March 7, 2024: Mauritius is extending an enticing offer to Indian companies, providing a lucrative tax holiday exceeding eight years for investments in key sectors such as pharmaceuticals, medical device manufacturing, and biotechnology. This press release highlights the significant incentives and opportunities available for investors looking to capitalize on Mauritius’ burgeoning medical industry.
An Invitation to Indian Companies
The Economic Development Board of Mauritius recently engaged in discussions with top officials from WTC Mumbai to explore avenues for promoting trade, investment, and technical cooperation between Mauritius and India. Indian pharmaceutical companies are specifically encouraged to invest in sectors such as biotechnology, genomics, genetics, clinical research, and related fields.
Tax Incentives and Investment Opportunities
Ms. Nirmala Jeetah, Director of Bio-Industry and Project Development at the Economic Development Board of Mauritius, revealed that Indian companies investing in designated sectors are eligible for a Premium Investor Certificate, entitling them to a tax holiday of more than eight years. Following the tax holiday period, foreign investors in these sectors will benefit from a reduced corporate tax rate of 3%, significantly lower than the standard rate of 15%.
Bilateral Cooperation and Business Facilitation
Ms. Jeetah emphasized the priority status accorded to healthcare and pharmaceuticals by the Mauritius government, highlighting the country’s growing reputation as a destination for medical tourism. In addition to tax incentives, the Economic Development Board is committed to providing comprehensive support to Indian companies seeking to establish a presence in Mauritius, including assistance with government permits and business setup procedures.
Also read: India and Mauritius review bilateral engagement for MSMEs
Business Delegations and Export Opportunities
Looking ahead, Mauritius plans to organize targeted missions and business delegations from the pharmaceutical and healthcare sectors to further enhance bilateral cooperation between the two countries. Ms. Jeetah underscored the significant demand for pharmaceutical products in Mauritius, presenting a substantial export opportunity for Indian companies willing to partner with local distributors.
Earlier in his welcome remark, Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai remarked, “Mauritius can be a gateway for Indian companies to the African and European markets as the country has Free Trade Agreements with these jurisdictions. In the past, All India Association of Industries (AIAI) and WTC Mumbai have led 8-10 business delegations to Mauritius and signed MoUs with various Mauritius Chambers of Commerce. We also attended the inauguration of the government hospital of Mauritius which was setup with the assistance from experts of the Bombay Hospital some years ago. Indian exporters can avail the duty-free benefit under the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius for eligible products.”
Dr. Kalantri further informed that Mauritius ranks top among African countries in ease of doing business and the people are also peace loving and friendly. “Indian companies can explore business opportunities in this country by utilizing our existing trade agreement (CECPA),” Dr. Kalantri added.
With its favorable tax policies, strategic location, and commitment to fostering economic growth, Mauritius presents a compelling opportunity for Indian companies seeking to expand their presence in the medical sector. By leveraging tax holidays and other incentives, investors can tap into Mauritius’ thriving healthcare industry and contribute to its continued development and prosperity.