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Newsletter October 2017 - Forging Ahead...

EDITORIAL

Dear Valued Investors,

One year is a long time in a country’s economic life. Indeed, no sooner was Mauritius relegated to the 49th place in the 2017 World Bank Doing Business Report than there settled in a heavy dampening of the business community’s mood.

However, the unexpected shock turned out to be a wake-up call to shake off complacency and attend to the business environment agenda with renewed dynamism. Consequently, under the guidance of the Prime Minister and the Ministry of Finance and Economic Development, BOI set up several committees involving all stakeholders to reverse that downward spiral.

Today, a year later, the fruit of our efforts is as much more delightful as the implementation of firm measures was arduous. In fact, the Doing Business Report 2018 ranks Mauritius 25th out of 190 countries. An unprecedented series of reforms has resulted in an impressive progress as evidenced in the index. The new ranking reflects the hard work and dedication of all stakeholders to maintain the position of Mauritius as a jurisdiction of choice for investors.

The ease of doing business is, however, only one of the numerous avenues that need to be explored to attract investment. Sector development and visibility of the destination are as important.

Over the last month, Mauritius has been the stage of a first of its kind happening, namely the Mauritius Cinema Week which saw the presence of several stars from the world’s film industry in our country. The numerous events organized by BOI aimed at promoting the advantages of Mauritius as an ideal film shooting destination, and they proved to be an interesting means of enhancing the visibility of the Film Rebate Scheme which has already benefitted a number of international producers.

We are making headway in our endeavours with regard to our sectoral development agenda. In the Fintech space, two new licenses have been issued to innovative start-ups. One is engaged in the development and management of a Blockchain-backed Loan Platform to facilitate loans collateralized by reputed cryptocurrencies such as Bitcoin and Ether, while the second is a Blockchain-backed digital identity wallet.

These projects are in line with our innovation-driven programme. Their materialisation will help confirm Mauritius as a forward-looking and trend-setting jurisdiction, thereby further enhancing our reputation as a regional leader.

This month, we are organising a workshop on Marine Biotechnology. The sector is still in its infancy, but its potential to drive the economy is significant, given the resources worth exploiting in our 2.3 million-kilometre EEZ. One of the expected outcomes of the workshop is the elaboration of a roadmap to ensure the sector’s sustainable development.  

In this edition of the newsletter, you will find more information on these initiatives as well as an article on the 2018 Doing Business Report.

I wish you a pleasant read.

Ken Poonoosamy
Managing Director

Read the complete newsletter here