Tax information exchange agreement: Mauritius and South Korea deepen economic ties

In line with the government’s economic diversification policy, Mauritius has signed a cooperation agreement with the Republic of Korea regarding the mutual sharing of tax information on Thursday. The agreement was signed by the Minister of Finance, Pravind Jugnauth and Young-dae Kwon, Ambassador designate of the Republic of Korea to Mauritius.

This adds to the Investment Promotion and Protection Agreement (IPPA) already in force between the two countries. Pravind Jugnauth reaffirmed the intention of Mauritius to initiate negotiations on a Double Taxation Avoidance Agreement with South Korea. The ambassador promised to raise the matter with the relevant authorities for an urgent response to the request.

Pravind Jugnauth and the ambassador exchanged views on how to further develop economic cooperation between Mauritius and South Korea. The Minister of Finance explained that innovation and the use of new technologies are important elements of the strategy to usher Mauritius into a new era of development, as set out in the National Budget and discussed ways in which the Republic of Korea could provide assistance in these areas. He further underscored the advantages of investing in Mauritius, highlighting the country’s unrestricted access to markets in Eastern and Southern Africa and the preferential market access to the US under AGOA.

In that context, he expressed the wish that businessmen from South Korea would explore and take advantage of business and investment opportunities offered by Mauritius. For his part, the ambassador designate promised to convey the message to the business community in South Korea.