Enhancing trade and investment cooperation

The Business Forum and Matchmaking Event themed ‘Mauritius-Finland: Exploring Trade and Investment Opportunities’, was organised by the EDB in collaboration with Finnpartnership, a government institution promoting business activities and partnerships for Finnish companies, and Business Finland.  The purpose was to offer a unique platform to Mauritius and Finland to showcase trade and investment opportunities in both countries.

The Secretary for Foreign Affairs, Ministry of Foreign Affairs, Regional Integration and International Trade, Ambassador, Mrs Usha. C. Dwarka Canabady, and the Non-Resident Ambassador of Finland to Mauritius based in South Africa, Mr Kari Alanko, and the Chief Executive Office, EDB, Mr François Guibert, were present.

Presentations during the event focused on: Mauritius – A Valuable Partner for Finnish Trade and Investment in Africa; Doing Business with Finland and Matchmaking Service; and, Exporting to Nordic Countries by Finnpartnership.

In her address, the Secretary for Foreign Affairs, highlighted the advantages that Mauritius can offer to Finland in the field of trade and in particular in terms of investment opportunities.  She also spoke about government structures, compliance, methods of work, Mauritius’ good institutional and legal frameworks.

Ambassador Dwarka Canabady, further mentioned how Mauritius is managing and providing assistance in the setting up of special economic zones on the African continent namely in Ghana and Senegal and more recently in Madagascar.  In addition, she emphasised the importance of knowledge creation, and how Finland can help Mauritius in achieving an enhanced level of education, one, that meets the dreams and aspirations of our country which wants to attain higher heights of success.

For his part, Ambassador Alanko, pointed out that Finland has been a Member State of the European Union for over 20 years and as a small market, the Finnish economy can only grow if it is openly connected to the world.  Mauritius, he observed, has signed the Economic Partnership Agreement (EPA) with the European Union in 2009 and agreed to liberalise 96% of its trade with the EU by 2022. The EPA has been applied since May 2012 and that presents an opportunity to increase trade and investment between Finland and Mauritius, he indicated.

The Finnish Ambassador also remarked that Mauritius itself ranks 1^st in Africa and is on the top 20 on the World Bank’s Ease of Doing Business 2019 Ranking, just three places behind Finland.  This is surely another reason for Finnish companies to consider doing partnerships with Mauritian companies and we are committed to promoting that, he emphasised.

EDB’s CEO, Mr Guibert, stated that the Business Forum spins off directly from the Market Development efforts of the Global Outreach Strategic Business Unit of the EDB.  We are consolidating the existing markets for Trade and investment and also actively diversify our outreach strategy to new and emerging markets and that in close collaboration with the Ministry of Foreign Affairs, Regional Integration and International Trade, he highlighted.  The EDB will soon be opening an overseas representative office for promoting Trade and Investment with Finland and the Nordic countries, he announced.

It is recalled that Ambassador Alanko is currently leading a Finnish business delegation to Mauritius to undertake a trade and investment prospection mission in the country. The delegation comprises Government officials and prospective Finnish investors from private companies in the fields of ICT and Education.

A total of 20 Finnish companies, through Finnpartnership and Business Finland, have expressed their interest for exploring Trade and Investment relations with the Mauritius Business Community.

Trade between Finland and Mauritius

Domestic exports from Mauritius to Finland for the year 2017 accounted to 8 million USD with canned tunas as main export items. For the same year, total imports from Finland amounted to nearly 3 million USD, with plastics and electrical components as the main import items.

The cumulative flow of private equity fund structured through the Mauritius International Financial Centre from the Nordic countries stood over USD 500 million, out of which, 26 million USD from Finland.