India on Wednesday offered US $500 million concessional line of credit to Mauritius for key infrastructure projects even as the two countries agreed to continue negotiations on hammering out a revised double tax treaty to prevent its "abuse".
Prime Minister Narendra Modi is in Mauritius on March 11 and 12 where he had extensive meetings with his Mauritian counterpart, Sir Anerood Jugnauth, to further enhance the special and unique relations. The Indian Prime Minister will also be the Chief Guest at Mauritius's National Day celebrations.
PM Modi will leave on March 10 on a three-nation visit -- Seychelles, Mauritius and Sri Lanka -- the External Affairs Ministry announced on Friday with no mention, however, of the Maldives, which was being considered earlier. On his first trip abroad in 2015, the prime minister will be visiting the three countries from March 10 to 14, the ministry said.
PM Modi offers prayers at Ganga Talao
PM Narendra Modi arrives at Ganga Talao at Mauritius. He offered prayers at the site by pouring Ganga Jal located at St Louis.
10:26 IST Thursday, 12 March 2015
Prime Minister Narendra Modi will address the National Assembly of Mauritius on Thursday.
Prime Minister Modi, who was accorded a ceremonial welcome on his arrival in Port Louis on Wednesday, will be the chief guest at the National Day celebrations of Mauritius. India and Mauritius yesterday signed five agreements to give new momentum to bilateral cooperation. The MoUs were signed in the presence of Prime Minister Modi and his Mauritian counterpart Sir Anerood Jugnuth. Read more
11:30 IST Wednesday, 12 March 2015
India on Wednesday offered US $500 million concessional line of credit to Mauritius for key infrastructure projects even as the two countries agreed to continue negotiations on hammering out a revised double tax treaty to prevent its "abuse".
The two countries also signed five agreements, including one on developing ocean economy, after talks between Prime Minister Narendra Modi and his Mauritian counterpart Anerood Jugnauth on the first day of his two-day visit to this strategic Indian Ocean island nation. "I was pleased to offer a concessional line of credit of US $500 million for civil infrastructure projects for Mauritius. We intend to quickly build the petroleum storage and bunkering facility in Mauritius," Prime Minister Modi said at the signing of the pacts.
Addressing a joint news conference with Modi, Jugnauth said he had raised with the Indian Prime Minister issues related to the Mauritius-India Double Taxation Avoidance Agreement (DTAA). "We appreciate that already India postponed the consideration of the GAAR until 2017. However, we have stressed on the initiatives taken by Mauritius to build substance within our offshore jurisdiction. I have requested PM Modi to give his full support on the DTAA as it is of prime importance for our global business sector," he said.
Modi in his response said the two sides agreed to continue negotiations on the revised treaty based on shared objectives to prevent the "abuse" of the convention. He assured Mauritius that India will do nothing to harm its interests.
Modi also said that Mauritius offered India cooperation on information exchange on taxation. "I also conveyed our deep appreciation for the support and cooperation offered by Mauritius on information exchange on taxation," Modi said. The India-Mauritius Double Taxation Avoidance Agreement (DTAA) is being revised amid concerns that Mauritius is being used for round-tripping of funds into India even though that country has always maintained that there have been no concrete evidence of any such misuse.
Mauritius has been one of the biggest sources of Foreign Direct Investment (FDI) into India. "I consider our security cooperation to be a cornerstone of our strategic partnership. Our agreement on cooperation in Ocean Economy is an important step in deepening our scientific and economic partnership," Modi said. The five pacts signed included an MoU between the two countries in the field of 'Ocean Economy' which will provide an extensive framework for cooperation, a novel and critical area of sustainable development in the Indian Ocean Region.
The other agreements signed were an MoU for the improvement in sea and air transportation facilities at Agalega Island of Mauritius, MoU on cooperation in the field of traditional system of medicine and homoeopathy, programme for cultural cooperation between 2015-18 and a pact on import of fresh mango from India.
With agency inputs
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