Mauritius is small financial centre but represents big gateway for growth: ICAEW
For his part, Mauritius trade minister Arvin Boolell noted that Mauritius has successfully transitioned to a services focused economy, and there is no better sector than the financial services sector to propel the island towards full-fledged progress in an era of democratisation. (Image: Cecilia Samoisi)
Mauritius may be a relatively small financial centre but it is becoming a gateway for growth for the enormous African market place, said Arthur Bailey, President of the Institute of Chartered Accountants in England and Wales (ICAEW).
The ICAEW and the Mauritius Institute of Professional Accountants (MIPA), with support from the Society of Chartered Accountants Mauritius (SOCAM) organised a members’ talk to provide insights into the island economy, based on the speakers’ knowledge of the financial sector.
This exclusive event was held on September 11, 2014 at the Hennessy Park Hotel, Ebène, and was attended by Arthur Bailey, President of the ICAEW; Rick Payne, ICAEW’s expert on finance; Privayed Jhugroo, Vice Chairperson at MIPA; and Arvin Boolell, Mauritius trade minister.
Privayed Jhugroo enumerated the projects that MIPA is currently running with, such as organizing the 3rd Africa Congress of Accountants for 2015, working to become a full member of the Institute of Financial Accountants (IFA) and to structure MIPA in a way to provide optimal support to members.
“To achieve these objectives, MIPA needs significant financial resources and we are fortunate that we have professionals to assist us. The ICAEW is sponsoring this event to enhance our knowledge and development,” he said.
He added that, as MIPA members, they need to have a coherent approach towards professionals in Mauritius and their challenge is not only local but global in scope.
“Businesses always tell us that they see great opportunity in Africa and also challenges. Advisors in Mauritius are well placed strategically to guide businesses in African markets,” he stated.
He went on to spell out Mauritius’ high position on the recently released Global Competitiveness Report by the World Economic Forum (WEF), and also commented on its improved ranking in the Transparency International index.
“We are delighted to support MIPA in achieving its ambitions for the benefit of Mauritian professionals,” he concluded.
As for Minister Arvin Boolell, he noted that Mauritius has successfully transitioned to a services focused economy, and there is no better sector than the financial services sector which can propel the island towards full-fledged progress in an era of democratisation.
“Mauritius is becoming a regional financial hub and to stay relevant as a hub, we need to reinvent ourselves and not become unduly complacent,” he noted.
He professed satisfaction on the score that Mauritius is now globally considered a clean low-tax jurisdiction of international repute and is able to preserve this jurisdiction.
In addition, Minister Boolell announced that Mauritius will host the 2016 congress of international council for commercial arbitration.
The latter made an appeal to canvas forcefully Mauritius as the jurisdiction, where disclosure is mandatory.
He ended on the note that that there are proposals to develop new business travel cards to facilitate the movement of professionals and businessmen including the possibility of securing a short-term resident permit as an interim measure, and subsequently apply for a long-term permit.
Lastly, Rick Payne spoke about ‘Effective Business Partnering’ and stated that standards and efficiency are important tools in the financial sector as there is a competitive environment where a business needs to excel.
He also highlighted the development approaches towards learning, such as: on the job, experience, projects, practices, voluntary work, reflection, feedback, training, reading and education, among others.
- By Marie-Lorry Coret and Cecilia Samoisi