Volume 1
Issue Tuesday, August 04, 2009
Amcham Newsletter July 2009 Issue Volume 1
We are delighted to bring out the first edition of the AMCHAM Mauritius e-newsletter in a revisited and more comprehensive format. The e-newsletter is published at the instance of AMCHAM and its members who have felt the need for more regular interaction and information on the events and activities surrounding AMCHAM. The newsletter will endeavour to bridge any information divide that may exist and provide the members with all information that is available for promoting members' interests. It will also provide members concise information on the AMCHAM activities happening across the Region, partner and associated countries and across the Globe. Regular updates on events scheduled, important developments in the economies of US and Mauritius, articles that could interest the members in terms of tax and legal changes, Corporate Sustainability Activities and other articles of interest to members will be sourced and published. We will also provide a regular platform for networking with the US Trade Department, the US Embassy and the various US Trade Delegations that visit Mauritius and to participate in outward bound missions as well. AMCHAM appreciates your continued support and we seek your ongoing feedback and encouragement to improve the quality and content of the future editions. The first issue is primarily dedicated to providing a brief on the services and support provided by AMCHAM Mauritius. And remember, members of AmCham- Mauritius are eligible for rewards through the New Member Referral Program. Help your friends and clients enjoy the advantages of AmCham-Mauritius and we'll show our appreciation for your referral. Each successful referral will be eligible to participate in a monthly draw and will bring you not only a heartfelt "thank you" from us, but also a coupon worth MUR 1,000 . A membership of AMCHAM will also make you eligible for a free complimentary link in our website. Networking Opportunities - AmCham- Mauritius annually organizes over 12 events that cover a wide range of networking needs. Whether you are looking for general exposure, to exchange information with industry peers, or to get involved with the US business community, AmCham- Mauritius has activities tailored to your needs. Information Resources - One of the difficult aspects of doing business in Mauritius is finding useful information. AmCham- Mauritius provides a variety of services to bring you up-to-date and often exclusive information on business and regulatory issues affecting the foreign business community. Business Support - Have problems finding talent in Mauritius? Looking for market entry services? Need a better expat health package or assistance with US Visa applications? AmCham- Mauritius cooperates with member companies, the US Embassy and other business organizations in Mauritius to offer a range of valuable business support services that will benefit companies of all sizes and stages of development in Mauritius. Recent Business Lunches March 18, 2009: Business Lunch with Ms. Kristen Hecht, Advisor to U.S. Africa Command, U.S. Treasury, as Guest Speaker. The Topic was "Counter Terrorism Financing - International Standards". The Corporate Council on Africa Summit Invitation The African continent continues to show great potential as a leading foreign direct investment destination for American businesses, despite the prevailing global economic downturn. Africa's emerging markets provide U.S. companies with a wealth of opportunities to create new business that is vital to America's highest interest. The Corporate Council on Africa (CCA) would like to work together with you to strengthen and facilitate the commercial relationship between the United States and the African continent. As the leading U.S. - Africa non-profit, business membership organization, CCA is the go-to resource for U.S. companies doing business on the continent. Among many programs for U.S. - Africa business trade and investment, none is more important than our flagship program, the biennial U.S. - Africa Business Summit. From September 29 - October 1, 2009, CCA will host the 7th Biennial U.S. - Africa Business Summit: Realizing the Investment Power of Africa, at the Walter E. Washington Convention Center in Washington, D.C. CCA in past years has collaborated with American Chambers of Commerce throughout the continent to promote African trade and investment opportunities to U.S. companies. On behalf of the 7th Biennial U.S. - Africa Business Summit Planning Committee, I would like to invite you to join us at the summit this year to continue growing the U.S. - Africa private sector relationship. CCA has built a reputation for providing businesses with access to, and relationships with, key private and public sector leaders from the U.S. and Africa. This summit provides comprehensive information on the latest trade and investment opportunities across Africa's most promising sectors including agribusiness, extractive industries, financing, health, power, and all infrastructure-related sectors. More than 2,000 conference attendees convene at the summit to learn about and discuss best practices and challenges related to doing business in Africa. We urge you to share this information with the companies you serve who might benefit from attending the summit and, if possible, to make your own plans to attend the summit. Please visit www.africacncl.org for more information. Mauritius Budget headlines In October this year BOI will work with international banks based in Mauritius to organize an international symposium to promote Mauritius as a centre to offer services in fund management, private equity and private banking. The Financial Services Commission (FSC) will enhance its processes for securing proper and adequate information on those who do business in our jurisdiction. It will require wider information relating to Category 2 Global Business Companies which will include data relating to beneficiary owners, an Outline Business Plan and filing of financial summaries. A Financial Stability Committee comprising the Bank of Mauritius, the Financial Services Commission and the Ministry of Finance and Economic Empowerment will be set up to review regularly and to ensure the soundness and stability of the Financial System. An Emergency Export Credit Insurance scheme will be set up for SMEs as well as large enterprises in all sectors until December 2010. This will make it easier for these companies to obtain export credit from banks. The SJR Fund will finance the insurance on a burden-sharing basis with banks and the operators for one year. For the period until December 2010, a line of credit for equipment modernization by SMEs will be made available to leasing companies through the SJR Fund. The financial leases will be at concessionary rate and up to 30 percent of the amount will be guaranteed. The special levy on profitable Banks will be increased to 1 percent of turnover plus 3.4 percent of profits for the next two financial years. All profitable firms to either spend 2 percent of their profits on CSR activities approved by Government or to transfer these funds to Government to be used in the fight against poverty. There will be a single rate of land transfer tax of 5 percent until end December 2010 instead of a two rates of 10 percent and 15 percent. Monetary Policy Statement The Monetary Policy Committee (MPC) of the Bank of Mauritius decided to maintain the key Repo Rate at 5.75 per cent per annum at its regular meeting held on 22 June 2009. The interest rate chargeable on the Special Deposits Facility, set at 100 basis points below the key Repo Rate, remains at 4.75 per cent per annum while that on the Overnight Facility, set at 150 basis points above the key Repo Rate, is held at 7.25 per cent per annum. The interest rate payable on the Standing Facility, set at 400 basis points above the key Repo Rate, is 9.75 per cent per annum. Office Bearers for 2009 Quentin Barber - has served as the Political/Economic/Commercial Officer for the U.S. Embassy in Port Louis since August 2007. Quentin formally joined the U.S. Department of State in September 2006, after serving as a political intern at U.S. Embassy Cairo and as a Humanitarian Affairs intern in the International Organizations Bureau of Social and Humanitarian Affairs. He received his B.A. in International Studies and Spanish from Morehouse College in Atlanta, GA and his M.P.P. in International Security and Political Economy from the Kennedy School of Government at Harvard University. Quentin speaks French, Spanish, and Portuguese. Quentin is joined in Port Louis by his wife Elizabeth, whom he met in his Pike High School Junior English Class. James Benoit - is a CFA charter holder and possesses nearly 20 years experience with leading Global bank HSBC in variety of high growth and developed markets covering China, HK SAR, Philippines, Canada and the Middle East. He was Deputy CEO of HSBC in Mauritius from 1999-2001 and is currently the CEO of AfrAsia Bank, a regional bank based in Mauritius. Jean-Claude Edley Chimon - is the Managing |Director of Floreal Diamond Cutting Ltd and the Cledor Duty Free Shop in Mauritius. |he is also the past Chairman of MEPZA and now Chair of the Sub-Committee for Non-Textile Sector. He originally started as a Diamond Polisher and set up the Diamond Cutting Factory in 2000. Rama Krishna Mudaliar - Rama Krishna Mudaliar is by profession an accountant and is the Deputy Managing Director of the Mauritius Housing Company Ltd. Ali Mohmed Saleh Parkar - came to Mauritius in 1985 and established the Star Knitwear Group which is a leading manufacturer of textile goods in Mauritius providing employed to about 2,500 people. A qualified barrister, he has also various other business interests in the likes of Mr Price and retail electronic shops under the Home2office banner. Jaganmohan Ramachandran - is the Head of Global Banking at HSBC Bank in Mauritius. With over 20 years at HSBC he has worked in various centres in India and UK prior to moving to Mauritius. A lawyer by qualification, he is also a passionate golfer. Georgina Ragaven - is currently the CSR Manager of BAI Company (Mauritius) Ltd. She has earlier been Advisor to Minister at the Ministry Of Youth and Sports, Adviser to Minister of Health and Quality of Life and she is also a freelance journalist , covering features, profiles, reviews, fitness actualities, interviews, places of interest, health , beauty. Sien Sien Yip Tong - is an IT Consultant and is the Director of Cyber Lab Co. Ltd. She holds a Computer Science degree and has over 20 years of working experience in the computer field. She is also a member of the International Society of Forensic Computer Examiners (USA).
Dear Members
Jaganmohan Ramachandran Mary Anne Philips
Editor PresidentNew Member Referral Program
AmCham-Mauritius Member Benefits - The chamber has always had a long list of member advantages. These benefits include networking opportunities, valuable information resources, business support services, government relations in handling delicate policy issues, and preferential pricing on all AmCham- Mauritius events.
Government Relations - Though many of our members have excellent relations with the government, AmCham- Mauritius is the preferred channel for handling delicate policy issues. Through our committee and industry working groups, we can provide a common voice to local and national governments in matters pertaining to business policies and practices.
April 23, 2009: Business Lunch with Hon. Rama Sithanen, GCSK, Vice Prime Minister and Minister of Finance and Economic Empowerment as Guest Speaker. The Topic was : "Financial Crisis".
June 04, 2009: Business Lunch with Mr. Pierre Dinan, Member of the Monetary Policy Committee of the Bank of Mauritius as Guest Speaker. The topic was on the Budget presented on May 22nd, 2009 by the Hon. Rama Sithanen Minister of Finance.
Mary Anne Phillips, President - is a practicing Attorney at law, holder of a Maitrise en Droit from Academie Aix Marseilles. Mary Anne practiced as in house lawyer in insurance and banking. She was head of the legal department of BNPI before setting up Etude Philips, her own practice in early 90's. Mary Anne is presently the Vice Chairperson of the Financial Services Commission.