A webinar on "Exploring economic opportunities across Africa-The Mauritius International Finance Centre (IFC), a risk mitigating and efficiency platform", was held, today, at the Financial Services Commission in Ebène, at the initiative of Osidan, the Standard Chartered Bank Mauritius, and the Economic Development Board (EDB).
The Minister of Financial Services Commission and Good Governance, Mr Soomilduth Bholah; the Director of Financial Services Sector at the Economic Development Board of Mauritius, Mr Vinay Guddye; the Managing Director at Osidan, Mr Sayyad Nazeer Shah Boodhun; the Country Head Commercial Corporate and Institutional Banking at Standard Chartered Bank Mauritius, Mr Rajnish Aubeeluck; and the Senior Manager at Osidan, Mrs Pamela Torul, participated in the webinar.
In his intervention, Minister Bholah identified Mauritius as a nation having forged a reputation as a safe, trusted, and competitive financial centre supported by strong institutional arrangements and good governance. The country, he highlighted, is poised to enhance its role as the ideal business and investment hub for Africa and a key enabler for driving quality investment into the continent.
He indicated that Africa's GDP has the potential to increase from USD 2 trillion to USD 29 trillion by 2060. The African continent has around 65% of the uncultivated, rich and fertile arable land to feed the world and with boundless opportunities for solar, hydro, and geothermal energy sources, the continent stands at the forefront of global sustainability efforts, he stated.
The Minister added that Africa's population is set to rise to over 2 billion people by 2050, consumer spending will reach USD 2.5 trillion by 2030, while business-to-business investments will reach over USD 3.5 trillion in the same period.
With its political, social and economic stability, sound regulatory framework and relevant Investment Promotion and Protection Agreements (IPPAs) and Double Taxation Avoidance Agreement (DTAAs) with over 40 countries, Mauritius, he emphasised, offers a certainty to global investors to look up for Africa as an investment destination.
Mauritius, he pointed out, has consistently secured the top rank in Africa across various international accolades, including the World Bank Doing Business, Global Competitiveness Index, and Forbes Survey of Best Countries for Business. He observed that this remarkable economic performance reflects the country's progress in building an inclusive and resilient economy and bears testimony of the wide array of advantages that exist for foreign investors.
He further indicated that the Mauritius IFC offers a panoply of competitive financial products and services. These include private banking, global business, limited liability companies, protected cell companies, Variable Capital Company, trust and foundation, insurance and reinsurance, investment banking, and global headquarter administration, amongst others.
Additionally, investors can benefit from a plethora of incentives including access to three main trade agreements namely the African Continental Free Trade Agreement, the Comprehensive Economic Cooperation and Partnership Agreement with India, and the Mauritius-China Free Trade Agreement. These Agreements, he said, open up the possibility to provide a whole range of financial services on a cross-border basis from the territory of Mauritius for any investor who decides to incorporate a company and operate from there, or to establish a commercial presence in these Markets as a Mauritian branch.
Mauritius, he informed, has already embarked on the sustainability journey indicating that since 2019, the Financial Services Commission has signed the Marrakech Pledge which has resulted in the implementation of a green bond framework for private issuers in 2021. Mauritius is in the process of creating a dedicated Environmental Social and Governance Framework taking into account the needs of African countries, he said.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
The Minister mentioned that Mauritius is coming up with a Fintech City that will enable a platform for match making between investors and start-ups. To this regard, he mentioned that budget 2024-2025 announced for a Blueprint for the development of Mauritius as a Fintech Hub in the region to be devised with the assistance of the United Nations Economic Commission for Africa.
He added that Mauritius can also serve as the risk-mitigating platform, providing security and peace of mind to investors with 23 IPPAs signed with African states.
Mauritius, he affirmed, has played and will continue to play a prominent role as a gateway for investment into the African continent. Minister Bholah expressed confidence that the collaboration of nations across the continent will certainly help to reimagine Africa's growth and lead to greater sustainability and prosperity for everyone.
