CFA institute promotes Mauritius-bound investment vide business forum
‘Laddering up the value chain: building substance in the Mauritius International Financial Centre’ was the theme of the conference organised by the CFA Society of Mauritius and the project, titled ‘Future of Finance,’ shall allow Mauritius to position itself better on the financial services market.
The CFA Society of Mauritius gathered experts from the financial sector on June 25th, together with its members, for a conference themed “Laddering up the value chain: building substance in the Mauritius International Financial Centre.”
Eminent speakers with experience in the financial sector participated in the conference with the objective of promoting financial investments into Mauritius.
In particular, Aaron Low, CFA chair of the Board of Governors & a Principal at Lumen Advisors LLC, highlighted that “the regulation gaps at the global level pose challenges in terms of tax regimes, but also create numerous opportunities. The project, ‘Future of Finance’, a CFA Society initiative, will allow Mauritius to position itself better on the market.”
Aaron Low also highlighted that the CFA Society wishes to express its pleasure at promoting Mauritius as an investment destination, and aims to sensitise all stakeholders on investor rights. He added that even if we see limitations in capital movement beyond physical borders, it is imperative to raise the fiduciary standards of service that finance sector professionals offer to customers.
He has also presented a statement of Investors Rights to the Chairman of the Financial Services Commission, Rajesh Sharma Ramloll, which captured the rights of investors. This initiative of the CFA Institute falls within the framework of the project “Future of Finance” that aims at building a reliable financial services industry.
During the opening ceremony of the event, President Randhir Mannick of the CFA Society of Mauritius emphasized the need for the review of the financial services sector, encompassing a broad range of sub-sectors.
He said, “The tax treaty played an important role in the development of the global business sector, but the sector also focuses on basic administration, accounting and secretarial services.”
“In this sense, ‘onshore’ sectors are essentially limited to local players and to the local market. The industry needs change and has to become a high value-added center with cutting-edge competence. Integration between local and international activities is also necessary,” he added.
The financial services sector employs more than 15,000 people and contributes around 10.3% to the Gross Domestic Product of Mauritius.
Another speaker at this conference was Rajesh Sharma Ramloll, Chairman of the Financial Services Commission, who emphasised the importance of infusing professionalism in this sector, not only by having qualified professionals but also by developing information services for the main players from this sector.
According to him, a critical challenge that this sector faces is integration of IT, in particular for access to high quality broadband to develop the financial market and the stock exchange.
Finally, to create an industry of “substance”, the regulator spoke about the need to turn to the COMESA markets, since Mauritius belongs to the African continent.