The Questions
1. What opportunities exist for investors in your country?
2. What are the challenges facing investors?
3. What advice would you offer investors?
4. What is government doing and what needs to be done to improve the investment climate?
5. How can the financial sector help in facilitating investment in your country?
1 Mauritius’ garment industry, employing about 85,000 people, is the logical investment opportunity. The Africa Growth and Opportunities Act allows goods from Mauritius to enter the US duty free, provided they are made from raw materials that have been produced here. The cotton and wool industries are also worth considering.
But the real opportunities lie in services. The government is promoting the information and communication technology (ICT) sector and is keen to attract investors. It is also keen to promote its offshore jurisdiction and to attract banks, asset managers and trust companies. Good external communications and links make Mauritius a good base in south east Africa.
2 Mauritius is an investor-friendly country. Licences to operate can take time to obtain but operating in the country is not difficult. The real challenges are the business challenges that any operator faces, such as how to make money out of a new investment.
3 I would encourage investors to look seriously at Mauritius for both the manufacturing and services sector. It is sometimes laborious to get the go-ahead to invest but, once this is obtained Mauritius is an investor-friendly country. It has a low tax regime and is therefore a good place in which to do business.
4 The main challenge facing the government is to simplify and speed up the procedures necessary for an investor to set up in Mauritius. This means knocking a number of people out of their comfort zones and the government has been timid in doing this.
5 There are real opportunities for the financial sector to invest. The country’s offshore sector is vibrant and I would encourage banks, asset managers and intermediaries concerned with setting up trusts to look at Mauritius as a place to set up shop.
