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Development

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.

mauritian food main coursesMauritius is not just sand, sea and beautiful beaches. It is also the land of good food and beverages. With the emergence of the tourism sector, and the steady rise in tourist arrivals, the food and beverages sector has been constantly improving their services and products on offer.

origin of the word sugarEtymologically the word "Sugar" has its roots in the word "Arquera" which means "sand "in Sanskrit, one of the first known languages. This term has transformed into the word sugar in all Indo-European languages: sacquerons in Greek; in Latin, saccharin; sugar in English; in German, zucker; zucchero in Italian; in Arabic, sukkar; and azucar in Spanish. Sugarcane was first introduced to Mauritius by the Dutch and cultivated by the French and British as the tropical climate was perfect for growing sugar cane.

international agreements mauritiusMauritius 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.

freeport mauritiusThe activities of the Mauritius Freeport have positioned Mauritius as a leading regional trading, logistics value-added and distribution hub. Due to its strategic location in the Indian Ocean, Mauritius is today host to over 27,000 global operators looking to explore the regional and international consumer markets.

economic indicators mauiritius Here 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