Mauritius Needs to Innovate and Consolidate its Financial System

Mauritius needs to innovate and consolidate its financial system at the same time and that is why we remain committed to increasing substance in this sector so as to attract global competencies and funds. Positioning Mauritius as a financial centre is an important feature in the overall strategic development of the country to further implement the paradigm shift in our economic development. We are therefore confident that our aim of making of Mauritius a regional financial centre is going to be successful.

This is the gist of the message of the Prime Minister, Dr Navinchandra Ramgoolam, GCSK, FRCP, while delivering his key note address at the opening of the first annual Leadership Series Forum entitled: Road map to the Future: Building Mauritius as a Regional Financial and Business Centre, yesterday afternoon at the Labourdonnais Waterfront Hotel in Port Louis.

Dr Ramgoolam reiterated his Government’s unflinching commitment to ensure that the country is ahead of the curve to meet the ever-changing expectations and the demands of the market in the financial services sector. The Prime Minister also made an overview of the Mauritian economy which has developed from a mono-crop economy to a well diversified one with more than ten sectors contributing to the economic growth of the country with an average real GDP growth rate of 5% over the last 45 years.

The Prime Minister cautioned that Mauritius should not sit on its laurels and should be vigilant as the world economy is changing at a fast pace and in a different direction. He said that Mauritius should compete with the rest of the world while adding that no country is immune for what is happening in the global economy particularly in the wake of the global financial crisis in 2007. He further pointed out that as the Western economies are becoming less attractive, investors are looking for financial institutions that are reaping positive returns and for market which offers growth, sound system of regulation, robust bank, strong and independent political system and a good tax system

He also underlined that Mauritius has all these qualities to fill the needs of being a financial hub in the region and that the country can play a pivotal role and take advantage of its strategic location while positioning itself as a platform between Asia and Africa so as to tap Africa which he qualified as a rising continent.

For his part, the Vice-Prime Minister, Minister of Finance and Economic Development, Mr Xavier-Luc Duval, who was also present reiterated the strategic position of Mauritius which is located next to Africa which according to him has enormous potentials for the region while registering positive growth as compared to the rest of the world. Mr Duval recalled that the global growth has moved in favour of the country as Mauritius sits in the golden triangle that is Asia, Africa and the Middle East which offer vast opportunities for trade and services.

Ms Melissa Lamb, Roundtable Director, announced that this year Mauritius will be featured in a special section for TIME magazine which will focus on the strengths and opportunities for the country in becoming a financial hub in the region. This special section will also include a special feature related to the financial services sector and the business and investment opportunities available by establishing the country as a major regional financial centre, she added.

Over 70 participants from both the private and the public sector attended the first annual Leadership Series Forum organised by the Business Outlook, TIME Magazine in collaboration with the Board of Investment. The event served as platform to exchange views about the global strategy to build together Mauritius as a Regional Financial and Business Centre.