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AfricaMoney | August 16, 2017

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Mauritius & UK leverage opportunity to build a partnership in the financial sector

Mauritius & UK leverage opportunity to build a partnership in the financial sector

The workshop centered around the discussion and initiative to create synergies between Mauritius and United Kingdom in the financial services sector. (Image: London and Partners)

Within the framework of the reopening of a centre of the United Kingdom Trade and Investment (UKTI) at the British High Commission, Barclays Bank (Mauritius) and Global Finance Mauritius organised a workshop at Voila Bagatelle, today, 3rd March 2015.

The workshop centered around the discussion and initiative to create synergies between Mauritius and United Kingdom in the financial services sector.

The business meeting was attended by his Excellency Jonathan Drew, British High Commissioner in Mauritius, Danae Dholakia, Head of Africa Department Central and Southern, Foreign Commonwealth Office, Ravin Dajee, Managing Director of Barclays Bank Mauritius Limited and several leading professionals hailing from the financial services sector.

The discussions were mostly around the current contextual relevance of the Financial Services sector, the potential opportunities for Mauritius in numerous emerging and established European, African and Asian economies and on positioning Mauritius as an International Financial Hub for Africa.

Danne Dholakia is visiting the island with the objective of identifying common priorities between UK and Mauritius in the financial services sector. She noted that the City of London is one of the world’s leading financial services centres with a trade surplus of $71 billion which represents twice that of the United States’ and boasts a working population of 2 million in the financial sector.

With the promising future of this emerging sector, Mauritius and the United Kingdom can build a partnership in order to promote Mauritius as a financial hub, she added.

Moreover, the panelist also mulled the importance of building potential in terms of training and formation within the legal framework and Public Private Partnership. She also invited a Mauritius delegation to visit London and engage in exchange of expertise in the financial sector for further networking to reinforce and foster a financial diplomatic relationship between United Kingdom and Mauritius.

According to Richard Alorve, Chief Executive Officer and director at the Abax Group, Mauritius has successfully established itself as an African International Financial Centre but Mauritius need to have a clear vision and a clear unification of the financial services companies in order to adapt its products to the requirements of African nations.

He also brought to mind a pertinent aspect in terms of promotion of Mauritius as a financial hub. The CEO of Abax Group stressed that Mauritius’s marketing should be way better than just creating an international image as a tax paradise replete with Sea, Sun and Beaches. Moreover he highlighted that Mauritius should be able to market itself as a provider of ICT Services to global business, global employment expats form Africa and other taxation initiatives and benefits between Africa and Mauritius.

Finally from a banking perspectives, Ravin Dajee highlighted issues surrounding the economy, namely deficit, unemployment and poverty. The workshop panellist also evoked the need to build a debt capital market since Mauritius has an excess liquidity of $1.6 billion, a fund that can be used for investment in Africa and create a central treasury hub.

- By Kashish Jadoo & Gunga Wazna

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