UAE ministers, officials emphasise importance of CEPA with Mauritius

UAE government officials have affirmed that the Comprehensive Economic Partnership Agreement (CEPA) signed with the Republic of Mauritius marks the beginning of a new era of development and joint cooperation in the fields of trade, economy, and investment.

The agreement aims to enhance the flow of trade and investments between the two countries and facilitate investment opportunities in various key sectors. The signing of this agreement is part of the UAE’s strategy to expand its non-oil trade to Dhs4 trillion and to increase its exports to Dhs800 billion by 2031.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, stated, “The Comprehensive Economic Partnership Agreement between the UAE and Mauritius is an important step in our efforts to forge strategic partnerships that consolidate our position as a hub for trade and investment, drive productivity in key export sectors, and increase the global competitiveness of our business ecosystem.”

Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said, “The Comprehensive Economic Partnership Agreement between the UAE and Mauritius is a welcome development for our country, one that will help develop an important trade corridor between the UAE and Africa and open up an emerging market to our investment community, especially for vital capital projects such as ports, transport hubs, and tourism infrastructure.”

He added, “The agreement will drive both countries’ energy landscapes, especially as Mauritius has an ambitious clean energy programme that seeks to increase the contribution of renewable energy to 60 percent of the country’s electricity mix by 2030, with a focus on several energy sources including solar, wind, biomass, hydro, and waste-to-energy. The UAE, with its advanced technological know-how and extensive experience in renewable energy development, can be a valuable partner to Mauritius in this mission by supporting its transition to a sustainable, low-carbon economy - and potentially a model for the whole of Africa.”

He further said, “As a fast-growing economy strategically located between the Asian and African continents, Mauritius has the potential to be an important partner in these efforts, and we look forward to deepening our cooperation in the months and years ahead for the benefit of both nations.”

Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said, “The Comprehensive Economic Partnership Agreement between the UAE and Mauritius is an important step in our foreign trade ambitions, and one that will open up new opportunities for the UAE’s private sector in a number of fields.”

He added, “The Mauritian economy is one of the most promising in Africa, posting an 8.5 percent growth in GDP in 2022 - its fastest in 35 years. It also has a dynamic industrial sector, with textiles and light engineering playing an important role in its ongoing economic health.”

He further stated, “The potential for collaboration with our own industrialists and investors is significant, both in terms of supplying the Mauritian economy with the materials and resources it needs and in helping to develop their industrial base to ensure stronger, longer-term prosperity. This is an exciting opportunity to build an important industrial bridgehead into Africa.”

Abdullah Bin Touq Al Marri, Minister of Economy, said, “Mauritius is a rapidly growing economy that serves as an important gateway into Africa. With real GDP growth projected to reach 3.8 per cent and 4.2 percent in 2024 and 2025, respectively, Africa has emerged as an important hub of global growth.”

He added, “The UAE-Mauritius Comprehensive Economic Partnership Agreement builds on nearly five decades of trade ties between our two nations and represents another important step in the expansion of our global trading network and our mission to double the size of our economy to Dhs3 trillion by 2031.”

Al Marri further said, “It’s clear that greater economic integration between our nations will reap considerable rewards for us both. Our CEPA will enhance the flow of goods and services between the Gulf and Africa, create new market opportunities for our exporters, and increase investment into priority sectors such as logistics, manufacturing, tourism, and financial and professional services. We look forward to fully realising the benefits of this deal in the months and weeks ahead.”

Mohammed Hassan Al Suwaidi, Minister of Investment, said, “The UAE is actively expanding its global network of investment and trade partners by establishing Comprehensive Economic Partnership Agreements with high-growth economies around the world. Mauritius, with an 8.5 percent GDP growth in 2022, the highest in 35 years, is widely recognised as one of the most promising economies in Africa.”

He added, “The Comprehensive Economic Partnership Agreement between the UAE and Mauritius, the first of its kind with an African country, is expected to facilitate increased investment flows with this fast-growing economy. This agreement, particularly beneficial for Emirati companies specialised in the services sector, which accounts for approximately 67 percent of Mauritius’s GDP, will unlock numerous opportunities for collaboration and investment.”

Al Suwaidi further said, “Sectors such as ICT, tourism, transport, and financial services are especially set for growth and represent attractive investment prospects for Emirati companies seeking to expand into Africa. We look forward to working with our partners in Mauritius to leverage the potential of this agreement and realise its ambitious goals.”

Dr Amna Bint Abdullah Al Dahak, Minister of Climate Change and the Environment, said, “The UAE’s Comprehensive Economic Partnership Agreement with Mauritius is an important addition to the nation’s foreign trade agenda, in particular our pursuit of food security. Arable land is one of the most critical natural resources in Mauritius, representing nearly 40 percent of the country’s total area, and our nations not only have the opportunity to develop this critical sector, we can also join forces to offset the impact of climate change which threatens its long-term viability.”

She added, “Mauritius is already taking a number of important steps in this area, including reducing pesticides and driving self-sufficiency by promoting local crops, agro-processing, and smart agriculture. Our investors can support these efforts and develop value chains that deliver greater and more consistent benefits to producers - and ensure their products find new markets across Asia and on into Europe.”

Sheikh Shakhboot Bin Nahyan Al Nahyan, Minister of State, said. “The Comprehensive Economic Partnership Agreement between the UAE and the Republic of Mauritius is an important milestone in our bilateral relations. Similar to the UAE, Mauritius has leveraged its strategic location between two continents to become a vibrant business and logistics hub. This CEPA will propel trade volumes to new heights and solidify the status of Mauritius as a global gateway to Africa. Furthermore, it will drive essential investment into key sectors of the Mauritian economy, in particular energy, mining, agriculture, and tourism, and ensure its financial system is built upon strong and sustainable foundations.”

Sheikh Shakhboot added, “The UAE’s latest Comprehensive Economic Partnership Agreement with Mauritius - the first the UAE has signed with a country in Africa - reflects our commitment to deepening our ties with Africa, a fast-growing continent that will be key to the world’s green energy and food security agendas in the decades to come.”

He stated, “The UAE has strengthened its international partnerships over the past five decades and continues to build economic competitiveness and sustainability. The objective is to become an international capital of investment and economic innovation, fostering development opportunities by signing comprehensive partnership agreements (CEPAs) with active economies.”