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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.