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AfricaJanuary 2 2006

What the bankers say: Mauritius

The Banker invites CEOs from around the world to discuss the economic climate in their country and institution, and their hopes for the future
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HSBC

Philip Dawe, CEO

1. What makes your country attractive to investors?

The availability of a well educated and bilingual workforce, a competitive cost structure, a stable political environment and incentives aimed at boosting inflows of FDI into priority sectors, including tourism, information communications technologies (ICT) and offshore financial services.

 2. What are the economic prospects for your country over the next three to five years?

Structural changes taking place in the economy pose a significant challenge for short and medium-term performance. The textiles and sugar sectors, together contributing around 25% of GDP, are losing some of their competitiveness and need to be augmented by higher growth rates in other sectors, including the successful tourism/leisure industry.

 3. How do you foresee the financial sector in your country changing?

Following a period of sustained growth in the sector, some consolidation is likely to materialise in the domestic market as competition among a large number of banks and non-bank financial institutions continues to intensify.

 4. What role will your bank play in your country’s future development?

HSBC, like The Banker, will be celebrating an important birthday in 2006 – its 90th in Mauritius. As we move towards our centenary, we shall continue to play an important role, focusing in the short term on refining our strategy and repositioning our business in response to changing market dynamics.

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Read more about:  Africa , Mauritius