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development mauritius

The Mauritian economy is considered one of the most successful in Africa and is often cited as an example of a long-term stable economy. The Mauritius economy has developed from being reliant solely on sugar revenues (Agriculture) to a more diverse economy with five major pillars: sugar, tourism, textiles, financial services and IT.

Traditionally sugar was the main source of income for Mauritius but diversification gave rise to new pillars to create a stronger economy.

In spite of its small economic size, limited natural resources and remoteness from world markets; Mauritius has transformed itself from a poor sugar economy into one of the most successful economies in Africa in recent decades, largely through reliance on trade-led development but also its ability to negotiate tax, investment and financial agreements with Asian and African countries that established Mauritius as an financial transit hub and tax haven both in the Grey zone thus, attracting foreign companies and investors to the benefit of the country.

Technology also occupies a prominent place within the economy and is gradually positioning itself as one of the most important sources of income for the country.

The economic growth data and indicators of MauritiusHere are some of the factors that make Mauritius an attractive prospect for foreign investors:

GDP per capita: approx. USD 9,600 (2016)
Moody’s Investors Service: BAA1 (2017)
GDP Growth: 3.6% (2016)
Unemployment: 7.9% (2015)
Inflation: 1.2%
Repo Rate: 4%
Convenient time zone (GMT +4)
Main Languages: French and English

Mauritius Commercial Bank, external view The Mauritian banking industry currently includes 22 banks, 5 of which are local banks, 10 are foreign-owned subsidiaries, 1 is a joint venture, 4 are branches of foreign banks and 2 are licensed as private banks. The central bank, the Bank of Mauritius licenses these banks to carry out local and international banking business.

Direct Investment in MauritiusThere are many incentives in place to encourage foreign investment in Mauritius and factors that attract investors, in particular the favourable tax regime.

Prime Minister of India, Narendra Modi Ramdas and Mauritian Prime MinisterMauritius has signed various international trade agreements that provide preferential access to key markets. The Common Market for Eastern and Southern Africa (COMESA) Free Trade Area (FTA) was established in October 2000 with nine African member states initially. There are now 16 member states trading on a full duty free and quota free basis consisting of the following nations: Burundi, Comoros, Democratic Republic of Congo, Djibouti, Egypt, Kenya, Libya, Madagascar, Malawi, Mauritius, Sudan, Rwanda, Seychelles, Uganda, Zambia, Zimbabwe.

Mauritius Cybercity at Ebene Information and Communication Technology (ICT) has become one of the main pillars of the Mauritian economy, and Mauritius continues to aspire to be a ‘Cyber Island’. The government aim to place Mauritius as a leading ICT destination and a model in the African Continent.

Part of realising this goal has been the modernisation of the Mauritian economy to facilitate the life of the citizens with the use of ICT, including the introduction of mobile banking, and e-payment services for the following: parking fines, business registration fees, electricity and water bills, and income tax.