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WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Mauritius: Gateway to Africa.

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Presentation on theme: "WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Mauritius: Gateway to Africa."— Presentation transcript:

1 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Mauritius: Gateway to Africa

2 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Economic Overview MAURITIUS

3 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM GEOGRAPHICAL LEVERAGE ECONOMIC OVERVIEW Key Facts Area: 2,040 sq km (788 sq miles) Population: 1,288,684 (2011) Population density: 632 per sq km Exclusive Economic Zone: 1.9 million km² + 396,000 km² joint extended shelf with Seychelles Capital: Port Louis Government: Republic established in Gained independence from the UK in Official Language: English Key Indicators GDP Growth: 3.3% (2012) Repo Rate: 4.65% (as at date) Legal System: Hybrid Legal System

4 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Source: Statistics Mauritius 2012 GDP COMPOSITION ECONOMIC OVERVIEW

5 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Fisheries Industry Mauritius is the 3rd main exporter of tuna to Europe and 1st in UK Port and related services The Mauritian port handles 99% of total volume of external trade and contributes 2% of national GDP Numerous opportunities: Freeport and logistics, ship chandelling and repairs, ancillary services, bunkering and storage Ocean-related tourism Ocean based tourism is a growing segment of international tourism Cruise passengers to Mauritius increased more than twice from 2006 to 2012 Seabed Exploration Offshore crude oil is the only growing segment of the global oil industry South Indian Ocean is one of the least unexplored region in the world for hydrocarbons and minerals Marine Renewable energy Offshore wind farms installed capacity: from 6 GW to 175 GW by 2035 Mauritius pioneering DOWA projects in the region ECONOMIC OVERVIEW Ocean Economy

6 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Doing Business Regime MAURITIUS

7 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Start a business in 3 working days No minimum capital requirement 100% Foreign ownership Right to Live and Work in Mauritius Start Up Occupation Permit Homogenised 15% corporate tax Personal Income tax at 15% VAT at 15% 0% Corporate Tax in the Freeport No Capital Gains Tax Global Business : max 3% Free movement of Capital Acquisition of property by non-citizen Taxation Land & Property Acquisition Social & Political Stability (parliamentary democracy) Modern Legislation & effective regulation Political & Legal Environment Exchange Control COMPETITIVE & INVESTOR FRIENDLY INVESTMENT CLIMATE DOING BUSINESS REGIME

8 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM World Bank Doing Business Survey 2013 Overall Rank19th Globally 1st in Africa Starting a business14th Protecting investors13th Paying taxes12th Environmental Performance Index Overall Rank6th Globally 1st in Africa Best Countries for Doing Business Overall Rank19 th Globally 1st in Africa Source: World Bank Index of Economic Freedom 2012 Overall Rank8 th Globally 1 st in Africa Source: Heritage Foundation Source: World Economic Forum Mo Ibrahim Index 2012 Overall Rank1st in Africa WHO Air Quality Index Overall Rank2nd Globally Source: WHO Source: Mo Ibrahim Source: Forbes INTERNATIONAL RANKINGS & RECOGNOTION DOING BUSINESS REGIME

9 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Mauritius: Manufacturing & Trading Platform for Africa MAURITIUS

10 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM ESTABLISHED MANUFACTURING BASE Composition of the Manufacturing Sector (2012) Others include: Paper Products, Rubber plastics products, Basic metals, Non metallic mineral products, Pharmaceutical, Precision and optical instruments, Watches and clocks, Furniture Source: Statistics Mauritius Precision Engineering Automobile and Aircraft components Watches and Jewellery Health Care Pharmaceuticals Medical devices and Equipment Fashion Industry Designer /branded & up market garments Technical Textiles Seat covers and upholsteries Sustainable Development Biogas Food Processing Seafood processing Fruit and Vegetable processing MAURITIUS FOR AFRICA

11 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM KEY MARKET ACCESS AGOA EPA COMESA SADC FTA with Turkey MAURITIUS FOR AFRICA EPA – Economic Partnership Agreement with EU FTA – Free Trade Agreement

12 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM MARKET ACCESS : COMESA SADC $427 billion GDP 258 million Population $152 billion Import Bill $157 billion Export Bill 430 million Population COMESASADC 15 member states 19 member states MAURITIUS FOR AFRICA

13 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Goods to be consigned directly from a Member State to a consignee in another Member State and (a) They have been wholly produced/obtained (b) Have been produced in a Member State using non-originating materials, provided that such material have undergone sufficient working or process in one or more Member States; or (c) There has been a change in the tariff heading of a product arising from processing carried out on the non-originating materials. 1. The goods should be wholly produced or obtained on a Member State; 2. The goods should be produced in the Member States and the CIF value of any foreign materials should not exceed 60% of the total cost of all materials used in their production; or 3. The value added resulting from the process of producing the goods from imported materials should account for at least 35% of the ex-factory cost of the goods; or 4. The goods should be produced in Member States and be classified or become classified, after the process of production, under a tariff heading other that the tariff heading which they were imported (CTH rule) Certificate of Origin Rules MAURITIUS FOR AFRICA

14 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM DEVELOPED PORT & FREEPORT Freeport Act 2004 BOI acts as Regulatory Body Duty-Free and VAT free for goods and equipment imported into Freeport zones 100% corporate tax exemption Reduced port handling charges 50 % of turnover sales to the local market Access to offshore banking facilities MAURITIUS FOR AFRICA

15 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM ESTABLISHED FINANCIAL INDUSTRY Brokerage Houses Accountancy firms Tax & Investment advisers International Law Firms Leasing Companies General Insurance Long term insurance Captives Reinsurance Investment Holdings Global Managed Funds Fund Administration Fund Management Banking Insurance Capital Markets Other FIs Global Business (More Than 26,000 GBCs and over 900 Funds) Retail & Corporate Banking Private Banking & Wealth Mgt Investment Banking Equities Market Commodities Trading Platform Derivatives Functional GroupsFunctions Present in Mauritius Mauritius as the African Capital Raising Centre Banks to set up for Trade Financing Investment Banking Regional Treasury Management Corporate Finance Houses International Legal Services Opportunities exists for: MAURITIUS FOR AFRICA

16 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM THE REGIONAL FINANCIAL PLATFORM OF CHOICE In 2012, over 50% of new global business companies (GBCs) through Mauritius targeted Africa Leading PEs active in Africa are using Mauritius as their base : Africa Development Bank, Actis, Helios Mauritius: preferred financial platform for Africa Mauritius, A platform for outward investments

17 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM REGIONAL HEADQUARTERS IN MAURITIUS Expatriate staff allowed - Occupation and Residence Permit in 3 days Tax advantage – flat 15% income tax Sound regulatory framework Social and Political Stability Multilingual Workforce Proximity to Africa Tax liability limited to 3% (GBC1 company) No Exchange control Tax resident in Mauritius 43 DTAAs (18 with Africa) 38 IPPAs (19 with Africa) Tax Residency Tax Incentives Regional Headquarter Other advantages MAURITIUS FOR AFRICA

18 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM INVESTMENT & BUSINESS HUB OF THE REGION: NETWORK OF INVESTMENT PROMOTION AND PROTECTION AGREEMENTS 38 IPPAs 19 IPPAs are with Africa MAURITIUS FOR AFRICA

19 WHEF Bangkok : Strengthening Economy, Shaping Future WORLD HINDU ECONOMIC FORUM Thank You


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