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October 2013: The Africa Centre of Excellence for Business celebrates its 1st year

Dear Valued Investors,

In retrospect, the month of October has witnessed the official launching of new projects as well as the celebration of project anniversaries.

In fact, BOI marked the first year of the existence of the Africa Centre of Excellence for Business (ACE). As you will recall, ACE was created a year ago following the proposal of the International Advisory Board.

ACE has already come of age, being now a crucial arm of BOI with regard to the implementation of the Africa strategy. In a very short span, fruitful investment promotion missions have been organised in both eastern and western African States. Furthermore, the organisation, on a monthly basis, of the African Week has been beneficial both to the local investment community and every African country which has been given high visibility. Testimonies from our partners of the private sector concur towards ACE’s good business approach and the pertinence of its initiatives.

On the other hand, the official launching of the Film Rebate Scheme was an occasion to validate the pilot project for the promotion of a film industry in Mauritius. The Vice-Prime Minister and Minister of Finance and Economic Development has highlighted the size and importance of the film industry and its business potential for Mauritius.  The industry, he stated, is expected to generate some MUR 1 billion annually in foreign exchange.

Therefore, we encourage our investors to avail themselves of the qualifying production expenditure (QPEs) which have now been increased to 30% and which cover expenses for film production as well as high-end TV commercials and documentaries.

The highlight of October was the state visit of His Excellency President Ali Bongo Ondimba of the Republic of Gabon. Four Memorandums of Understanding (MOUs) in the fields of mutual cooperation, diplomatic consultation, agro-industry and food security and tourism, respectively, have been signed by the Republic of Gabon and the Republic of Mauritius.

Moreover, a Memorandum of Understanding between the Board of Investment and the investment promotion arm of the Gabonese Republic, l’Agence de Promotion des Investissements et des Exportations (APIEX), was concluded. This MOU will cover particularly investment promotion, facilitation and follow-up.

At the interactive business forum organised by BOI in partnership with the Mauritius Chamber of Commerce and Industry, the Mauritius Tourism Promotion Authority and Enterprise Mauritius, President Ali Bongo Ondimba flung open the doors to the Republic of Gabon when he announced his decision to waive visa requirement for investors seeking to seize business opportunities in Gabon.

In the 2014 World Bank Doing Business Report, in spite of a one-rank regression, Mauritius maintains its position in the top 20 league this year. 

Finally, at the second meeting of the International Advisory Board, determinant “game changers” relating to the positioning of Mauritius as the “Jewel of Africa” and the development of the ocean economy have been reemphasized. These two factors are seen as powerful catalysts for the expansion of the Mauritian footprint on the continent as well as for economic growth. 

We are at your disposal for more information and look forward to assisting you in the materialisation of your projects.

Ken Poonoosamy
Managing Director