Mauritius is one of the most attractive environments for business in Africa and Asia, due to its stable political and economic regime, low taxes, internationally compliant and enabling regulatory framework, robust legal and judiciary framework, and foreign currency availability with free capital flows. The jurisdiction is compliant with the highest international standards, and has a deep specialisation in certain financial services.
With an advanced Mauritius Stock Exchange, the country is an investment grade jurisdiction with a strong local banking industry. The IFC is a core part of the Mauritian economy, contributing 8 per cent to GDP. The Mauritian Government Vision 2030 targets to double the size of the financial sector, and to grow the industry’s contribution to GDP in real terms to US 1.9 billion.
Mauritius is evolving as a specialist IFC around 3 pillars: cross-border investment, cross-border corporate banking, private banking and asset/wealth management. Additional opportunity to capture new market share has emerged around capital markets, cross-border asset management, regional treasury management, trade finance, and fintech. The core area is, however, the facilitation of cross-border investments and related corporate and fund administration by qualified service providers with the capital means and expertise to scale their service range, contributing today already to over 60 per cent of the IFC’s economic value add. We forecast the Mauritian financial industry to further develop and consolidate into this direction.