Named after the Dutch prince Maurice van Nassau, Mauritius has a total area of 1,865 km2 and measures at its largest points 65 km long and 45 km wide. Its population is a little over 1.3 million and its capital Port Louis. A republic since 1992, Mauritius is the most prosperous of the Indian Ocean islands and the countries of the African continent. One of its secrets is top-range tourism, respectful of the environment.
Known as the star and key of the Indian Ocean, Mauritius has achieved a remarkably successful economic performance, moving from the status of developing country to that of a newly industrialised country. It has brought about significant structural changes over the past thirty years in order to adapt to the conditions of a modern economy. Originally an agricultural economy relying solely on sugar cane cultivation, the country set out to diversify its economy by developing sectors such as textiles, tourism and financial services. As a result of the economic stability thus achieved, the island has become a hub for the African and Asian regions.
In 2010 Joseph Stiglitz, the Nobel laureate in Economics, highlighted the way the country faced up to the world financial crisis, describing it as a “Mauritian miracle”. In 2018 the growth rate of the Mauritian economy was 4%. The banking sector is particularly well developed with 21, of which 5 local banks, 10 foreign-owned subsidiaries, 1 is a joint venture, 4 are branches of foreign banks and 1 is licensed as a private bank. Two local banks, the Mauritius Commercial Bank and the State Bank of Mauritius, dominate the market but subsidiaries of the big international banks such as Barclays Bank, the HSBC, the Standard Chartered Bank and the Deutsche Bank are also present. Mauritius also has a stock exchange, the Stock Exchange of Mauritius (SEM).
To reshape its economy and prepare for the future, the Mauritian government intends to attract a maximum of foreign investment to the country. The country has a lot to offer to foreign investors:
- A favourable tax system
- Thriving banking and offshore centres
- An emerging country with advanced IT and telecommunication facilities
- A minimal time-zone difference from the main European capitals