INVEST IN MAURITIUS
they are not the only ones! Why do you think groups like DP
World or Macquarie accept to come to Mauritius! Ghana, Côte
d’Ivoire, Senegal, Morocco, Zambia, Uganda, Mozambique and
Madagascar have all contacted us to implement Special Economic
Zones (SEZ). And in order to develop them, we have created
Special Purpose Vehicles (SPV), globally unique investment
funds.
How do they operate?
For an SPV to come into existence, there must first be a bilateral
agreement, which implies a very strong political will to cooperate.
What we have done with Ghana: Mauritius will possess 60%
of the shares while Ghana will hold 40%. Investors travelling
through this channel will be exempt from customs duties and VAT
on inputs. And corporations will be exempt from taxes for a period
of ten years.
“It is the rise of Africa
that makes Mauritius
regain its historical
importance, that is,
being the star and key
of the Indian Ocean.”
Does this apply to every investor?
Yes, we are talking about becoming a channel for hundreds of
billions of dollars worth of investments. It can only happen if
leading financial centres work with us.
We are developing two investment corridors: a corridor
for South East Asia that will pass through Singapore, transit in
Mauritius to then enter Africa, and the Middle East corridor that
will pass through Dubai. It involves huge funds; we are talking
about sovereign funds and fortune managers. And this will be the
safest way of investing in Africa.
Will those investments be protected against political risks?
Investors will have to pay development fees to the SPV to be able
to benefit from it. This income will allow us to be insured by the
Multilateral Investment Guarantee Agency, an institution of the
World Bank and, therefore, be protected against political risks.
Which means that a country that is not playing by the rules would
encounter significant problems.
What is the benefit for Mauritius?
The SPV will create a series of direct projects from which
Mauritius will benefit by allowing it to be present in Africa in
accordance with the South-South agreement, with mutual respect.
We are not going there to exploit, but to work together for mutual
development. Do you know that Mauritian companies who have
already invested in foreign countries are now achieving up to 60%
of their profits from their international operations?
Let’s get back to Mauritius and discuss another flagship
project, the Smart Cities. Thirteen projects have been
approved. What is this all about?
It’s a highly innovative development concept of
residential zones, accessible to all social circles, completely
environmentally friendly, able to produce renewable energy,
equipped with internal electrical public transport and
connected in terms of technology. A Smart city is a place where
one can work, live and play and this implies having residential
complexes, offices and recreational facilities.
Will it not have an adverse environmental impact?
I truly care about the environment. Every project must go
through an environmental assessment beforehand, because the
planet can live without us but on the other hand, we cannot
survive without it. Human greed has led to the overexploitation
of land and resources.
I hope that in ten years’ time, tourists will come to Mauritius
because it is one of the most beautiful and environment-friendly
places on Earth.
What would you like to say to potential investors wishing to
move to Mauritius?
Be it Dubai or Singapore, the majority of the population, are
foreigners. Yet, we have taken a land that was unoccupied
and which, therefore, belongs to everybody. Mauritius can,
therefore, become a host country for foreigners. We will
never be able to achieve an extraordinary growth rate without
welcoming the know-how and expertise of foreign nationals in
our country. This is the real message.
In 1983, in your capacity as Minister of Finance, you were
the architect of the economic take-off. Thirty-two years later,
according to you, is a second economic miracle achievable?
The future is unpredictable and unforeseen events may occur;
the international economic collapse is an obvious example. It
is also evident that we are not yet out of the economic crisis
of 2008 and that we are still largely indebted. They are like
swords of Damocles hanging over our heads. But we have
formulated a new development strategy that will allow us to
become a great regional power.
For a small island, this may seem to be a huge ambition, but we
can achieve it.
You are saying that Mauritius possesses the necessary
resources to weather the economic crisis. To what resources
are you referring?
We are an intelligent nation: Mauritians have
the capacity to learn and adapt. Our country abounds with
potential investors who are ready to take risks and invest,
generate employment and bring development.
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