u003cpu003eu003cstrongu003eThe much awaited recovery in the U.S. economy, with a projected growth outlook of 3% for 2014, could open up new avenues for Mauritian businesses. Further strengthening of bilateral relations is on the cards and could position the U.S. as a destination of choice for our financial services sector.u003c/strongu003eu003c/pu003eu003cpu003eThe relations between Mauritius and the United States revolve mainly around trade, with the U.S. being the countryu0026rsquo;s third largest export market. Exports from Mauritius to the U.S. in 2013 went up by 8% and amounted to Rs 7.2 billion against Rs 6.7 billion in 2012.u003c/pu003eu003cpu003eDirect Investment into the U.S. from Mauritius, excluding GBC1 (Category 1 Global Business Companies) entities, totalled Rs 85 million in 2013 as compared to Rs 6 million in 2012 andRs 94 million in 2007. As for Foreign Direct Investment (FDI) into Mauritius from the U.S., Rs 212 million worth of inflows were recorded against Rs 388 million in 2012 and Rs 2.3 billion in 2007, excluding GBC1 entities.u003c/pu003eu003cpu003eThe full-fledged potential of business exchanges between the two countries however remains yet untapped. According to Edley Chimon, outgoing president of the American Chamber of Commerce (AmCham) in Mauritius and Managing Director of Floréal Diamond Cutting Ltd, a company which derives 50% of its turnover from the American market, there is a definite need to promote Mauritius as a growing economic partner in the U.S.u003c/pu003eu003cpu003eu0026ldquo;u003cemu003eVery few American companies are aware of the existence of Mauritius. We need to continue promotional efforts through campaigns and trade fairs which are regularly undertaken by organisations such as Enterprise Mauritius. The AmCham and the U.S. embassy can act as starting point for the development of the necessary contacts abroadu003c/emu003e,u0026rdquo; he highlights.u003c/pu003eu003cpu003eThe two countries signed a Trade and Investment Framework Agreement (TIFA) in 2006, which includes provisions for the establishment of a Bilateral Trade and Investment Council that will meet annually to monitor trade and investment relations, identify opportunities for expanding trade and investment, and identify important issues and challenges that the two countries need to address…u003c/pu003eu003cpu003eu003cemu003eu003cstrongu003eRead more in Business Magazineu003c/strongu003eu003c/emu003eu003c/pu003eu003cpu003eu0026nbsp;u003c/pu003e
Mauritius-USA: An untapped business potential
