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The Film Rebate Scheme attracts a big budget film

Tera Intezaar is a Bollywood movie produced by PZM Films Company Ltd under the Film Rebate Scheme. The producer, Bijalkumar Mehta, has scheduled shooting in excess of 12 days in attractive locations around the island. Some 30 percent of the photography and scenery of the whole movie will be shot in Mauritius. Tera Intezaar is a 100-mllion-rupee budget movie, some Rs 30 million of which will spent in Mauritius.

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Minister of Finance and Economic Development leads delegation to Beijing for the Joint Economic Commission

The Minister of Finance and Economic Development, Honorable Pravind Kumar Jugnauth, is leading an official delegation comprising captains of the industry and leading representatives of the private sector to Beijing, from 1st to 4th November 2016 in the context of the 10th Sino-Mauritius Joint Economic Commission. The Honorable Minister will hold discussions with the Ministry of Commerce of the People's Republic of China with a view to consolidating trade relations between the two countries, while extending collaboration in various sectors of business.

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Property Development Scheme: Amendments

Further to the announcement made in the 2016/2017 Budget Speech, the Investment Promotion (Property Development Scheme) Regulations 2015 have been amended as follows:

 (i) the maximum size limit of 50 arpents has been removed

(ii) the requirement to sell at least 25 percent of residential units to Mauritian buyers has been removed

(iii) the current maximum permissible land size for a villa has been reviewed from half an arpent (approx. 2110 m2) to 1.25 arpent (approx. 5276 m2).

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Visit of representatives of the African Development Bank to Mauritius

Urban Cooling Ltd (UCL) launched on Friday 21 October 2016 its offshore marine surveys, a key milestone in the implementation of the Deep Ocean Water Application project. The launching ceremony was marked by the presence of the African Development Bank (ADB) which provided a grant of USD 1 million for the conduct of this crucial exercise through the Sustainable and Energy Fund for Africa (SEFA). Chérif Seye, Sustainable Energy & Finance Advisor of SEFA and Fernando Balderrama, Senior Investment Officer, Infrastructure Finance and PPP, Private Sector Operations Department of the ADB will be present in Mauritius until 26 October 2016.

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FDI swells to the MUR 7.9-billion mark for the first semester of 2016

The latest FDI figures released by the Bank of Mauritius show that FDI inflows into Mauritius for the period January-June 2016 totalled MUR 7.96 billion, representing an increase of 69% as compared to the first semester of 2015 which amounted to MUR 4.7 billion.

Three main sectors, namely real estate, financial services and the manufacturing sector have benefited from these green field investments that directly create or expand production facilities. The largest inflows have come from developing economies, mainly from South Africa and China, contrary to previous years where a considerable proportion of FDI flowed in from developed economies.

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Mauritius launches an International Expression of Interest for Seabed Mining

The Department of Continental Shelf, Maritime Zones Administration and Exploration (CSMZAE) of the Prime Minister’s Office launched an international expression of interest (EOI) for sponsorship of application for the exploration of minerals in the international seabed areas beyond the limits of national jurisdiction. The EOI which was launched on Tuesday 18 October 2016 will close on Wednesday 18 January 2017.

Deep Sea Mining is a relatively new mineral retrieval process that takes place on the ocean floor. Few countries are engaged in such activities aiming at the exploration for future exploitation of Polymetallic nodules and Sulphides as well as Cobalt-Rich Ferromanganese. However, the high concentration of precious minerals, metals and rare earth elements on the deep sea floor is increasingly attracting interest of various countries in view of commercial exploitation.

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Launching Ceremony for Offshore Marine Surveys

Port-Louis harbour welcomed on Friday, 21st October 2016, the “Joseph Plateau” vessel from the Jan de Nul Group which will carry out detailed marine offshore surveys in the context of the Deep Ocean Water Applications (DOWA) project which is spearheaded by Urban Cooling Ltd.

The DOWA project involves the prior laying of offshore pipes on the seabed of the port area in view of extracting deep seawater. The marine surveys will provide detailed charts of the geomorphology of the seabed and describe the seawater properties which will enable ocean engineers to successfully proceed with the design and construction of the offshore pipe layout. These highly technical activities will be conducted for a period of one month, until the end of November 2016. They are financed by a grant of USD 1 million from the Sustainable Energy Fund for Africa (SEFA) of the African Development Bank.

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