Mmegi Business Week
Botswana forges partnership with Mauritius
Minister of Trade and Industry, Neo Moroka yesterday signed a bilateral investment treaty on promotion and reciprocal protection on investment with Mauritius envoy, Madan Dulloo.
Duloo, who was accompanied by senior government officials is the Minister of Foreign Affairs, International Trade and Cooperation.
At the signing ceremony, Moroka said the treaty was important because it “provides for the promotion and reciprocation of investments in our two sister countries”.
He said when business people decide to make an investment in a given country, the most important thing they usually look out for is an assurance that their assets will be protected and the freedom to move money as and when they want to.
“The bilateral investment treaty provides such assurance as conforms to international rules and principles designed to protect the interests of foreign investors against the action of the host government,” he explained, saying that it may be unduly detrimental to the interest of investors.
Amongst other actions, the Trade Minister said it could include expropriation and/or nationalisation of business assets as well as infringement of intellectual property rights.
He said the signing showcases the commitment of the two countries to fair and equitable treatment of investors and their investments’ assets “as well as return on such investment. In contracting parties, we therefore undertake to allow each other investors free transfer of funds relating to their investments and returns in accordance with our relevant laws”.
Dulloo said he looked forward to increasing trade between the two countries.