A one-day workshop on the Challenges facing the Mauritius International Financial Centre opened this morning at the Financial Services Commission House in Ebène. Some fifty participants both from the public and private sectors are attending the workshop.
An initiative of the Financial Services Commission (FSC) in collaboration with the Ministry of Foreign Affairs, Regional Integration and International Trade, the workshop serves as a platform to address knowledge gaps and brainstorm the participants on the supportive role of diplomacy in the economic development of Mauritius with respect to the financial services sector. The participants also have the opportunity of learning from the experience of specialists in the fields of financial regulation, global business and taxation. In addition, the workshop aims at calling on the diplomatic community to optimise the use of international relations as a tool to promote and safeguard the Mauritius jurisdiction.
Among the main themes on the agenda are: the world trends in financial services sector, trends and development in the global businesses sector in Mauritius, Double Taxation Avoidance Agreement and external challenges to the Mauritius International Financial Centre (IFC).
In his address, the Minister of Foreign Affairs, Regional Integration and International Trade, Dr Arvin Boolell, reiterated the government's commitment to ensure that Mauritius retains its good repute as a jurisdiction. He also enumerated some of the major programmes of financial reforms in both legislative and institutional framework the Mauritian authorities have embarked on as part of the strategy to reinforce the financial sector and remain in compliance with all international requirements.
According to the Minister, economic diplomacy has a key role to play in promoting Mauritius as an International Financial Centre of choice for attracting investments into Africa. The whole public sector must work together to achieve a common national interest geared towards upholding the credibility of the Mauritius jurisdiction and attaining higher standards in the financial services sector, he added.
The Chief Executive of the FSC, Mr J.N.Meetarbhan, underscored that both the public and the private sector should work together to make of Mauritius a financial hub in the region. He also called for a joint collaboration from the public and private agencies into expanding the Double Taxation Avoidance network to promote Mauritius as an international financial centre.
It will be recalled that the financial sector in Mauritius is seen as an important pillar of the economy both in terms of value-added and employment creation. It accounts for some 12% of the Gross Domestic Product and employs over ten thousand people mostly in higher skilled jobs.
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