infrastructure, as well as in digital transformation, fintech, artificial intelligence, and cybersecurity. He also highlighted sectors like healthcare and medical tourism, real estate, infrastructure and renewable energy, with Mauritius targeting 60% of its energy generation from renewables.
Dr. Ramgoolam described historic milestones like the double taxation avoidance agreement (DTAA) and the comprehensive economic cooperation and partnership agreement (CECPA) as game-changers that provide clarity, predictability, and stability to businesses and investment flows. He emphasised that India remains a vital partner for Mauritius, currently its third-largest source of imports and a consistent contributor to its socio-economic development. He emphasised the country’s preferential access to regional markets, positioning it as a bridge between Asia and Africa, offering Indian businesses a secure and competitive entry point into Africa. “The gateway is open, the platform is secure, the time is now,” he added.
Mauritius as a Gateway to Africa
He also invited Indians to develop a special economic zone in Mauritius, exclusively for Indian businesses to foster, innovate and enjoy major economic outcomes.
India-Mauritius Ties Remain Strong
Manohar Lal Khattar, union minister of power, also attended the conclave where he emphasised that India has a “heart-to-heart” connection with Mauritius noting that 70% of Mauritian polpulation is of Indian origin. “Today, India represents as one of the top three trade partners of Mauritius while Mauritius is consistently one of the largest sources of foreign direct investment,” calling on Indian businesses to explore the untapped potential of Mauritius.
