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Government of Mauritius

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October 2011

Dear Valued Investors,

I welcome you to this edition of our newsletter at this critical juncture when leaders of the Euro zone are reaching an agreement on the ‘rescue plan’ in view of shoring up the troubled sovereign borrowers of its member States in a bid to boost investors’ confidence. Demanding times call for innovative solutions in order to maintain the level of competitiveness.  In this perspective, Mauritius is constantly reviewing its product offerings and services.  The adoption of the Limited Partnership Bill during its second reading in the National Assembly last month will certainly attract more Private Equities to structure their investments in Mauritius.  Our endeavour to move towards an innovation-driven economy is supported by recently adopted legislations like the Clinical Trials Act, whereby projects for conducting clinical research will be authorised in Mauritius.

The performance of the export-oriented enterprises sector from January to September 2011, as compared with the corresponding period in 2010, is a testimony to our commitment to improve our competitiveness. The value of exports of the sector increased by 11.7% over the said period with exports to the United Kingdom, France and the USA recording an increase of 6.3%, 9.3% and 9.1%, respectively.   Exports to the regional market, particularly South Africa and Madagascar, recorded increases of 58.6% and 28.8%, respectively.

International recognitions achieved by Mauritius in October equally reaffirm our determination to continuously enhance the investment climate.  In the 2012 World Bank Doing Business report, Mauritius was ranked first in Africa for the fourth consecutive year. BOI has initiated a strong collaborative approach with the newly set up public-private sector task-force to further enhance business facilitation.  Furthermore, Mauritius topped the 2011 Mo Ibrahim Index of African Governance which assesses 53 countries. The recent Forbes Survey of Best Countries for Business, based on eleven criteria, placed Mauritius first in Africa and nineteenth world-wide out of 134 countries under review.  Moreover, in its Supplementary Peer Review Report, the OECD stated that “Mauritius has taken significant steps to enhance its exchange of information and its legal and regulatory framework”. This is yet another confirmation of the status of Mauritius as a trusted, transparent and well-established International Financial Centre.

A recent report by the IMF predicts growth rates of 5.25% and 5.75%, substantially above global growth rates, for 2011 and 2012, respectively, for the Sub Saharan African region.  In this context, with a view to further increasing the visibility of Mauritius as the investment platform and a reliable business hub for the region, BOI participated in the Commonwealth Business Forum held in Perth from 25th to 27th October 2011.  As part of our ongoing efforts to consolidate our traditional markets, BOI also participated in the 10th Annual London Property Show 2011 to showcase existing investment possibilities in real-estate development in Mauritius.

The inauguration of the Bagatelle Mall of Mauritius reiterates the confidence of investors in the Mauritian economy. An exclusive interview of Mr. Gilbert Espitalier-Noël, CEO of ENL Property, in this newsletter indicates the optimism and willingness of operators to do business in Mauritius.

Finally, as you may be aware, the National Budget 2012 will be presented by Honourable Xavier Luc Duval, Vice-Prime Minister and Minister of Finance and Economic Development, on 4th November. BOI will issue a special bulletin on the same day to update you on the key budgetary measures announced.

On this note, I wish to reassure you of our commitment to serve you to the best of our ability and wish you all an enjoyable read.

Ken Poonoosamy

Managing Director