EDB Budget Newsletter 2022/2023

Dr. The Honourable Renganaden Padayachy, Minister of Finance, Economic Planning and Development presented the National Budget 2022/2023 on Tuesday 7th June 2022.

In this regard, we are pleased to inform our valued investors, the business community and stakeholders that EDB has issued a special newsletter featuring an overview of the Budget Insights and main highlights.

Mauritius: Fostering an integrated agritech ecosystem

The use of modern technologies is becoming omnipresent in agricultural cultivations. Technology-based farming for crop production englobes techniques such as hydroponics, aquaponics, shelter farming and vertical farming. It is a fact that the demand for vegetables produced through hi-tech systems is rising both at local and regional levels.

EDB BUSINESS SUPPORT PORTAL

The EDB BUSINESS SUPPORT Portal is meant to create synergy and linkage among the various institutions of Mauritius to give entrepreneurs the support they need to thrive. In line with the strategic vision of the Government...

Developing a sustainable and resilient industry

The manufacturing industry remains an engine of growth with a GDP contribution of 13.3% in 2021 compared to 12.1% in 2020.

Mauritius: A dynamic & Innovative Medical Cluster

The healthcare sector in Mauritius has metamorphosed itself into an integrated cluster underpinned by a core group of high-value activities such as hi-tech medicine, medical tourism, medical education and wellness.

Mauritius: Charting its way towards Digital Transformation

Mauritius has positioned itself as the destination of choice to many international companies seeking a stable , secure and cost-effective platform. With its excellent digital infrastructure and highly qualified and efficient human capital, the country has also gained prominence as an emerging tech hotspot fostering a nascent indigenous technology sector.

Trade & Investment Platform for Africa

In line with the government strategy to promote Mauritius as a reputed and effective trade and investment platform for the continent…

A vibrant destination for quality education

In view of developing Mauritius as an innovation-driven economy, the Government of Mauritius aims at positioning Mauritius as the leading education hub for the region.  Mauritius is today a significant provider of quality education.

Travel, Stay & Explore Mauritius under the Premium Visa

The experience of natural beauty and balanced lifestyle that could only be encountered on a rare holiday has now been made available under the Premium Travel Visa to any non-citizen who intends to stay in Mauritius for a maximum period of one year as a tourist, retiree or a professional willing to come with his/her family and carry out his business or work remotely from Mauritius…

 

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At a glance

Mauritius being a diverse and multicultural nation of 1.3 million people, offers a range of investment opportunities in different sectors.

Its ease of doing business ranking and stable governance creates the perfect business climate possible.

1.3 Million

Population

4.8 % (2021)

Real GDP Growth Rate

MUR198 billion (2021)

Total Imports (C.I.F)

Rs78 Billion

Total Exports (F.O.B)

US$10230

GNI Per Capita

KEY SECTORS

  • Agro-industry

    Agriculture has been the bedrock of the Mauritius economy for decades. Starting from a monocrop sector, it is now fully diversified with over 711 tariff lines being produced locally and exported. While the industrial base of Mauritius has been considerably widened, the agricultural and agro-processing sector remains a vital pillar of the economy as sugar cane fields continue to dominate the landscape of the island. Keeping pace with the industrial development of the country, this sector has undergone substantial modernisation, transformation and diversification.

    3.9 %

    GDP Contribution

    Rs 19 Billion

    Total Domestic Exports of Agricultural products

    40300

    Employment

  • Creative Industry

    The creative sector is increasingly becoming a valuable segment contributing to the local, regional and global economies by generating income, jobs and exports. As per the government’s vision the creative sector is a potentially new economic driver to stimulate growth, job creation and investment. In Mauritius, the creative economy is evaluated at 3.5 % of GDP, representing approximately 14 billion rupees.

    3.5 %

    GDP

    Rs 14

    Billion (GDP)

    30 %

    Cash rebate

  • Education

    In view of developing Mauritius as an innovation-driven economy, the Government of Mauritius aims at positioning Mauritius as the leading education hub for the region.  Mauritius is today a significant provider of quality education. Building upon this reputation, Mauritius is attracting an increasing number of local and international students.

    4.8 %

    GDP contribution (2019)

    319

    Primary schools (2020)

    48.9 %

    Gross Tertiary Enrolment Ratio (2019)

    179

    Secondary schools (2020)

  • Financial Services

    The Mauritius IFC boasts more than two decades’ track record in cross-border investment and finance, and offers an unparalleled well-regulated and transparent platform. As an internationally recognised jurisdiction of repute, the Mauritius IFC is home to a number of international banks, legal firms, corporate services, investment funds and private equity funds.  

    13 %

    GDP Contribution

    1015

    Global Funds

    1.1 %

    Sectoral Growth Rate

    8635

    Employment

  • Freeport and Logistics

    The Mauritius Freeport was set up in 1992 with the objective of promoting Mauritius as a regional trading and logistics hub. At its humble beginning the Freeport provided basic warehouse for dry goods of 5,000 m2 that could capture “entrepot trade” only which stood at MUR 715 million and 20,000 tons in terms of value and volume of freeport trade performance.

    USD 775 Million

    Total Trade Value (2021)

    0.7 %

    GDP contribution (2021)

    220

    Freeport operators (2021)

    135405 Tons

    Import Volume (2021)

  • Healthcare

    The healthcare sector in Mauritius has metamorphosed itself into an integrated cluster underpinned by a core group of high-value activities such as hi-tech medicine, medical tourism, medical education and wellness.

    With state-of-the-art medical facilities and highly qualified personnel, Mauritius is positioning itself to cater for the growing needs of both domestic and international patients.

    4.6 %

    GDP contribution (est. 2019)

    + 4500

    Beds in both public & Private sector

    8500

    Total employment

  • ICT

    The ICT/BPO industry represents a key driver of the Mauritian economy with a GDP contribution of 7.4% for 2021 and employing around 30,000 people. With some 850 ICT-BPO based enterprises, the country has one of the richest technology ecosystems in Africa that thrives on innovation and collaboration across sectors.  The industry is vibrant spanning from technology start-ups to multinationals across various segments such as digital services, technical support, applications development and customer management among others.

    850

    No of companies (2021)

    30000

    Employment (2021)

    7.4 %

    GDP (2021)

    133.9

    Internet penetration (June 2021)

  • Lifesciences

    In line with Government`s vision to broaden the economic space, the Economic Development Board has identified medical biotechnology as a sector of immense potential with high value-added activities.

    + 1000

    Trials carried out on cosmetic and pharmaceutical products

    25

    No. of players

    1275

    Total employment

  • Manufacturing Industry

    With more than 50 years of industrialisation, the manufacturing industry remains an engine of growth with a GDP contribution of 13.3% (2021). This industry has played an instrumental role in the economic diversification and transformation of Mauritius from a monocrop to a broad-based and forward-looking economy. Today, Mauritius has consolidated its reputation as a high quality and reliable supplier through a successful combination of trade, investment, and industrialization strategies. 

    85 %

    Total exports

    90400

    Employment

    535

    Large establishments

    13.3 %

    Contribution to GDP

  • Ocean Economy

    Mauritius is a tiny land mass surrounded by a vast maritime zone of 2.3 million square kilometers and an additional sea area of 396 000 square kilometers co managed with Seychelles. The ocean represents our historical, cultural, environmental and economic heritage.

    The Mauritius blue economy is currently represented by coastal tourism, fishing, seafood processing and seaport activities that are also considered as traditional ocean activities. These activities including coastal tourism represent 10% of the Growth Domestic Product (GDP) and employ around 16,000 people.

    10 %

    Contribution to GDP

    $ 250 Million

    Export

    $ 300 Million

    Re- exports

    16000

    Employment

  • Real Estate & Hospitality

    The real estate development aims to make Mauritius a dynamic commercial and financial centre. The strategies at work consist of achieving the following three points:

    6.7 %

    INVESTMENT

    10.5 %

    GDP CONTRIBUTION (Real Estate & Construction)

  • Renewable energy

    Mauritius target 60% of renewable energy in its electricity mix by 2030 from a current 23.9%. This projected target is higher than IRENA and SEFORALL global renewable energy targets of 30 to 36% of renewable energies contribution in the energy mix by 2030. To this effect, utility scale solar and wind projects of a total capacity of some 80 MW are currently grid connected resulting in an increase in electricity generated from primary renewable energy sources from 5.5% in 2016 to 10.6% in 2020.

    14 MW

    battery storage

    2 MW

    floating solar project

    1000

    solar panels

  • Sports Economy

    The Government of Mauritius aims at positioning Mauritius as a regional sports hub by developing the country into a vibrant and growing sport economy that would have spillover effects on the services sector including the tourism industry.

    In our endeavour to promote sports in Mauritius, the following has been realised:

CONNECTIVITY TO THE WORLD

DTAA– Double Taxation Avoidance Agreement | IPPA1– Investment Promotion and Protection Agreement signed | IPPA2– Investment Promotion and Protection Agreement Awaiting Ratification | MOU– Memorandum of Understanding | SEZ– Special Economic Zone | CD– Country Desk | HC– Honorary Consul | DM– Diplomatic Mission |

Direct Flight Direct Port Connectivity Night Day

Time Zone: Relative to GMT

NEWSROOM

1 Jul 2022

Tax Implication of Distribution made by Fiscally Transparent Entities

1 Jul 2022

Participation at Premiere Vision International Trade and Apparel Fair 2022


27 Jun 2022

Nutraceutical : The Future of Intelligent Food


24 Jun 2022

Art and Finance Conference: the EDB and ZeeArts lay the foundations for a new industry


UPCOMING EVENTS

BIO-EUROPE 2022 CONFERENCE
24-10-2022
Trade and Investment Promotional Program South Africa
07-04-2022
Med Tech Innovation Expo
08-06-2022

TESTIMONIAL

Jean-Marc Rivet

Estate Manager of Ferney

Agri Ferney Hub

The Covid-19 pandemic has brought the focus back on the importance of sustainable and resilient food supplies. This event has reminded Mauritians of the importance that agriculture holds for the country.

An innovative project, in the form of the Ferney Agri- Hub, was launched by Ciel Group to facilitate access to fertile land as well as shared processing and distribution facilities in support of agri-entrepreneurs and business operators.

Jean-Marc Rivet, Estate Manager of Ferney stated that “the objective of this initiative is to build a vibrant agri-business sector that utilizes natural resources sustainably, contributes significantly to national food security and empowers producers to higher productivity, and enhances the welfare of the farming community”

norman noland
Mr. Norman Noland

CEO

Dale Capital Group Limited

As this year marks our 20th anniversary of doing business in Mauritius, it is immensely gratifying to achieve this milestone & success with the people of Mauritius.  The commitment of the Mauritian Government coupled with the professionalism of the EDB in ensuring an investor-friendly business climate is highly commendable.  Amid the COVID-19 pandemic, I am confident that Mauritius will overcome this daunting challenge and steer its economy in the right direction”

Renaud Azema
Mr Renaud Azema

Franchise & General Manager

Vatel Mauritius

Vatel decided to open a school in Mauritius in 2009 for two reasons. First, because of the worldwide recognition of the Mauritian hospitality industry. Secondly, because of the government’s vision to develop Mauritius as a knowledge hub. After 6 years of operation, our strategy, well supported by EDB, has been successful.

yves
Mr Yves Bernaert

Chief Executive Officer

Accenture Technology, Europe at Accenture

Operating in Mauritius since 2002, Accenture is the leading employer in the ICT-BPO sector with more than 3500 employees. Our Advanced Technology Centre and Intelligent Operations Centres are a destination of choice for French speaking, English speaking and other European-based clients that lead through change.

pearse flynn
Mr Pearse Flynn

CEO

Ebenegate

There are a host of factors which have influenced our decision to invest in Mauritius. Having access to a well-educated and bilingual workforce, coupled with a business-friendly and above all politically and economically stable environment, makes Mauritius a perfect offshore location for Ebenegate.

Laurent-Chaverot.jpg
Laurent Chaverot

CEO

Allianz Services

Allianz Services, the internal operations capabilities organization of Allianz Group, has established an operation center in Mauritius since 2012 supporting Allianz activities across the world. This capacity leverage dedicated expertise in customer service and insurance operations management. Mauritius offers a stable reglementary environment, sound infrastructure and a dynamic and qualified workforce in a position to work in both French and English languages.

 

Robertus Helle

Founder & CEO

Objectivity

Mauritius provides for an interesting and strategic destination for any ICT/BPO company to its establish operations. Hailed as the most business-friendly country in Africa and one of the best places to do business in the world, Mauritius has a broad-based economy providing an array of investment opportunities.

Over the years, the country has made impressive strides towards the development of the ICT sector as a cross-cutting enabler for the development of other sectors of the economy. From Financial services and Fintech, Education and Health services to Smart cities and Real estate development, the ICT sector is more than ever participating in the growth momentum & consolidation of economic pillars. Today, the relevance and contribution of the ICT sector is becoming more prominent and pronounced and cannot be underestimated.

For the year 2022, Mauritius maintained its attractiveness as a serious contender for software development activities with the establishment of Objectivity in the local landscape. By opening up a new site in Mauritius, the company has strengthened its smart shoring proposition for its world wide client.

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