Prime Minister Narendra Modi and his Mauritius counterpart Pravind Kumar Jugnauth will jointly inaugurate the India-assisted Social Housing Units project in Mauritius virtually on Thursday (January 20).
The two dignitaries will also launch the Civil Service College and 8 MW Solar PV Farm projects in Mauritius that are being undertaken under India’s development support.
An agreement on extending a $190 million Line of Credit from India to Mauritius for the Metro Express Project and other infrastructure projects; and MoU on the implementation of Small Development Projects will also be exchanged, informed the ministry of external affairs.
In the last five years, India has been among the leading trading partners of Mauritius.
In 2020, India represented 10 per cent share of Mauritian total imports and ranked third in their main countries of import.
The volume of exports from India to Mauritius was $1,027 million in 2018, $776 million in 2019 and $396 million in 2020.
The value of Mauritian exports to India in 2019 was $24 million and $32 million in 2020.
Cumulative FDI equity inflows from Mauritius to India during the period April 2000-March 2021 amounted to $148.35 billion (28 per cent of total FDI inflows over this period). Mauritius was the third largest source of FDI into India during the financial year 2020-21, with FDI equity inflows amounting to $5.63 billion.
Many prominent Indian Public Sector Enterprises are currently functioning in Mauritius. The Bank of Baroda (BoB), Life Insurance Corporation (LIC), and New India Assurance Corporation (NIAC) were the first to establish operations, followed by other PSUs including Telecommunications Consultant India Ltd (TCIL), IndianOil (Mauritius) Limited (IOML), Mahanagar Telephone (Mauritius) Ltd., State Bank of India (Mauritius) Limited, NBCC Ltd and EdCIL (India) Ltd. Besides their core activities, the PSUs have also contributed to various activities in Mauritius under the Corporate Social Responsibility (CSR) schemes.