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Statement of Dr. the Hon. A. Boolell on the occasion of the launching of
the First UnionPay International card in Africa,
28 August 2013, Belle Mare, Mauritius
Your Excellency the Ambassador of China
Mr Xu Luode, President of the China UnionPay,
The Chief Executive Officer of the Mauritius Commercial Bank,
Distinguished Guests,
Ladies and Gentlemen,
Good Afternoon.
I thank you for inviting me to participate in the launch of the First UnionPay
International card in Africa. This is a matter of celebration as it takes Africa and
Chine another step closer.
Let me therefore congratulate both the China UnionPay and the MCB on their
decision to join forces to build and expand the bankcard services system in Africa.
Such a partnership fits into the integrated and pro-active strategy which this
Government is promoting to enable our business community to take advantage of
the huge trade and investment opportunities that Africa provides.
The relations between Mauritius and China have always been excellent and
continue to be consolidated in so many ways. The launch of the first Union Pay
International card on our Continent is one such example. Let me seize this
opportunity to express Government’s appreciation for the valuable support that
the People’s Republic of China provides to Mauritius, particularly in the
development of our infrastructure and utilities.
Let me also share with you some information on our interaction with China. The
export of our goods to China in 2012 increased by 26% to attain Rs 230 million,
while imports from China rose to a staggering Rs 25.8 bn. There is undoubtedly
significant potential for us to improve our exports towards China and I trust that
our entrepreneurs can find ways and means of increasing our exports.
We are also encouraged by the increasing number of tourists from China-from
8,425 in 2008 to 20,885 in 2012.
I believe that, with the increase in the number of flights between our two
countries this trend will be accentuated. The MCB UPI card will facilitate the
access of Chinese tourists to over 3 million of POS and cash points in China and
across the world. This will make travel between our two countries for tourism and
trade purposes so much easier.
I understand that, since 2004 when China Union Pay started its international
operations, the overseas acceptance, issuance and cardholder services have been
progressing continuously. During the last 9 years, the acceptance network has
been extended to 135 countries and regions so that the initial target, “To use
UnionPay card wherever Chinese people travel has been accomplished”.
The Mauritius Commercial Bank has been acquiring China UnionPay cards since
2010. In this regard the launching of the Union Pay International card will help to
boost both trade in goods and services as it will facilitate settlement of payments
by increasing the options and points in China and the world in both the Chinese
currency, Renminbi, and US dollars.
Ladies and Gentlemen,
The launching of this bank card may also contribute towards the objective of
Mauritius to establish an international financial services center by adding
substance to transactions. It will, on the other hand, further lead to the
internationalization of the Chinese currency which will in turn create
opportunities for cooperation in Africa.
China is to-day the second largest economy in the world, with the largest foreign
exchange reserves estimated at US$3.3 trillion. With its more than 83 million
outbound tourists spending about US$102 billion in 2012 and trade estimated at
US$200 billion with Africa, China is indeed a major player and an increasing one in
Africa. We must aim to build a win-win relation as was stated by the Chinese
President during his last visit to Africa.
Ladies and Gentlemen,
The growing middle-class in both Africa and China, with increasing real disposable
incomes and standard of living, the prospects and opportunities for trade and
travel are huge. Moreover, significant amounts of Dollar-Renminbi denominated
bonds and other financial derivatives are being floated in African stock exchanges.
This will create opportunities for collaboration to raise investment funds to
finance major development works. MCB is already present in Africa.
I understand that the purpose behind such business collaboration is to further
expand Union Pay card’s usage globally and provide wider and more convenient
bankcard services through more flexible management participation and a more
open business model. In my view, therefore, the opportunity for business is
immense and I take it that this is indeed the beginning of a long and fruitful
collaboration between MCB and China UnionPay
I would like to conclude by wishing plenty of success to both MCB and China
UnionPay and urge them to be active in the Mauritius-Africa axis and thus give
further impetus to our strategy on Africa.
I thank you.