Investment Opportunities in Mauritius
Investment opportunities in Mauritius
Mauritius is pursuing a multi-pronged development strategy based on a liberal and open investment policy in order to attain sustainable growth in a fast globalizing world economy. They key elements of the strategy are:
- Consolidation of the traditional industries in Mauritius
- Diversification of the industrial base
- Development of emerging sectors
- Harnessing the services industries of the future
In past for a long time the cultivation of sugar cane has been one of the main agricultural activity in Mauritius. As the epoch of guaranteed price and the quota for free access of the Mauritian produced sugar in the EU market comes to an end, the traditional sugar industry is set to transform itself into a sugar cane cluster producing altogether several types of sugar, electricity and ethanol.
The other agricultural products namely fruits and vegetables are grown locally by the Mauritians. Though in a much smaller scale. Mauritius still remains by far a net importer of food, in times when growing importance is laid on food security.
A huge opportunity for investors therefore exist in agri-business, ranging right from the cultivation of a wider range of produce to value-added processing, from dairy products to livestock, for local consumption as well as for exports.
Life Sciences :
The entrepreneurial spirit, the cutting-edge technologies, academic excellence, a highly skilled and bilingual workforce and a strong intellectual property protection regime indicates that Mauritius has all the pre-requisites to become a strong and fast-growing life sciences industry
Mauritius aims to become a major player in the fields of biomedical research, clinical trials, medical devices and pharmaceutical/ phyto-pharmaceutical product.
Property Development :
In past years, the property development scene in Mauritius has been particularly buoyant, with the coming up of all the commercial malls, luxury villas and international flagship hotels. A wave of landmark property development is under way which set the new standards in terms of design and quality of build. Thus opportunities in this sector are many and diverse.
International Business Services :
Mauritius is strategically located in the Indian Ocean and thus plays a unique role in serving Africa, Asia and the rest of the world in value-added business services. Leveraging on its state-of-the-art infrastructure and global connectivity, Mauritius has inherited the attributes to become the new economic powerhouse of the region. While the services industry already accounts for 70% of GDP, attractive investment opportunities exist in various areas of international business services.
The export-oriented manufacturing sector of Mauritius acts as the backbone of the Mauritian economy for the past three decades. This sector remains a major constituent of the Mauritian economy in terms of foreign exchange earnings it brings, the employment it generates and the contribution to GDP .And is therefore called upon to continue to play an important role in the consolidation and diversification of the industrial base of the country.
With the privilege of market access, in terms of the quota-free and the duty-free entry into the European Union (Cotonou Agreement), to the Eastern and Southern African markets (SADC and COMESA) and to the US market, in the context of the AGOA, investment opportunities exist in the manufacturing sector.
Some of the special incentives provided by the government to foreign investors in manufacturing sector are.
- No custom duty or sales tax on raw materials and equipments.
- No tax on dividends.
- No capital gains tax.
- Free repatriation of profits, dividends and capital.
- 50 % relief on personal income tax for expatriate staff.
The sector combined with these incentives presents a very lucrative opportunity for investment.
Health Care, Wellness and Leisure :
Mauritius is a renowned destination for Healthcare, Wellness and Leisure. It can leverage its strong brand image as an exclusive holiday destination and a second home to high net worth individuals. It is a potential annual market of 2million high net worth tourists.
It also has an enabling regulatory framework for the healthcare market, e.g. Private Healthcare Institution Act and The Human Tissue (Removal, Preservation and Transplant) Bill. So Mauritius has huge potential in the following fields.
- Multi specialty hospital and specialty center for local and foreign patients.
- Plastic reconstructive and cosmetic surgery clinics.
- Dental clinics and dental laboratories.
- Luxury homes for non-citizen retirees.
- Allied health services to carry out back office activities etc.