Mauritius Aims to Attract and Retain $300 Billion with 5-Point Plan

Senior Mauritian officials are urging the country to think “outside the box” to transform its freeport sector into a major investment hub, rather than just a transit point for capital. The call came from Junior Minister of Finance, Dhaneshwar Damry, at a workshop organised by the Economic Development Board (EDB) on 21 August.

Damry highlighted the need for financial institutions to co-create “investable products” with the freeport sector, encouraging Global Business Companies (GBCs) to leave a portion of their capital in Mauritius instead of it merely passing through.

The financial services sector already accounts for approximately 14% of the country’s GDP and employs 15,000 people, with nearly $300 billion transiting through Mauritius annually.

EDB Aims to Diversify Economic Levers

The workshop, held at the Civil Service College Auditorium in Réduit, was designed to shed light on the opportunities and incentives within the freeport.

It aimed to provide a comprehensive overview for businesses and foster the creation of new investment products for their GBC clients.

EDB Chairman Sanjay Bhunjun emphasised that the freeport is a crucial lever for economic diversification and development.

He noted that the workshop was a direct response to a recent budget announcement aiming to expand and diversify the sector.

Mauritius Positioned as a Regional Hub

To better position Mauritius as an investment destination, several key areas must be strengthened, including the efficiency of the port and customs services, as well as port, air, digital, financial, and diplomatic connectivity.

The minister also noted that despite low intra-African trade (just 15%), there’s a huge opportunity for Mauritius to become a trade platform between India and Africa, particularly for precious stones and metals.

Damry stressed the importance of developing focused, high-value products, rather than trying to be “everything to everyone.”

He argued that success lies in becoming a specialist with a clear value proposition and a sustainable competitive advantage, citing the pharmaceutical industry as an example.

He concluded by inviting the EDB and industry stakeholders to collaborate on creating these investable products, which will help define a clear strategy and cement Mauritius’s role as a leading regional hub.

Source: l’Express