Mauritius: The FSPA Signs MOU With The Hong Kong Trade Development Council (HKTDC) To Enhance Bilateral Relations In The Field Of Financial Services

Last Updated: 18 January 2017
Article by FSPA  

The main objectives of the MOU are:

  1. To coordinate with one another for events and roadshows in Hong Kong and Mauritius;
  2. To explore and promote opportunities for doing business in Hong Kong and Mauritius;
  3. To render support to, if and when possible, inward delegations as recommended by one Party to the other Party in its territory;
  4. To facilitate the exchange of information in relevant subject matters;
  5. To enable knowledge transfer and skills sharing if and when appropriate; and,
  6. To disseminate, as and when possible, information about the other Party's jurisdiction and services.

The Chief Executive of the FSPA, Harvesh Seegolam, is leading a strong financial services private sector delegation to Hong Kong and China this week. The delegation participated at the 10th Asian Financial Forum which took place on the 16th and 17th January, whereby the Mauritius IFC has been showcased as an ideal financial platform for investing and doing business in Africa.

A major outcome of this FSPA led mission is the signature of a Memorandum of Understanding (MOU) between the FSPA and the Hong Kong Trade Development Council (HKTDC), a statutory body of Hong Kong, in view of establishing a mechanism for mutual assistance and collaboration in promotional matters between Hong Kong and Mauritius as regional financial centres for China and Africa respectively.

The MOU was signed by the Chief Executive of the FSPA, Harvesh Seegolam and the Director of the International & Mainland Relations of the HKTDC, Iris Wong, in the presence of various key stakeholders of the financial services industry of Mauritius and Hong-Kong.

According to Harvesh Seegolam, "China and Hong Kong feature among the two most sustained prominent investors for Africa. In line with our diversification strategy for our IFC, especially following the introduction of the new products for Global Headquartering, Treasury Management, Investment Banking, Legal Services and Family Offices, we are already seeing concrete interests and projects coming in. The MOU with HKTDC will help us further position the Mauritius IFC among Hong Kong and Chinese firms."

The FSPA also organised a select business forum on Tuesday 17th January at the Grand Hyatt in Hong Kong on the theme 'Mauritius – The International Financial Centre of Africa'. The forum was attended by 85 highly targeted Hong Kong based C-level executives with a business interest in the Mauritius IFC as a platform for tapping into regional investment and business opportunities. Speaking about the event, the private sector operators accompanying the FSPA on this mission stated:

Mr Kee Chong Li Kwong Wing, Chairman, SBM Group: "As China has extended the One Belt One Road, along the maritime route south of the Indian Ocean to include Mauritius, we have witnessed increasing interest from Hong Kong based Chinese companies to use Mauritius for their business and investment in Africa. The FSPA Business Forum has provided a great opportunity for the SBM Group to offer its RMB and African currencies services to Asian investors, especially as SBM expands its network in the African continent."

Ms Nathalie Daynes, DTOS: "Très innovante approche de la FSPA pour présenter l'ile Maurice comme un centre financier. Le fait aussi d'avoir un public bien ciblé sur l'axe Asie-Maurice-Afrique. A refaire plus souvent."

Mr Brian Ah Chuen, Executive Director, ABC Bank: "The turnout at the FSPA event was really good and there seems to be a lot of interests in Mauritius. Through this FSPA led business forum, we were able to show all the advantages Mauritius can bring to Hong Kong and Asian investors."

Mr Swadick Nuthay, CEO, ABC Capital: "The FSPA Business Forum has been undoubtedly a very successful event. The platform was a fantastic opportunity to promote Mauritius as an IFC. Such focused business forums should be encouraged to continue to promote the Mauritian jurisdiction going forward."

Mr Paul Lo, Partner, PC Woo Law Firm in Hong Kong: "This is an eye-opening forum for me. I learnt a lot from the speakers and I am sure my clients will be interested in the Mauritius IFC."

The FSPA led Mauritian delegation will proceed to Shanghai after Hong Kong where a similar business forum is scheduled for Friday 20th January 2017.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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