Promoting trade & investment between Mauritius and Egypt
The Economic Development Board (EDB) and the Egyptian African Businessmen’s Associations (EABA) signed a Memorandum of Understanding (MOU) to promote Trade and Investment on the 14th of June 2022. The objective of this MOU is to promote trade and investment as well as facilitate export of services to Egypt and the North and Middle East region.
The protocol was signed by Mr. Hemraj Ramnial, CSK, Chairman of the Economic Development Board of Mauritius and by Dr. Yousrey El-Sharkawi, Chairman of the EABA, in the presence of His Excellency Mr. D. Goburdhun, Ambassador Extraordinary and Plenipotentiary of Mauritius in Egypt, Dr. Alya’a Samir Borhan, Ambassador of the Arab Republic of Egypt to Mauritius and Mr. Arvind Radhakrishna, Strategic Advisor at the EDB.
In his address, Mr. Hemraj Ramnial recalled the fruitful discussions held during the virtual business forum undertaken with the EABA members on the 14th September 2021. The business forum was an opportunity for participants from the manufacturing, financial services, education, outsourcing and BPO, textile and apparel and healthcare sector to enhance the visibility of their products and services. Participants from the private sector in Mauritius comprised of House of Lords, Hong Kong & Shanghai Bank (HSBC), LMA Creations, VITMI, Xceed Customer Care, Juristax, Fit-U Garment, Acu Care, IQ-EQ, Mauritius Sugar Syndicate.
“As a member country of COMESA, Egypt is a strategic partner and represents a significant market for the export of our products and for attracting potential foreign investors. We intend to initiate promotional campaigns to consolidate and enhance the visibility of Mauritian products in the African market. Therefore, we would also like to appeal to Egyptian investors to visit our country and discover our various investment and business opportunities”, underlined Mr Ramnial.
For Dr. Yousry El-Sharkawi, the Chairman of the Egyptian African Businessmen’s Association, this MOU further consolidates and reinforces the existing ties between Mauritius and Egypt, emphasizing that Mauritius is strategically located in the African continent and that Egyptian investors can leverage on the geostrategic position of Mauritius to drive investment and business. The Chairman of the EABA further stated that areas of opportunities to do business between the two countries are mostly in the field of energy, maritime transport and emerging sectors such as the pharmaceutical sector, agri-food amongst others.
Egypt, with a population of over 100 million, has the second largest GDP in Africa at $363.1 billion (2020) behind South Africa. The exports of Mauritius to Egypt have increased from Rs 5.69 million in 2020 to Rs 6.96 million in 2021 and imports of Mauritius from Egypt has increased to Rs 1.36 billion in 2021 compared to Rs 1.19 billion in 2020. As at date, local products exported to Egypt include sugar, mustard flour and semolina, mustard preparations, textile and clothing products, seeds and fruits, accessories for motor vehicles and sports shoes.
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