Mauritius Backs Transparency To Unlock Africa Investment
by Mike Godfrey, Lowtax.net, Washington
12 August, 2014
The Prime Minister of Mauritius, Navinchandra Ramgoolam, has urged African leaders to establish transparent legal structures as a necessary condition for foreign investment. Ramgoolam was speaking at the US-Africa Leaders' Summit in Washington, chaired by US President Barack Obama.
In his speech, Obama pointed out that transparency and legal guarantees could lead to huge surges of investment into Africa. He warned that in the absence of such safeguards, companies will be reluctant to invest.
Ramgoolam reported that legal structures have been set up to ensure transparency and guarantee property rights in Mauritius, and the territory has maintained its recourse to the UK Privy Council as the highest court of appeal. Ramgoolam also touted Mauritius as an arbitration center, and its network of more than 35 international agreements to provide a welcoming and certain environment for investment.
Ramgoolam also highlighted the framework established between Mauritius and India to exchange information, and called on other African countries to establish similar cooperation arrangements to support efforts to combat tax fraud, money laundering, and the financing of terrorism.
He also took the opportunity to highlight that Mauritius was the first African country to conclude an agreement to facilitate the US Foreign Account Tax Compliance Act.
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