Mauritius: An Investment Guide for Facilitating and supporting businesses in View to Positioning Mauritius as a potential investment destination was launched by the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, during a networking event organised in the context of the Europe Day, on Friday 12 May 2023, at the Le Méridien Hotel in Pointe aux Piments.
This initiative of the Economic Development Board (EDB) in collaboration with the State Bank of Mauritius and the United Nations Conference on Trade and Development was also attended by the British High Commissioner to Mauritius, Charlotte Pierre; the Head of Regional Trade Section, Delegation of the European Union to Mauritius and Seychelles, Alexia Schmiliver; the Chief Executive Officer of the EDB, Ken Poonoosamy, amongst others.
In his keynote address, the Finance Minister reiterated the Government’s commitment to consolidate the country’s position as a land of opportunity and development, in line with the vision set out in the Government programme 2020-2024, to build a prosperous, sustainable and inclusive Mauritius.
He commended the contribution of European expatriates in the socio-economic development of the country and for developing new businesses and creating employment opportunities.
“We are among the top 10 preferred destinations by Europeans for their expatriation project”, he said, adding that this has been possible due to the legal, administrative and incentive framework to provide stability, security and serenity to any foreign national wishing to settle in Mauritius.
Minister Padayachy further spoke of the initiatives that have been implemented to provide a favourable environment to the citizens of the world and to attract more Foreign Direct Investment (FDI).
These include: an extension of the Occupation Permit and Residence Permit from 3 to 10 years; an increase of Permanent Residence Permit from 10 to 20 years; allowing the spouse of an Occupation Permit holder to work or to bring their parents to Mauritius to live with their family; and reducing the minimum investment amount from 100,000 USD to 50,000 USD to obtain an Occupation Permit.
These measures, he observed, have contributed to an increase in our GDP to 8.7% in 2022 as per Statistics Mauritius, while FDI reached Rs 27.7 billion in 2022, compared to Rs 18.5 billion in 2021. Europe and France are among the leading contributors to the FDI flows, with Rs 9.8 billion and Rs 5.4 billion invested in 2022, he said.
With regard to the Investment Guide, Dr Padayachy, indicated that it is an important document consisting of useful information on investment opportunities and the business environment in Mauritius, including data on labour costs, taxation and access to the real estate market. He is confident that the guide will be very helpful to potential investors and will draw new investment possibilities in the country.
For her part, Schmiliver spoke of the longstanding ties existing between the EU and Mauritius since the 50 years are based on solid commercial partnerships with multi-fibre agreements covering vast areas such as sustainable agriculture, health, blue economy, trade, cybercrime and financing of terrorism.
According to her, Mauritius has made significant progress in ensuring a conducive environment for trade and investment opportunities while highlighting that the EU is always keen to assist Mauritius in its regional strategies.
As for Poonoosamy, he spoke of the immense value of cooperation existing between Mauritius and the EU, especially in terms of economic relations. The EU Commission, he said, has always supported Mauritius by funding several initiatives to facilitate ease of doing business. As regards the networking event, he pointed out that it is an important platform to further nurture the relations between the two countries and open new avenues of collaboration.