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| FINANCIAL SECTOR & ECONOMY |
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Growth of 4.4% for 2018 expected by MCCI
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| According to recently released forecasts of the Mauritius Chamber of Commerce and Industry (MCCI), economic perspectives for Mauritius should see an improvement next year. Indeed, the Mauritian economy is expected to see a growth of 4.4% in 2018. The Chamber also maintains its estimated real GDP growth at around 4% for the current year. |
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Bank of Mauritius maintains repo rate at 3.5% |
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The Monetary Policy Committee (MPC) met on 29th November 2017 and decided to maintain the repo rate at 3.5%. This rate will prevail until the Committee’s next meeting scheduled for 28th February 2018.
The MPC’s principle function is to determine the monetary policy if the central bank to maintain price stability. Members of the MPC came to this decision after taking into account various factors which may influence both monetary stability and price stability. These include the inflation rate from a global level, which is estimated at 3.7% for 2018; relatively stable fuel prices; expected GDP growth estimated at 4%; growth of 7% of the volume of credit sought by operators in the private sector; excess liquidity which has worsened due to the injection of Rs 13 billion into the monetary system; the currency market which is flooded with American Dollars which causes the central bank’s reserves to increase by USD 5.5 billion; the appreciation of the Rupee compared to the Dollar; a decre ase in the export of goods and services (Rs 10 billion, i.e. about USD 296 million), while revenue from the tourism sector has reached Rs 10 billion (about USD 296 million).
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Paradise Papers: The FSC defends the Mauritius jurisdiction |
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| In the context of the release of the Paradise Papers, the Financial Services Commission (FSC) published a press communique on 28th November 2017. The FSC reiterated that Mauritius has always been a transparent and collaborating jurisdiction that adheres to the best practices and norms. These have led the country to gain international recognition as an international financial center of choice and substance for cross-border investments.
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Economic Development Board – Appointment of Chairperson |
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| The Chairperson of the Economic Development Board (EDB) has been appointed in the person of Mr Joseph Charles Cartier on 20th November 2017.
The EDB, an initiative that was announced in the Budget Speech 2017/2018, is a new entity which has been set up following the EDB Act passed in the National Assembly in July this year, will regroup and consolidate various investment promotion agencies, namely the Board of Investment (BOI), the Financial Services Promotion Agency (FSPA), Enterprise Mauritius (EM) and the Mauritius Africa Fund (MAF).
The EDB will be the main business licensing agency in Mauritius and will comprise three directorates namely: National and Sectoral Economic Development Planning; Investment and Export Promotion (Integration of BOI, EM, FSPA and MAF); and Business Licensing Agency (Implementation of e-Licensing business platform). It was created with the purpose to strengthen institutional capacity to support growth objectives.
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FDI into India: Mauritius tops the list once again |
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| Mauritius reconfirms its position as top source of FDI to India, ahead of Singapore. Indeed, from April to September 2017, USD 11.5 billion transited through the Mauritius jurisdiction to India. According to the figures released by the Department of Industrial Policy and Promotion (DIPP) of the Ministry of Commerce of Industry of India, Mauritius was positioned well ahead of Singapore (USD 5.3 billion) and the Netherlands (USD 1.9 billion).
The DIPP also reckons that, based on the good performance of Mauritius, the FDI amount recorded for 2016/2017 may well be exceeded in 2018. It is to be noted that the telecommunications sector attracted the most significant amount of FDI during the first six month of the financial year 2017 (USD 6.1 billion). This is followed by the services sector, namely banking, insurance, outsourcing of series and other non-financial activities (USD 2.9 billion). And finally, the trade sector (USD 1.5 billion).
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Mauritius and Russia strengthen cooperation |
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| An official Mauritian delegation, headed by the Mauritian Minister of Foreign Affairs, visited Russia at the end of November 2017, at the invitation of Russian Minister of Foreign Affairs, Sergueї Lavrov. The objective was to boost the economic and financial cooperation between the two countries, and to promote the advantages of the Mauritius Financial Center to the business circle and to the wealthy in Russia. |
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Mo Ibrahim Index 2017: Mauritius ranks First in Overall Governance in Africa |
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The recently released Mo Ibrahim Index 2017 of African Governance ranks Mauritius first in Africa. Mauritius achieved the highest overall score (81.4) out of a total of 53 African countries. The country is followed by Seychelles with a score of 73.4, followed by Botswana which scored 72.7.
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The Board of Investment of Mauritius wins the United Nations Awards for Promoting Investment in Sustainable Development Goals (SDGs) |
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The Board of Investment (BOI) of Mauritius won the United Nations Awards for Promoting Investment in Sustainable Development Goals at a reception organised by the Investment Commission of the United Nations in Geneva, Switzerland, on 20th November 2017.
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‘Measuring the Information Society Report 2017’: Mauritius ranks 1st in Africa |
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| According to the 9th edition of the Measuring the Information Society (MIS) Report published by the International Telecommunication Union and released on 15th November 2017, Mauritius ranks 1st in Africa and 72nd worldwide in the ICT development Index.
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| THE MAURITIUS FILM INDUSTRY |
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Mauritius wins the prestigious “Best Shooting Destination” award at Indywood Film Carnival |
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| Mauritius was conferred the Best Film Shooting Destination of the Year Award by the International Film Business Award, at the 3rd edition of the Indywood Film Carnival. The 4-day Carnival took place at the world’s largest integrated film studio, Ramoji Film City, in Hyderabad, India from 1st to 4th December 2017.
By winning this award, Mauritius reconfirms its position as one of the choicest locations for film producers worldwide. The Mauritius government has earmarked the Film Industry as one of the most promising economic sectors for the country and this award comes as a recognition of the efforts made by the Board of Investment and other stakeholders to improve the offerings of the island nation as a film shooting and production destination, by putting forward not only the country’s natural beauty but also the sound ecosystem put in place and comprising encouraging incentives for investors (e.g. the Film Rebate Scheme) as well as reliable infrastructure and ancillary services.
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Capital Markets Brokers Ltd (CMB) – Portfolio Management service |
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| At CMB, we have various solutions to suit your financial needs. One of CMB’s services is the Portfolio Management service. Indeed, keeping up with rapidly changing markets everyday, staying on top of your holdings and knowing when to act may be more challenging for you.
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Please click here to download our Portfolio Management Brochure. You may also download and subscribe to our Global Newsletter – 3M ended November 2017 here.
Contact us: +2304020280 or sales@cmb.mu.
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DISCLAIMER The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.
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