Mauritius on Monday said it could become a launching pad for India's business interests in the African continent as Indian President Pratibha Patil met the island nation's Prime Minister Navinchandra Ramgoolam here.
"We believe that Mauritius can be used as a business platform between India and Africa," Ramgoolam said after his meeting with Patil.
Describing the meeting with Patil as "productive", he said "both sides discussed several issues of common interests.
Mauritius accounts for over 40 per cent of FDI into India.
The offshore sector in Mauritius has proven to be an important source for routing of FDI into India, largely because the Double
Taxation Avoidance Convention (DTAC) between the two countries gives considerable advantage (particularly in terms of Capital Gains tax
liability) to investors using the 'Mauritius route' for investing in India.
As per the Department of Industrial Policy and Promotion, during the period 1991 to 2008 FDI inflows from Mauritius to India was
USD 32.65 billion, amounting to 44 per cent of the total FDI into India over this period.
Mauritius was the single largest source of Foreign Direct Investment (FDI) into India during the period April 2008 to February
2009, with FDI inflows from Mauritius to India amounting to USD 10.1 billion.
Patil said he was happy that a business delegation from India will joining her to explore business opportunities in Mauritius.
"I look forward to my participation in the Business Meet during my stay here, to listen to views from the captains of industry
from both sides, and encourage them to participate in our bilateral economic exchanges," she added.