On August 11, Mauritius and the Republic of Korea signed a Tax Information Exchange Agreement (TIEA). Finance Minister of Mauritius, Pravind Jugnauth, reaffirmed the intention to initiate negotiations on a Double Taxation Avoidance Agreement with Korea.
The agreement was signed in Port Louis by the Finance Minister of Mauritius, Mr. Pravind Jugnauth, and the Ambassador designate of the Republic of Korea to Mauritius, Mr. Kwon Young-Dae. The Tax Information Exchange Agreement adds to the Investment Promotion and Protection Agreement which is already in force between the two countries.
Pravind Jugnauth stated that the signing of the TIEA will further strengthen trade and bilateral relations between the two countries in various spheres. He pointed out the advantages of investing in Mauritius, mainly the unrestricted access to markets in Eastern and Southern Africa and the preferential market access to the US under the African Growth and Opportunity Act. He expressed a wish that Korean businesses could take advantage of the various business and investment opportunities offered by Mauritius.
The Ambassador Kwon Young-Dae pointed out that the importance of exchange of information and high standard of compliance, disclosure and transparency in business transactions. The ambassador concluded that the TIEA will also help expand the space for business ventures between Korea and Mauritius. The text of the agreement is not yet available.
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