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November 2012: Underpinning diversification of the Mauritius Economy

Dear Valued investors,Ken En

The 2013 National Budget presented by Honourable Xavier-Luc Duval, GCSK, Vice Prime Minister and Minister of Finance and Economic Development in early November underpins initiatives launched to sustain the diversification of the Mauritian economy while ensuring its resilience in anticipation of events that may still seriously impact growth.

Whereas the macroeconomic picture points towards a prudent management with GDP growth forecast at 4%, budget deficit reduced at 2.2 % and public debt ratio brought down to 53.7%, the budgetary measures cover all areas of national economy to ensure that right fundamentals are in place for 2013.

Inevitably, export orientation is highlighted by the economic pull of rising Africa. The movement of people between countries of the continent and Mauritius will definitely be facilitated.

On the other hand, the medium-term vision encompassed within the "bridge concept" will be broadened with the extension of investment networks through the signing of more Double Tax Avoidance Agreements and Investment Promotion and Protection Agreements. In this context, the analysis of China's strategy to partner with Africa is worth attention.

Furthermore, our work force will be groomed and equipped through the enabling of a younger e-generation which not only has full access to IT, but they will also be given the means to enhance their computer literacy and acquire higher skills.

Providing students at the intermediary level with the tools for them to be fully conversant with technology and render them immediately employable addresses the short-term plan to deploy more qualified young people in the growing ICT/BPO industry. This gives more assurance to the investors.

Also, the impact of budgetary measures on the manufacturing sector cannot but be positive. The sector has successfully weathered challenging unforeseeable global events.

With the definite sway towards high-tech manufacturing, the granting of integral Freeport benefits to companies exporting their products mainly to Africa will further bolt the bridge to the continent.

With a number of established international clinics, Mauritius is on the way to validating its position as the medical and healthcare hub of the region. To this end, the introduction of a Pre-Clinical Research Bill will ensure that drug research will take off. Compliance with international standards, as confirmed by the recent accreditation of the Apollo Bramwell Hospital by the Joint Commission International, is a further evidence of the pursuit of quality in the management of enterprises, irrespective of the segment of activity.

The comprehensive list of budgetary measures encourages investors to invest more in diversification projects. Opportunities have opened up in the ocean economy. New ventures are under way in the fishing sector, while the potential of new markets like Russia deserves study.

BOI is at your service to research areas of particular interest and assist you in seeing your investment project through.

With these words, I reassure you of our commitment to serve you to the best of our abilities and wish you all an enjoyable read. 

Ken Poonoosamy

Managing Director