INTERVIEW: CHIEF REPRESENTATIVE AT ICC SANJAY GHAG
By
Vishal Bhidu
The new Chief Representative of the Indian Chamber of Commerce (ICC) for Mauritius Sanjay P. Ghag is a Project Development and Financing expert in the Infrastructure PPP sector with a core experience spanning over 32 years in Infrastructure project development, financing cum investment in the Middle East, Africa and India. An alumni of the Indian Institute of Technology, Mumbai, Mr. Ghag holds a Master of Management with specialization in Finance & Technology as well as B.Tech in Metallurgical Engineering where his immediate last assignment was with Kukuza Project Development Company (KPDC) in Mauritius, to facilitate African Governments conceive and develop infrastructure PPP Projects. In this interview, the Chief Representative of ICC at Mauritius outlines his priorities during his mandate and ways and means to give a fillip to business initiatives between India and Mauritius, spurred by the CEPCA agreement and how the African continent can learn from the Indian experience across the Private Public Partnership (PPP) model. He also discusses the need for Mauritius to improve visa facilitation for its expatriate community towards Africa which will boost business towards the continent while posing as a conduit.
- Can you share your main priorities during the mandate as Chief Representative of the Indian Chamber of Commerce (ICC) in Mauritius, ways and means in cementing ties between the Indian Chambers of Commerce and Mauritius to boost business investment?
Sanjay Ghag: The Indian Chamber of Commerce (ICC) has inked an MoU with the Mauritius Chamber of Commerce (MCCI) in 2019 to help facilitate business cooperation between India and Mauritius. However, we couldn’t implement the agreement objectives due to the irruption of COVID.
My main focus as Chief Representative would be to take forward the initiative heralded by ICC with the MCCI on enhancing business ties and showcase Mauritius as a Gateway to Africa to credible Indian Business Houses to promote/facilitate their entry to Mauritius and Africa where I have already taken several steps in this regard. The team at the Economic Development Board (EDB) would soon unveil key features of Mauritius as an investment destination to ICC members through a Webinar slated to take place during the last week of May 2024 followed by their one-to-one meeting with business chambers in India showing keen interest. I would also work closely with Mauritius Business Houses to help facilitate their entry into the Indian market.
ICC has formed an ICC Country Council in Mauritius consisting of various industry leaders from Mauritius representing Kurji Ramji Group, Visio Architecture, Veling Group, State Trading Corporation, Economic Development Board, Campus Abroad, Indian Oil Mauritius Limited, and SBI (Mauritius) Ltd, among others. ICC will be guided and advised from the rich experience of these industry leaders who are well-versed with the business environment not only in Mauritius and India but also in Africa.
2. Having seen jurisdictions such as India, the Middle East and Africa from a close angle, how do you see the opportunities in linking all three markets while tapping into underlying opportunities and challenges to do business in what is referred to as the Golden Triangle, often reiterated by Government and private sector in Mauritius?
Sanjay Ghag: The Middle East, especially the Kingdom of Saudi Arabia is going through a positive transitionary phase where emerging business opportunities in that market are expected to unfurl. There are a lot of similarities between the Middle East and African markets for Indian Businesses as well as Professionals. However, Africa needs to enhance its social infrastructure in order to attract the best talent and businesses comparable to the Middle East. This will help cross-border transfers of Indian professionals between the Middle East and Africa, thus harnessing business opportunities between these 3 regions.
ICC already has appointed a Chief Representative in the Kingdom of Saudi Arabia as well as a few other Middle Eastern Countries. Through these representatives, ICC members and business associates would be able to explore investment opportunities by creating a bridge between India, Middle East, and Africa.
3. According to data, in November 2023, India exported $136 million and imported $5.27 million from Mauritius, resulting in a positive trade balance of $130 million. How can such trade opportunities be stymied along the Mauritius-India corridor set against CEPCA, considered a milestone agreement?
Sanjay Ghag: The awareness of benefits offered by CEPCA needs to be created among the business communities on both sides where it stands important to showcase the quantifiable benefits of this treaty. ICC will work towards educating its members on business opportunities emerging from CEPCA to enhance business volumes under this treaty.
4. Recently, a ministerial delegation along with the private sector undertook a mission in India to help attract Indian investors to the jurisdiction, while positioning itself as the leading business gateway to Africa. How can it help attract Indian investors foraying to Mauritius, albeit Africa in terms of trade, sustainable financing, and areas such as FinTech together with growing scope for collaboration between Gujarat GIFT City and the Mauritius International Financial Centre to boost business?
Sanjay Ghag: Raising awareness of Mauritius as a Gateway to Africa needs to be quantified among Indian Business Houses. While Mauritius does offer investment protection with African Countries, there is a need to work towards several areas such as Visa and logistics facilitation from Mauritius to Africa.
One of the key elements of success in the African market is the local market know-how. Indian Business Houses need to align with the local Mauritian Business Groups for the ready acquisition of this local know-how of the African market. We would engage in meeting this objective by identifying synergies between Indian and Mauritian businesses for creating successful Joint Ventures. Recently, we have entered into a Memorandum of Understanding with the Indian Business Council in Mauritius whose local expertise would be valuable in this regard.
Also, as stated above, we would also work towards organising a yearly Conclave involving Indian, Mauritius, and African Business Houses to meet under one roof in order to facilitate investment from India to Africa through Mauritius.
5. Can you share the broader objectives and mission of the Indian Chamber of Commerce where this year’s theme is India 2047 and how the theme fits with the initiative of expanding its global footprint in Mauritius in terms of benefitting the organization?
Sanjay Ghag: ICC’s current year vision is “India 2047” which is aligned with India’s vision of becoming a 30 Trillion Dollar economy by 2047 – our hundred years of Independence. In order to achieve this vision, India can’t depend alone on domestic consumption but has to boost its export targets. In this context, ICC has taken the initiative to appoint Representatives in various countries of strategic interest to India in order to facilitate and enhance bilateral business between India and these countries.
Africa is made up of 54 countries, making it a large continent, expected to offer tremendous economic growth and hence investment opportunities for entrepreneurs and businesses across the world as it marches towards a better economic future. On the other hand, Mauritius is positioning itself as a Gateway to Africa. In this context, the ICC would work towards promoting Indian businesses to Africa with Mauritius as its springboard.
6. You have a huge experience spanning project development, and infrastructure assets across booming markets, including privatization in water and wastewater projects. Can you share your career highs and how you plan to boost infrastructure development and capital markets taking into account markets you are well versed with such as India and UAE where such areas hold immense growth potential?
Sanjay Ghag: After completing my Master of Management degree in Technology and Finance, I chose to be a part of the Infrastructure Sector which was in the process of undergoing privatisation in India in the late 90s. I had the privilege of structuring the first water and wastewater privatisation initiative in Tirupur, India. It took us about 4 years to develop this project as the Indian Public Private Partnership (PPP) market was still evolving. We made many mistakes during those days but learned through those mistakes to develop model Concession Agreements for PPP projects spanning across various Infrastructure Sectors. These model concession agreements help ensure fair pricing and balanced risk-reward mitigations for the long-term success of PPP projects. It has also curtailed the development period for PPP projects drastically.
PPP is now evolving in Africa. This is what makes many countries’ populations on the continent comparable to the Indian States where the models are operating successfully. African Authorities can gain valuable knowledge by studying the PPP development process followed by India and can develop model PPP concession agreements to suit local conditions and regulatory framework in order to create a pipeline of bankable PPP projects in Africa. With my over 3 decades of experience in this sector, I would be delighted to help African Authorities in structuring PPP projects in the infrastructure sector.
7. As we speak about cooperation with Africa, are there specific areas that Africa needs to improve upon to leverage business in a bid to attract investment, encompassing air connectivity and overcoming travel hurdles for prospective investors, similar to what the Middle East has done where today they play a leading role, particularly in the MENA region?
Sanjay Ghag: Absolutely. When I used to work in the Kingdom of Saudi Arabia as well as in Bahrain, I could travel to GCC countries at par with local citizens on visa requirements. Also, there was direct air connectivity to various GCC countries as well as major facilitation factors in currencies etc. while working in those countries. In the same vein, Mauritius should also work towards such visa facilitation for their expatriate work permit holders to at least a few major African business economies if not all. Air connectivity also needs to be improved in Africa. There is also a dire need to seriously look at developing Mauritius port as a trans-shipment hub. These incentives would create favorable conditions for businesses to target Africa through Mauritius.
