Mauritius wants to more than triple its GDP per capita

12 years, 11 months ago - April 28, 2011
The initial target of government is to attract around 200,000 brand-conscious visitors from emerging markets

Mauritius wants to more than triple its GDP per capita to reach $20,000 by 2020 and achieve a GDP of nearly Rs1 trillion.

The Vice Prime Minister and Minister of Finance and Economic, Mr Pravind Jugnauth, said the realisation of this government vision will require accelerated economic growth across all sectors and massive investments in the physical fabric of the country including airport, port, road network, digital connectivity and transport system.

“Our total infrastructure investment requirement stands at over Rs250 billion, or more than $10 billion over the next 10 years. To realiee our vision, we will require significantly higher investment, both public and private sector, and both from domestic and foreign sources,” Mr Jugnauth said.

His remarks came at an interactive business meeting yesterday with the Indian businessmen accompanying the Indian President, Mrs Pratibha Patil, at Ebene Cybercity. He also outlined the main avenues of investment available to the Indian business delegation, which is led by Mr Navin Raheja, Managing Director of Raheja Developers Ltd.

“This vision and objective will also necessitate the development of new economic avenues and sectors as well as the consolidation of the competitiveness and attractiveness of existing sectors like financial services, manufacturing, ICT, logistics, hospitality and property development,” Mr Jugnauth said.

There are several opportunities for Indian investors in Mauritius in the education sector, innovation and research and the medical hub.

The finance minister said that diversification is a constant in the island’s development thrust. “To this end, we are intensifying efforts to transform Mauritius into a world-class tax-free shopping centre, and business and leisure destination with state of the art infrastructure and facilities.

“Mauritius has attracted around 900,000 tourists annually over the past three years. So far, Mauritius has a solid reputation as a prime destination for holidays, for ‘Sun, Sea and Sand’ for honeymooners and for weddings.

“We are adding a totally new dimension to our tourism industry and that is the development of Mauritius as a duty-free shopping paradise,” Mr Jugnauth said.

The initial target of government is to attract around 200,000 brand-conscious visitors from emerging markets, including India, as well as from traditional markets like Europe.

Mr Jugnauth added that Mauritius is an ideal platform for investments and trade in the region. “Our message to investors, and even to local entrepreneurs, is that they should have a broader perspective and look into the opportunities offered by the wider regional market of 500 million people.”

He said that Mauritius is continuously undertaking key actions to position itself as the investment platform of choice between Africa and Asia. 

“We have a network of bilateral agreements with major African countries and have already secured 14 Double Taxation Agreements (DTAs) and 17 Investment Protection & Promotion Agreements (IPPAs) with African states.”

He asked Indian service providers and Indian investors to use Mauritius as an additional platform from which they can provide financial and legal services and structure their international investments, especially into Africa.

By Nitesh Boodhoo

Text by NewsNow.mu

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