EU grants Rs 270 million to improve business climate

The Ambassador of the European Union to the Republic of Mauritius, Marjaana Sall and the Minister of Finance and Economic Development, Pravind Jugnauth have on Tuesday signed a new financing agreement of 270 million rupees to facilitate trade and investment. The EU Ambassador said: “Today’s event bears testimony to the solid and broad partnership between the European Union and The Republic of Mauritius. Improving the investment and business climate is essential to build competitiveness and is key to economic growth. The EU is keen to support Mauritius in its endeavours to unlock the full potential of the Economic Partnership Agreement.”

The funds will support Mauritius in the implementation of the Economic Partnership Agreement signed between the European Union and 4 ESA countries Mauritius, Madagascar, Seychelles and Zimbabwe. The objective of the project, which will be implemented by the Board of Investment (BOI) over a period of four years, is to enhance Mauritius’ business and investment climate in line with Government priority.

Under this programme, Mauritius will be able to process permit applications through an electronic platform which will be a single point of entry for business permits and licences. The project will facilitate the business and investment environment by reducing the number of business permit applications and the time taken to obtain business licences and permits. This will considerably reduce administrative burdens for businesses and will offer the opportunity for reduced business transaction costs and more efficient allocation of resources. It will also improve regulatory compliance by businesses through better understanding of the investment requirements and improved accountability.

This modern and efficient practice will not only reduce the time and cost to the private sector, but will improve transparency and decrease possibilities for red-tape and corruption. The project targets all businesses including Small and Medium Enterprises, women and young entrepreneurs.