 News archive: Click here MAURITIUS - OFFSHORE SECTOR The offshore international financial services centre has now been in operation for a decade. The positioning of the island as a business hub to service the region along with its natural comparative advantages of geography and time zone Read more MAURITUS - FREEPORT The Freeport operates as a customs-free zone for all goods destined for re-export. Read more MAURITUS – THE FINANCIAL SERVICES COMMISSION In May 2001, the Financial Services Development Act 2001 was voted to provide for the establishment and management of a Financial Services Commission (FSC) to regulate the non-banking financial services. Read more Mauritius - Country Highlights Mauritius is located in the Indian Ocean approximately 2,400 km off the East coast of Africa and covers an area of 1,865 sq km. The island forms part of the Mascarenes in the south-western part of the Indian Ocean. Its time zone is + 4hrs GMT. Read more Mauritius New Budget 2006-2007 A Business-Friendly Budget by Mr Swadick Nuthay, Economist Read more Forthcoming Budget Le peuple admirable: Put your hand in your pockets Read more TOTAL SOLAR ECLIPSE ACCRA, Ghana - Tourists and scientists were gathering at spots around the world for the first total eclipse in years Read more
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Mauritius - Country Highlights Mauritius is located in the Indian Ocean approximately 2,400 km off the East coast of Africa and covers an area of 1,865 sq km. The island forms part of the Mascarenes in the south-western part of the Indian Ocean. Its time zone is + 4hrs GMT. 4.jpg1. Mauritius - Country Highlights 1.1 GEOGRAPHY Mauritius is located in the Indian Ocean approximately 2,400 km off the East coast of Africa and covers an area of 1,865 sq km. The island forms part of the Mascarenes in the south-western part of the Indian Ocean. Its time zone is + 4hrs GMT. Port-Louis is the capital city. 1.2 HISTORY 1512 discovery by the Portuguese navigator Don Pedro Mascarenhas 1638 first settlers were the Dutch, naming the island Mauritius, after their ruler PrinceMauritz van Nassau 1715 colonisation by the French after the departure of the Dutch, the island is named "Isle de France" 1810 British invasion and signing of a capitulation treaty with France. The island is renamed "Mauritius" 1833 abolition of slavery and start of the Indian immigration 1968 the country becomes independent and remains part of the British Commonwealth 1992 the island becomes a Republic 1.3 CLIMATE Located near the Tropic of Capricorn, Mauritius enjoys a maritime sub-tropical climate with a summer season lasting for six months from October to May with temperatures averaging 27 degrees Celsius, while the remaining months are cooler with an average temperature of 20 degrees Celsius. 1.4 POPULATION Mauritius has a multiracial population of around 1.2 million and represents a mosaic of different cultures and religions originating from the Indian sub-continent, Africa, China and Europe. The official language is English and most people are bilingual with French being a widely spoken language. The native language is Creole. 1.5 POLITICAL SYSTEM Mauritius is a democratic state based on the Westminster model. Separation of powers between the Legislature, the Executive and the Judiciary is entrenched in the country's constitution. The President is the Head of State and although Executive authority is vested in the President, he acts on the advice of the Prime Minister who is the head of the Government. The members of the National Assembly are elected every five years by universal adult suffrage. - President of the Republic Sir Aneerood Jugnauth - Prime Minister Dr Navinchandra Ramgoolam 1.6 LEGAL SYSTEM A hybrid legal system combining both the civil and common law practices. The Napoleonic Code prevails in civil law matters whereas in matters of criminal, administrative and commercial law, the British laws are followed taking into account the international conventions which Mauritius has adhered to. The judiciary system is composed of the following courts: Supreme, Intermediate, District and Industrial. The final right of appeal rests with the Judicial Committee of the Privy Council in the United Kingdom despite the fact that Mauritius is a Republic. 1.7 INTERNATIONAL AFFILIATIONS Mauritius is a member of the International Court of Justice, the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of Investment Disputes and has acceded to the 1958 New York Convention on Foreign Arbitration Awards. It has long-established international relations with and is a member of: The United Nations and its agencies The International Monetary Fund The World Bank The Africa Development Bank The World Trade Organisation The Common Market for Southern & Eastern Africa (COMESA) The Southern African Development Community (SADC) The Indian Ocean Rim Association for Regional Co-operation (IOR-ARC) 1.8 ECONOMY Economic Structure Mauritius is a small island economy that was traditionally reliant on a mono-crop economy based on sugar until the early 1970's when the export-oriented industrialisation process started off and which concentrated mostly on textiles. The tourism sector simultaneously projected itself as another economic pillar. In the last two decades the economy has undergone a rapid structural transformation through the package of investment incentives which the various governments in place have brought about in the manufacturing and support services sectors to promote technology-driven and higher value activities. The hotel development and management services sectors also benefit from these incentives. A new economic development strategy was initiated in 1991 with a view to reorient macroeconomic policy towards sustainable growth. These included the establishment of a stock exchange, an offshore banking and international financial services centre and a Freeport. Current emphasis on the development of an information technology-based services industry will serve towards the consolidation of an integrated operating framework for the services sector in order to fully exploit international business opportunities. Key Data for 2005 GDP at market prices USD 6.5 b GDP annual real growth rate +3.6 % GNI per capita USD 5,125 Inflation rate 5.6 % Bank rate 6.13 % Population 1,243,000 Unemployment rate 9.5 % Exchange Rate MUR/USD 31.00 MUR/EUR 44.00 2. The Business Environment The private sector is present in virtually all economic activities in the country ranging from agriculture, banking and financial services to trade and tourism. The modernisation of the domestic financial sector through financial liberalisation and the establishment of the offshore sector, stock exchange and Freeport, have resulted in the business and financial sector becoming an engine of growth and a significant contributor to National Income. Fast facts about Mauritius: Political and Social Stability Preferential access to regional markets State of the art communication facilities Highly literate and adaptable labour force Pool of qualified professionals Numerous double taxation avoidance treaties Expanding Freeport and offshore business activities International stock exchange No exchange control Convenient time zone ( + GMT 4) Frequent air and sea links Attractive fiscal policy Not on the OECD and FATF black list Availability of modern office facilities Pleasant and peaceful living conditions |
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