Mauritius: BOI to act as a 'think-tank' of the Government

The BOI has to act as a 'think-tank' of the Government in investment policy matters and remain alert to both external and internal factors and changes so that timely and appropriate actions can be taken to ensure that Mauritius continues to attract even higher levels of Foreign Direct Investment (FDI), said the Vice-Prime Minister, Minister of Finance and Economic Development, Mr Pravind Jugnauth, yesterday, at the Maritim Hotel in Balaclava.

Mr Jugnauth, was speaking on the occasion of the celebration of the Board of Investment's (BOI) 10th year of existence. He underlined that FDI, as well as domestic investment, remained the true engine of economic growth for a small open economy like Mauritius in generating greater wealth and that further FDI flows should be promoted and encouraged. For the year 2010, he announced, FDI inflows to Mauritius have crossed the Rs 12 billion mark (a twelve-fold increase compared to the year 2000). He also stressed on the importance of harnessing the emerging countries (China, India, Middle East, Russia, Brazil) as potential sources of FDI for Mauritius.

According to Mr Jugnauth, Mauritius is not immune to global happenings and the country is already witnessing some of those external shocks affecting it and the prevailing global situation calls for a review of the economic strategy to re-invent ourselves. The Government, he said, has been pro-active and has defined clearly the new economic orientation of the country both in the Economic Restructuring and Competitiveness Programme (ERCP) and in the 2011 Budget.

For their part, both the Chairperson of the BOI, Mr Maurice Lam and the Managing Director of the BOI, Mr Ramprakash Maunthrooa, highlighted the increasing role of BOI in the promotion of investment in Mauritius.

BOI, the official Investment Promotion Agency of the Government of Mauritius, operates under the aegis of the Ministry of Finance and Economic Development. As Mauritius opens to the world, transforming itself into a competitive global business platform, the BOI has put at the disposal of the international business community a personalised range of services to attract international investments and talents to the country. Among them, counselling on investment opportunities in Mauritius; providing sector-specific and tailor-made information for the setting up of a business in Mauritius; organising customised meetings and visits; identifying joint-venture partners; providing guidance on the choice of site locations and production facilities; and assisting with occupation permits, licenses and clearances.