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AfricaMoney | June 26, 2017

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Mauritius is one of Africa’s wealthiest despite lacking the continent’s traditionally prized natural resources.

Mauritius is one of Africa’s wealthiest despite lacking the continent’s traditionally prized natural resources.

Mauritius is Africa’s leading performer on the Heritage Foundation’s Index of Economic Freedom and Forbes’ 2014 Survey of Best Countries for Business and the country is one of Africa’s wealthiest, most competitive economies, despite lacking the continent’s traditionally prized natural resources.

A remote island nation with 1.3 million people, Mauritius had to adopt a creative strategy to carve out its niche in the post-colonial world. In the last three decades, it has diversified into high-growth industries such as offshore finance, textiles and tourism, and now has a GDP per capita of $9,300 and an economy worth $12.6 billion.

The 2015–16 budget meeting, laid emphasis for a more sustainable future for Mauritius. It was founded largely on inclusive development, higher volumes and quality of investment, job creation, greater social justice and a more-accountable government, all of which aim to bring about a second economic miracle.

Institutions such as the Board of Investment would help to improve the business climate and facilitate foreign direct investment (FDI) inflows.

“We want to be seen as a very transparent jurisdiction,” says Sudarshan Bhadain, who leads the Ministry of Financial Services, Good Governance and Institutional Reforms,.

“It’s very important to show we have the right platform and can leverage that to explain to the world how we are operating and how we want to do business in a clean, compliant manner,” he said.

Open to International Investment Ranked 28th worldwide and number one in Africa in the World Bank’s Doing Business 2015 list, Mauritius is already a welcoming jurisdiction for overseas investors and companies.

It has above-average scores for tax payment and cross-border commerce. The country has an open policy that welcomes non-Mauritians to work in the country, and setting up a company is a straightforward process that takes just three business days.

Mauritius is also Africa’s leading performer on the Heritage Foundation’s Index of Economic Freedom and Forbes’ 2014 Survey of Best Countries for Business.

Leveraging its strategic location for trade with Africa, Asia and Australia, the nation is transforming itself into an international jurisdiction for investors in search of security, transparent regulation and high-value addition.

Transitioning Into a Blue Economy, the foundation of Mauritius’ future development will rest on an all-new series of pillars, in which the “blue,” or ocean related, economy and information and communications technology (ICT) will play a large role.

Through this approach, the nation will work to protect and sustain the ocean’s bounty; enhance aviation and maritime links via planned infrastructure investments; create a knowledge hub by upgrading and specializing the nation’s educational framework to better serve the needs of the marketplace; and transform Mauritius into a “nation of entrepreneurs,” driven by SMEs and local ideas.

James Benoit, the CEO of AfrAsia Bank, “The role of Mauritius’ financial sector is much deeper now in global business than ever. I would say that about 35% of our balance is to Africa. Mauritius is becoming a supplier to Africa.”

Source: forbescustom.com

 

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