Address by the Hon. Yatin Varma, Attorney-General
Your Lordship The Chief Justice Hon. Bernard Sik Yuen
Mr. Yuvraj Juwaheer, Barrister-at-Law
Mr Anthony Dessain, Senior Partner at Bedell Cristin Jersey Partnership
Ladies and Gentlemen,
It gives me great pleasure to be here with you this evening for the launch of Bedell Cristin Partnership in Mauritius.
At the outset, I would like to convey on behalf of government our congratulations to all those associated with Bedell Cristin, in particular Mr Yuvraj Juwaheer, for this launch. We are delighted that Bedell Cristin has decided to set up on the island and indeed grateful for the trust bestowed to Mauritius, as a credible offshore financial services centre.
Ladies and Gentlemen,
In my intervention this evening, I would like to take the opportunity to send the strongest possible message to the international business community that we stand ready to embrace and meet the challenges posed to us by the global economy.It does seem that when we speak of ‘globalisation’ today, we now do so with caution, not to say trepidation, as the term globalisation evokes the many serious crises that we have witnessed in recent years.
The 2008 financial crisis and the subsequent slow-down of the world economy, likethe 1929 crisis, will no doubt be remembered as one of the most serious in our history. The continuing difficulties experienced by the major economies and domestic markets, including more recently with the euro-zone crisis, will have exacerbated the fear of this phenomenon of globalisation.
However, in the face of such anxieties, the mistake that we can make is to recoil unto ourselves. For I will venture as far as to suggest that it is now conventional wisdom that the nations that do best are those that will seek to identify and utilise the opportunities brought about by globalisation.
Nations that do best – ladies and gentlemen - confidently open to the world. They shun protectionism, embrace global competitiveness, encourage and welcome foreign investment, attract foreign talents and skills, and run flexible labour markets. And these are indeed the very notions that have guided the actions of government over the last 5 years and which have gone on to help us to not only withstand the impact of the global financial crisis, but also to demonstrate strong resilience in the face of these external shocks.
It is easy to forget that not so long ago our prospects appeared less encouraging, as we faced the end of an economic cycle that had allowed Mauritius to make significant progress since independence. The end of that cycle saw unemployment rising to worrisome levels and a mismatch of skills that prevented the diversification and expansion of the economy in other sectors.
However, our response was timely, bold and imaginative. We worked hard to utilise our comparative advantage: our entrenched democratic values and traditions, our profound respect for the rule of law, our versatile and multi-lingual people, and our enduring links to the emerging powers of China and India. With a determined effort, we managed to reposition ourselves on a new trail of successful development, which led, amongst others, to the embrace of a new, open and competitive service platform that is fully integrated into the global economy. Our engagement in economic diplomacy saw the opening of new markets and strategic alliances, and culminated in an extensive double tax treaty network.
Ladies and Gentlemen,
Our strategy from the outset was comprehensive and holistic, as we were determined not to leave any stones unturned. Recognising that law firms have an instrumental role in developing and consolidating the financial services sector, we engaged in amending the Law Practitioners Act to allow global players like Bedell Cristin, who can offer world class services, to operate in Mauritius.
The truth is that our legal services were not adapted or equipped to complement our ambition to develop as a major financial and legal services centre in the region. But the facilitation of more interaction between global players with our practitioners will no doubt be beneficial to our professionals and indeed the legal system. Many Mauritian professionals, who themselves trained in the world’s best universities, will now have the opportunity to participate in global transactions from their homeland.
Ladies and Gentlemen,
In addition to this measure, we are pressing ahead with a number of reform initiatives to further strengthen the provision of legal services in Mauritius. As you will most probably be aware, we have also made significant headway in our efforts to position Mauritius as a state-of-the-art, attractive and unique venue to conduct international commercial arbitration and international investment arbitration proceedings. The International Arbitration Act 2008 represents a major breakthroughand offers features, solutions, and a framework to global businesses, that is unique
in the African region.
Ladies and Gentlemen,
We understand that the establishment of Mauritius as a credible centre for arbitration, is not a sprint, but an endurance race – to use the words of Jan Paulsson, the President of the International Council for Commercial Arbitration. But we, under the leadership of the Prime Minister, Dr the Honourable Navinchandra Ramgoolam who is personally invested and committed to this project, stand ready and determined to commit the necessary resources to ensure that this initiative is a success.
We are also presently considering further changes to our law to expand the scope for corporations holding Category 1 Global Business Licences to extend their operations to the domestic economy. Our belief and hope is that this initiative should invigorate even further our global business sector as well as the domestic economy. Our long term vision is the operation of regional headquarters activities in Mauritius and the positioning of Mauritius as the preferred gateway for investment into Africa, particularly from India and China.
We are also committed to improving the efficiency of our Courts. To that end, we are moving to set up a separate Court of Appeal section of the Supreme Court to hear all appeals from lower Courts, and of a High Court section. A Mediation Division of the Supreme Court has been set up to deal with cases first, before going to full blown trial.
We are also bringing forward a number of other law reform initiatives, such as the setting up of a full-fledged institute for the continuous training of Judges, Magistrates and law officers, and the introduction of a compulsory Continuous Professional Development programmes for all law practitioners.
Ladies and Gentlemen,
I said at the outset that our aim is to send the strongest message to the international business community that we embrace and will meet the challenges posed to us by the global economy. There is of course no doubt that it is in our national interest to ensure a strong and credible service platform. But we can assure you that we also recognise that the criteria for success in the 21st century are inclusiveness, competitiveness and cosmopolitanism.
On those words, I would like to once more congratulate Bedell Cristin and wish them every success in their work.
Thank you.
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