This agreement was formalized by Dr. Vincent Biruta, the Rwandan Minister of Foreign Affairs, and Maneesh Gobin, the Mauritian Minister for Foreign Affairs, Regional Integration, and International Trade, further solidifying their already fruitful cooperation.
This agreement aligns with the African Union’s Agenda 2063, aimed at transforming Africa into a leading global player by removing internal economic barriers.
It’s worth noting that Rwanda and Mauritius already maintain vibrant bilateral relations. In 2014, they signed an agreement to boost investments, trade, and mutual cooperation.
Both nations are recognized for their significant efforts in facilitating investments on the African continent. This signing follows President Paul Kagame’s visit to Mauritian Prime Minister Pravind Kumar Jugnauth in June 2022.
Jugnauth had also visited Rwanda where he paid tribute to victims of the 1994 Genocide against the Tutsi at Kigali Genocide Memorial.
According to a report from the National Institute of Statistics of Rwanda, Mauritius significantly increased its investments in Rwanda, growing from $386.4 million in 2020 to $543.8 million in 2021, representing a growth of 40.7%. In 2021, Mauritius dominated foreign investments in Rwanda, holding an impressive share of 32.4%, particularly in the financial, energy, technology, and tourism sectors.
Besides, several Mauritian companies, including Mauritius Union Assurance and LOLC Mauritius Holdings Limited, have established a presence in Rwanda. The latter, a subsidiary of the Sri Lankan firm LOLC Holding PLC, recently acquired 90% of the shares of Unguka Bank PLC.
Located in the Indian Ocean, to the east of Madagascar, Mauritius is composed of other islands such as Rodrigues to the east, Agalega, and Saint Brandon, which are part of the Mascarene Islands.
The island nation has a population of approximately 1.3 million people over an area of 2,040 square kilometers.