Port-Louis, Mauritius (PANA) – Mauritian Prime Minister Navin Ramgoolam has urged African leaders to follow the example of Mauritius by setting up in their respective countries transparent legal structures to ensure investments.
The Mauritian Premier made the call in his presentation to the US-Africa Leaders Summit which rounded off in Washington, DC, Wednesday.
Ramgoolam recalled that legal structures have been set up in Mauritius to ensure transparency and guarantee property rights.
”In a bid to further reassure investors, Mauritius has maintained its recourse to the UK Privy Council,” he said, adding that ”this has created a robust and transparent investment environment.”
Furthermore, the Prime Minister said Mauritius has, with the participation of the International Arbitration Court in Hague, set up an arbitration centre allowing parties to resolve any dispute relating to economic activities.
Mauritius has also signed agreements with at least 35 jurisdictions to regulate investments.
Ramgoolam referred to the decision of Mauritius and India to share information on investors.
”It is essential that African countries establish structures of transparency to combat tax fraud and the flow of funds linked to terrorism,” he said.
Recalling that Mauritius was the first African country to sign the Foreign Account Tax Compliance Act (FATCA) with the United States to ensure transparency in investment, the Prime Minister called on African countries to take a similar initiative.
For his part, US President Barack Obama pointed out that transparency and legal guarantees could lead to a huge surge in investments in Africa.
”In the absence of such safeguards, companies are reluctant to make investments,” he said.
