Newsletter April 2017- Biotechnology, an emerging sector
Dear Valued Investors,
Foreign direct investment figures released by the Bank of Mauritius for 2016 show an increase of 41 % compared to the previous year’s inflows. In fact, FDI reached MUR 13.6 billion.
This upward performance reflects the change in BOI’s approach with regard to investment promotion and facilitation. It is the result of the restructuring of the organisation’s business clusters which stemmed from a need for constant reinvention in the wake of the persistent volatility and unpredictability of global business. We have set up a strategic watch to anticipate and monitor global trends, for success lies in a continual realignment of our business moves with global shifts and swings in order to maintain our competitiveness, while capitalizing on emerging sectors.
One such sector is biotechnology which has evolved from a single set of technologies in the mid-70s to a full-fledged technological field which is presently the driving force energizing innovative processes and cutting across various industrial sectors such as pharmaceuticals, medicine, agriculture, food, chemicals, environment, and medical instruments and devices.
In a 2014 report, Transparency Market research forecasted that the global market for the biotechnology sector would grow at an average annual rate of 11.6% to reach USD 414.5 billion by the end of 2017.
Indeed, Mauritius possesses key ingredients to capitalize on this growth potential. Its mixed and diverse population provides, in a sole location and context, the possibility for extensive clinical trials.
Furthermore, the richness of its marine and floral biodiversity opens up vast prospects for the development of nutraceuticals, pharmaceuticals and cosmetics.
Last but not least, its qualified and well-trained workforce can act as a magnet to attract and facilitate the setting-up of multinationals.
This edition of the newsletter showcases developments in biotechnology, an insightful interview of the Director of Axonova and players who are driving this sectoral revolution. It also features an analysis of the 2016 FDI figures and the progress being made in terms of attracting FDI in the productive sectors of the economy.
It equally presents to our readers other activities where BOI is involved, including the business facilitation agenda, the promotion of Mauritius as a platform for innovation and the organisation’s contribution to the ongoing implementation of the Africa Strategy.
I wish you an informative and pleasant read.
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