The country wants to become Africa that Singapore and Hong Kong have been to Asia and China: a launch pad for investors. Mauritius has taken new initiatives in this direction recently with the signing of new treaties to avoid double taxation with countries on the continent.
Mauritius has signed tax treaties with 13 African countries. Others will be added to the list soon. Some include Nigeria, Malawi, Egypt and Ghana.
This diversification initiative comes just after a tussle with the Indian authorities. In principle, the Indian authorities have granted a three-year moratorium before applying the General Anti-Avoidance Regulation (GAAR).
The average rate of growth in Africa is 6% compared to our 3%. Seven of the ten countries with growth rates highest in the world are in Africa.
Mauritius is already home to almost half of the investment funds that target the African market. Laws and regulations are being prepared to reinforce the image of our offshore center. The country is also on the list of tax havens own the OECD, the organization developed countries.
Mauritian companies are already present in Africa, whether in sugar, financial services or the information technology and telecommunications (ICT). A hotel project in Congo is in the pipeline.
This new initiative to develop offshore on the continent therefore makes sense when it is placed in a broader context.