By Shruti Menon Seeboo
On October 23, a significant networking session was jointly organised by the U.S. Embassy, Prosper Africa, and the American Chamber of Commerce (AMCHAM) in Mauritius. The event featured notable attendees, including U.S. Ambassador to Mauritius and the Seychelles, Henry V Jardine, Ms. British Robinson, Coordinator for Prosper Africa; and Mr. Ravin Lama, President of AMCHAM Mauritius. This gathering marked an important milestone in strengthening the ties between the United States and Africa, particularly through enhanced two-way trade and investment. During the week of October 21 to 25, 2024, a Prosper Africa delegation was present in Mauritius.
The visit from Prosper Africa’s Coordinator, British Robinson, along with several U.S. companies, was a direct outcome of the U.S.-Mauritius Business Summit held in August 2024. This event served as an opportunity to reinforce connections between the U.S. and Mauritius, aiming to cultivate not only economic success but also deeper diplomatic ties.
Ravin Lama, President of AMCHAM Mauritius, expressed pride in their role in advancing U.S.-Mauritius business relations, noting, “At AMCHAM, we are committed to promoting these connections, and today’s event is a testament to that mission. Mauritius, with its strategic location and robust financial services sector, has long been an attractive gateway for U.S. companies looking to expand into Africa. Collaborating with Prosper Africa, a Presidential-level initiative, highlights our shared commitment to fostering growth and innovation. I extend a special thanks to British Robinson for her presence today, as her leadership has been pivotal in accelerating investment opportunities for both American and African businesses.”
Ambassador Jardine remarked, “This gathering reflects Prosper Africa’s dedication to identifying opportunities and understanding the dynamics in Mauritius and across Africa, as well as the potential for private sector collaboration to enhance our already positive economic and commercial relationships. At the Embassy, we prioritise this partnership. While we maintain a constructive relationship with the government, the core of this relationship is manifested through our business interactions, which are essential for establishing lasting and sustainable connections. AMCHAM plays a crucial role in this endeavour. For instance, during the American business delegation visit in August, various U.S. businesses and government agencies explored the vast potential that Mauritius offers. Furthermore, AMCHAM’s Business Climate Index has been instrumental in pinpointing both opportunities and challenges. I commend AMCHAM for its efforts in conducting this index, as last year’s findings provided valuable insights into Mauritius’s dynamics. Since the U.S. African Leaders’ Summit in December 2022, where President Biden reaffirmed that the U.S. is ‘all in on Africa,’ we have built strong connections among our people, industries, and markets, facilitating approximately $14.2 billion in two-way trade and investment between the United States and African nations over the past year while investing in workforce development across Africa.”
The purpose of this visit is to foster private sector engagement, enabling U.S. companies to connect with Mauritian business leaders to explore potential partnerships. Prosper Africa plans to introduce a new platform, the U.S.-African Trade Desk, aimed at linking Mauritian textile and apparel suppliers with U.S. buyers. Additionally, discussions will focus on the banking sector, exploring ways to strengthen the presence of U.S. banks in Mauritius and enhance investment opportunities within the sector.
This visit holds considerable significance for Mauritius, highlighting the opportunities it presents for the island. It underscores the U.S. Government’s commitment to deepening commercial ties with Mauritius and encourages American companies to explore trade and investment opportunities here. Prosper Africa views Mauritius as a key partner in the region, and this visit is part of a broader strategy to increase two-way trade and investment flows that will benefit both nations.
Mauritius stands to gain significantly from increased U.S. investment and business partnerships, especially in sectors such as textiles and banking. The textile industry in Mauritius is well-established, and Prosper Africa aims to connect local manufacturers with major American retailers, thereby opening new markets for them. Additionally, ongoing discussions about enhancing U.S. banking presence could further develop the financial sector, solidifying Mauritius’s status as a stronger financial hub.
International markets, particularly the United States, are increasingly focusing on Mauritius for a variety of reasons. Mauritius consistently ranks highly on the Ease of Doing Business Index, reflecting its investor-friendly regulatory environment. The political climate is stable, providing a sense of security for foreign investors. Recognised as a financial centre and a fintech hub in the region, Mauritius boasts robust infrastructure that supports international business operations. These attributes make it an attractive destination for U.S. companies aiming to expand their footprint in Africa.
In her speech, Prosper Africa Coordinator British Robinson emphasised, “In our commercial and economic diplomacy worldwide, particularly in Africa, I have experienced invaluable relationships and collaborative opportunities with AMCHAMs across the continent. I hope today marks the beginning of a warm and lasting partnership. This trip is significant for us; we have brought U.S. partners to Mauritius, recognising its essential role in the global economy and in Africa’s growth. African nations like Mauritius have some of the fastest-growing economies globally, with increasingly urban, young, and digitally connected populations. Mauritius and Botswana hold investment-grade status. With the world’s deepest capital markets and a commitment to job creation, transparency, and social responsibility, Mauritius is well-positioned to facilitate Africa’s full participation in the global capital markets.”
Robinson continued, “By 2050, Africa’s population will double to 2.5 billion, while the rest of the world ages. 60% of Africa’s population will still be under 25 by 2040, with a workforce of 1.1 billion—larger than those of India and China combined. This demographic dividend is complemented by massive technological change that will drive productivity and growth. The African Continental Free Trade Agreement (AfCFTA) will create the world’s largest trading bloc by population and land area. Mauritius must engage further in the AfCFTA, as it is crucial for the nation’s rise and aligns with the goals of the U.S. Government’s African Growth and Opportunity Act. We have reached a tipping point in our commercial and economic relationship with Africa, and it is time to transition from aid to what I call real investment, which is why we are here today.”
She added, “Africa itself has reached a turning point. The continent will not wait for the United States; American private sector engagement is critical, and it is our responsibility to ensure they take notice. We must build enduring trade and investment linkages to be a part of Africa’s future. Prosper Africa’s mission is to enable African nations to integrate fully into global capital markets.”
Prosper Africa serves as a resource for U.S. investors seeking opportunities in Africa, as well as for African and Mauritian companies looking to do business with the U.S. The initiative’s trade programs aim to match U.S. producers with African suppliers, while investment programs focus on enhancing the investment ecosystem, bridging market gaps, mitigating risks, and empowering the private sector. For instance, Prosper Africa has brought African textile manufacturers to U.S. trade shows, allowing major U.S. buyers to discover sourcing opportunities and learn about preferential trade programs such as AGOA and AfCFTA.
“We encourage Mauritian companies to participate in these trade services and vice versa. Similarly, we are working to bring large U.S. companies to Africa, introducing them to new partners to diversify their supply chains. Additionally, we regularly lead delegations of U.S. investors—such as pension funds, endowments, foundations, ultra-high-net-worth individuals, and family offices—to explore opportunities. We hope to bring an institutional investor delegation to Mauritius in 2025, which we believe presents an excellent opportunity to showcase the continent’s diverse offerings. Over the past four years, these institutional investor trips have yielded substantial interest and investment,” explained Coordinator Robinson.
Although Prosper Africa is relatively new, having been established just five years ago, they have facilitated investments totalling $1.7 billion from the representatives they have brought, who collectively manage over $4 trillion in assets.
Coordinator Robinson concluded saying, “We provide grant facilities to de-risk deals on behalf of the American public. If you take away anything from today’s session, let it be that we can help mitigate risks for American investments in Africa. We support African venture capital and private equity funds in raising new assets to finance the next generation of African small and medium-sized enterprises (SMEs), which are crucial to the region’s growth. To date, we have raised over $77 million through catalytic facilities, with an aggregate close to $600 million. Our goal is to continue expanding this capital to support the growth of SMEs across the continent, reinforcing the authority and flexibility we have as a U.S. government initiative.”
Fireside chat on US-Mauritius business relations
As part of the event, a fireside chat was organised between Jessica Naga, CEO of MINDEX, and Robin Mardemootoo, Managing Partner and Attorney-at-Law at Dentons Mauritius, where he heads the Banking, Corporate Finance, and Commercial practices.
Speaking from his personal experience, Robin shared, “I am a U.S.-trained lawyer. I studied in Austin, Texas, and that was my first academic connection with the U.S. This relationship continued with various universities. When I began representing the interests of Islanders, I collaborated with the American University Washington College of Law and the University of Texas to establish legal clinics involving students and professors to address various legal issues.”
Jessica then inquired about Robin’s professional connections, noting that he runs Dentons Mauritius and that Dentons USA regularly refers clients to him. Given this backdrop, she asked about the strategic advantages of operating in Mauritius for U.S. companies.
Robin responded, “From a business strategy perspective, Mauritius offers significant advantages. As you may know, Dentons is the largest law firm in the world. Last week, the entire Dentons global board was here for meetings, bringing about 50 American directors for what was their first visit. They absolutely loved it. They got to experience not only our facilities but also the broader African landscape. Interestingly, this coincides with Ms. Robinson’s presence, as we are now viewing Mauritius, and Africa in general, through a fresh lens.”
He added, “The way Dentons operates is collaborative; each office refers clients to one another. There has been a notable influx of U.S. investments flowing into Africa through Mauritius, particularly in sectors such as infrastructure, healthcare, and telecommunications. It appears that American investors have only recently begun to recognise Africa’s significance, considering it holds 30% of the world’s gold reserves, 10% of mineral reserves, 40% of platinum reserves, 65% of arable land, and 12% of oil reserves. With Mauritius serving as a conduit, U.S. investments in Africa have now reached $100 billion.”
Jessica further probed Robin about the tax benefits, market access, and regulatory environment in Mauritius. She asked for his insights on these key aspects, especially since MINDEX aims to establish a digital financial infrastructure.
Robin replied, “I’ve always found that Americans are a distinct breed; they are very pragmatic. Until they see something can work, they won’t invest their time. I believe we have elevated our game, and in doing so, we’ve caught their attention as potential players. For instance, I chair Gateway Real Estate Africa (GREA), a private real estate development company based in Mauritius. GREA is involved in developing and investing in various real estate projects across the African continent. Our company partners with a U.S. government agency managing diplomatic housing and technology offices in Africa, facilitating hundreds of millions of dollars in investments from the U.S. government through Mauritius into countries like Ethiopia and Kenya. Why has this happened? Because we have stepped up our game. Mauritius consistently ranks highly across multiple indices, establishing itself as a reliable partner for U.S. companies looking to enter Africa. We are witnessing increasing investments in healthcare and infrastructure as a result.”
Robin continued, “Americans place great importance on social standards, inclusion, and diversity, and corporations are assessed based on how well they uphold these values. Mauritius’s commitment to diversity and inclusion strengthens the relationship between the two nations. There are no significant cultural challenges; rather, both the U.S. and Mauritius are multicultural and multiracial societies that value open-mindedness. This is a pivotal moment for the U.S.-Mauritius relationship, as the U.S. officially enters the picture.”
He added, “Visibility has always been an issue. What defines our visibility? If Americans can see us as a viable option without obstacles, we gain direct access. This encompasses awareness, education, and information. Personally, I started monthly trips to New York four years ago to educate my New York partners about Mauritius. For example, Goldman Sachs and JP Morgan have numerous Mauritian companies in their portfolios, yet many people are unaware of this. By informing my partners, I help them recognise opportunities, which opens many doors for business.”
Jessica then asked about the benefits of engaging their services, particularly on political and economic stability. She inquired about any potential risks that might impact businesses using Mauritius as a platform.
Robin asserted, “I see no risks when using Mauritius as a platform for entering Africa. We are a very stable country. The only issue previously was related to COVID-19, but that is behind us. Mauritius is the best platform for accessing Africa, and we are seeing a growing number of American families establishing their bases here. Many travel to Mauritius, especially those involved in the eastern African markets of Kenya, Tanzania, and Mozambique. They set up their businesses here while their families settle in, facilitating frequent travel for work. I see this trend increasing, and I have no concerns regarding political stability.”
Jessica concluded by asking Robin for advice for U.S. companies considering setting up in Mauritius to service the local market.
Robin replied, “Practical advice is essential. Before an American entity comes to Mauritius, they do their homework; they don’t arrive on a whim. They understand where they are going. However, I believe that while the quality of Mauritian services is potentially very high, we still need a gentle push to enhance our standards.”
About Prosper Africa:
Launched in June 2019, Prosper Africa is a US Presidential-level initiative designed to strengthen the strategic and economic partnership between the United States and Africa. By leveraging the resources of 17 US Government agencies, including the US Agency for International Development, the initiative promotes two-way trade and investment with Africa.
Prosper Africa serves as a one-stop shop for both African and US companies, providing access to US Government services that facilitate business operations in the United States and across the African continent. The initiative has a presence in Washington, D.C., Johannesburg, South Africa, and Rabat, Morocco.
The primary objective of Prosper Africa is to achieve strategic goals such as job creation, increased investment in infrastructure, and the advancement of Africa’s digital transformation. By fuelling economic growth and fostering shared prosperity, Prosper Africa aims to benefit both the US and African nations, creating a mutually advantageous relationship that enhances opportunities for all involved.
