Private Equity will be called upon to play an ever increasing role in the economic development of the country as well as that of the region, especially in countries where banking services and stock exchanges need strengthening.
This statement was made this morning by the Vice-Prime Minister and Minister of Finance and Economic Development, Mr Xavier-Luc Duval, at the opening of the third edition of the Private Equity Mauritius (PEM) 2013 Conference on the theme: Connecting Global Investors with African Opportunities, at the Hilton Mauritius Resort & Spa in Flic en Flac.
Speaking on the strategic position of Mauritius at the doorstep of Africa, VPM Duval said that Mauritius is playing a crucial role as an international investment platform contributing enormously in the transformation of the African continent. According to him, the growth of the middle class, a young population, urbanisation and with 60% of the world’s uncultivated land and enormous infrastructure needs in Africa generate huge opportunities for private equity. He also underlined the increasing role of Mauritius in promoting the Africa Strategy through the Board of Investment (BOI) Africa Centre of Excellence which according to him is turning the strategy from vision into action.
He also reaffirmed Government’s commitment into deepening further its reform agenda into new areas in order to further improve the competitiveness of the economy. Despite global uncertainties and a low growth rate across the world, VPM Duval pointed out that the country has demonstrated remarkable resilience with fairly good macro-economic fundamentals in 2012, namely: a budget deficit of 1.8%; Public Sector debt at 53.1%; Foreign Direct Investment above USD 400 million; Manageable Inflation rate at 3.9% and Unemployment at 8.1%.
Mr Duval also enumerated various international fora where Mauritius has received recognition for its continuous efforts aimed at improving its business climate, the most recent one being the Global Competitiveness Report 2013-2014 of the World Economic Forum where Mauritius is ranked first in Sub-Saharan African region.
The two-day Private Equity Mauritius conference organised by the BOI in collaboration with the private sector financial services stakeholders is being held on 12 and 13 September. Over 300 participants both local and foreign are attending in a bid to explore and discuss key projects in need of private equity investment opportunities in Africa.
Panel discussions are focusing on key sectors attracting investments from Development Finance Institutions (DFIs) as well as Private Equity funds with emphasis on how and why Mauritius is fast becoming the preferred investment, financial and business gateway for Africa.
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