Mauritius: Investment Destination of Choice Ken Poonoosamy, Managing Director Board of Investment Talking Business - Africa Session, WIF 16 October 2014 www.investmauritius.com
AGENDA Mauritius – Economic Overview Doing Business Environment Video on Investment Opportunities
Quick ck Facts ts Political and Legal System • Independence in 1968 • Republic in 1992 • Parliamentary democracy with free election every 5 years Economy Basic details • Hybrid legal system (Common & Civil Law) • Land Mass: 2,040 sq • Real GDP growth Rate: km 3.5% (Est. 2014) • EEZ: 1.9 M sq km + • Inflation: 4.0 % (Est 396,000 sq km 2014) • Population: 1.2 million • Repo Rate:4.65% • Main Languages: English, French, Asian Languages
A Growi wing ng econom nomy 2010s USD 10,300* High Income Economy by 2020 SEAFOOD PROPERTY DEVELOPMENT HEALTHCARE & LIFE SCIENCES KNOWLEDGE 1990s RENEWABLE ENERGY USD 2,500 AFRICA STRATEGY FINANCIAL SERVICES ICT 1980s FREEPORT USD 1,000 TEXTILE 1970s TOURISM USD 200 SUGAR INDUSTRIAL INNOVATION- DRIV DRIVEN MONOCROP SER SERVICES
ECONOMIC 2013 3 GDP DP COMPOSIT OSITION ION BY BY IND NDUSTRY TRY SEC ECTO TOR OVERVIEW
Preferent rential ial Acc Access ss to markets ets MAURITIUS EPA FTA with Turkey AGOA PTA with Pakistan COMESA SADC
Maurit itius us: Manuf ufacturin acturing MAURITIUS Platf tfor orm m for Africa ca Ac Access ss to Regional ional Mark rkets
Interna national ional Bandwi dwidth dth
BUS USINESS NESS ENVIR VIRONMENT ONMENT Self- Start a Occupation Silent Facilitate Ex post adherence to business in 3 Permit in 3 Agreement Property control guidelines working days working days Principle Acquisition EASE OF DOING BUSINESS 9
Ease se of f Doing ng Busi sine ness ss 100% ownership by Non-Citizens One man company allowed No minimum capital required for the setting up of company Online submission and e-payment of notary deeds Favourable Labour Laws Investment Facilitation by the Board of Investment
Maurit itius ius Fi Fiscal l Reg egim ime • Homogenised 15% corporate tax • GBC effective tax rate (0-3%) • Income tax at 15% Taxation • No Capital Gains Tax • Value Added Tax at 15% • No Foreign Exchange Controls • No tax on dividends Exchange • No Inheritance Tax controls • Free Repatriation of profits and dividends • Free convertible currency
Interna national ional Acc Accolades olades Global rankings by international institution WORLD BANK MO IBRAHIM INDEX INDEX OF DOING BUSINESS 2014 ECONOMIC SURVEY 2014 FREEDOM 2014 1 ST IN AFRICA 1 ST OUT OF 52 1 ST IN AFRICA 20 TH OUT OF 189 COUNTRIES 8 TH OUT OF 178 COUNTRIES COUNTRIES 7 th consecutive year 8 th consecutive year World Economic AFRICAN INDEX ON GLOBAL Forum Global ECONOMIC INNOVATION INDEX competitiveness TRANSFORMATION 2014 report 2014-2015 1 ST IN AFRICA 1 ST OUT OF 21 1 ST IN AFRICA 39 th OUT OF 144 COUNTRIES 4O TH OUT OF 143 COUNTRIES COUNTRIES 2 nd consecutive
From Preference ences to Global obal Competi petitiv ivene ness ss Financial Agro- Property/ ICT Manufacturing Tourism Services industry Construction 5% PIB 10% PIB From Sugar Industry to Cane Industry From a textile manufacturing industry to a design and fashion industry / Vertical Integration / “AGOA” Boom in Property Development Industry (« IRS » et « RES ») ICT/ Outsourcing/Telecommunications / Digital Capacity / Human Resources Construction: Property Development/ Ebène City / Highlands & JinFei, Land Based Oceanic Industry Emerging Sectors Financial Services
Evolut olution ion of f threshold shold for high-inc income ome economi nomies es Ach chie ievement of of the hi high inc ncome status by y 202 2020 16'000 Graduation to High-income status 2020 14'000 12'000 GNI per capita (USD) 10'000 8'000 6'000 4'000 2'000 - 19951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020 World Bank Threshold Mauritius GNI per capita of USD 14,560 in 2020 for Mauritius has been based on the following assumptions: • an annual growth rate of 0.3% in population and • a 2% depreciation of the rupee against the USD. Taking into consideration an average GDP growth rate of 4% over the period 2014-2020, the high income status can be attained in 2020.
The he Vi Vision sion: Mo Movi ving ng towar ards ds a Hi High Incom Income & Inclu Inclusiv sive Econo nomy by by 2020 20 Investment in key infrastructure Generating greater value addition from existing sectors Setting the foundations of new growth poles Greater Inclusiveness Sustainable development
Reali lising sing the potent ntial ial of f Mauri uritius tius as s an Ocean an State 1. Seabed exploration for hydrocarbon and minerals 2. Fishing, seafood processing and aquaculture 3. Deep ocean water applications 4. Marine services 5. Seaport-related activities 6. Marine renewable energies 7. Ocean knowledge cluster
Sectoral oral Oppor portunit unitie ies Ocean Economy 1.9 million km 2 : Exclusive Economic Zone of the Republic of Mauritius 396,000 km 2 : Extended area in joint management with the Seychelles 2.3 million km 2 : Total maritime zone 303,000 km 2 : Further seabed and subsoil extensions submitted to UNCLOS for Rodrigues & Chagos Archipelago
Reg egion ional al Fi Financial ncial platf tform orm Capital Raising platform for Africa Islamic Capital Bourse Jurisdiction 23 banks Banking Raising Africa of Substance since 2008 FUNDS 29 968 Listed on the SEM Global funds registered
Reg egion ional al Invest estment ment Platf tform orm Platform of Choice for Africa Risk OECD White- More than International Complete Migration listed 18,500 GBC Arbitration Ecosystem (IPPAs) Jurisdiction structures GBC 1 Target Countries AFRICA ASIA EUROPE AMERICA 9% 56% 22% 13%
Ef Efficient ient Risk sk Mi Miti tiga gati tion on Platf tform orm Mininizing Risks while maximizing returns Investment Promotion and Protection Member of Multilateral Investment Agreements (IPPAs) Guarantee Agency (“MIGA”) 19 with African countries (World Bank Group) Free repatriation of investment capital and returns, guarantee against expropriation, Provides political risk insurance guarantees to private Most Favoured Nation rule with respect to treatment of sector investors and lenders among member countries. investors Insurance against non-commercial risk. Arrangements for the settlement of disputes between investors and the contracting states.
Afr frica ca Strat ategy gy 50% subsidy on the cost of Credit Freight cost subsidy to Africa Mauritius Africa Fund Guarantee Insurance Liberalisation of visa entry for 48 Network of Honorary Consuls 50 Africa Scholarship scheme African countries Export of services and placements Organisation of high level of Mauritian talents in African Africa Centre of Excellence conferences across the continent based companies • Information on investment opportunities in Africa • Ongoing tenders in African countries • Business match making • Networking platform for investors • Support investors in their venture in Africa • Outward investment prospection missions in Africa • Enhancement of regional bilateral relations • Business intelligence • Repository of Information
VIDEO EO ON INVES ESTMENT MENT OPPOR ORTUNITIES UNITIES
THANK ANK YOU OU
Recommend
More recommend
