Mauritius offers over 8-year tax holiday to investors in medical sector
The Economic Development Board of Mauritius invites Indian companies to invest in pharmaceutical & medical device manufacturing, biotechnology, genomics, genetics, clinical research, and related sectors.
“Indian pharma companies investing in these sectors are eligible for Premium Investor Certificate, issued by the Economic Development Board of Mauritius, for availing more than 8-year tax holiday. Generally, Mauritius provides 8-year tax holiday for foreign investors. However, foreign investors in these identified sectors are eligible for more than eight years of tax holiday. After the end of the tax holiday period, foreign investors in these sectors will have the lower corporate tax rate of 3% against standard rate of 15%. Healthcare and pharma are priority sectors identified by the Mauritius government to attract foreign investment. Mauritius receives patients from Mozambique and other African countries for treatment related to oncology, diabetes, cardiology, and other areas. The number of medical labs in the country has grown from 50 before covid to more than 70 now” said Ms. Nirmala Jeetah, Director, Bio-Industry and Project Development, Economic Development Board- Mauritius. She is also in-charge of ITC Shetrades Mauritius Hub.
Ms. Jeetah further added, “This is our first targeted mission to India to attract investment in medical science. Next year, we are planning to take a business delegation from pharma and healthcare sector to promote bilateral cooperation. We will be happy to assist Indian companies to do business in Mauritius. The Economic Development Board will manage all the necessary government permits to set up business in Mauritius.
Referring to the untapped business opportunity for Indian pharma companies, Ms. Jeetah informed, “There is huge demand for pharma products in Mauritius. The total import demand for pharma related products in Mauritius is estimated at 7 billion Mauritius Rupees. India exports hardly 80 million Mauritius Rupees worth of pharma products. Indian pharma exporters can export to Mauritius by partnering with a wholesale distributor agent in that country.”
Earlier in his welcome remark, Dr. Vijay Kalantri, President, All India Association of Industries (AIAI), 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 Chamber 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. 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).
The meeting was attended by Capt. Somesh Batra, Vice Chairmen, MVIRDC WTC Mumbai and Ms. Anouksha Raghu-Mohabeer, Manager, Bio Industry and Project Development, Economic Development Board, Mauritius. Ms. Nirmala Jeetah, Director, Bio-Industry and Project Development, Economic Development Board- Mauritius (2nd from left) being felicitated by Dr. Vijay Kalantri, President, All India Association of Industries (AIAI), Chairman, MVIRDC WTC Mumbai (3rd from left) and Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai (1st from left). Also seen in the photograph is Ms. Anouksha Raghu-Mohabeer, Manager, Bio Industry and Project Development, Economic Development Board, Mauritius.
(from left to right): Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai, Ms. Nirmala Jeetah, Director, Bio-Industry and Project Development, Economic Development Board- Mauritius, Dr. Vijay Kalantri, President, All India Association of Industries (AIAI), Chairman, MVIRDC WTC Mumbai and Ms. Anouksha Raghu-Mohabeer, Manager, Bio Industry and Project Development, Economic Development Board, Mauritius