In line with the mandate of positioning the Mauritius IFC as a credible platform of substance, the Minister of Financial Services and Good Governance, Hon. Mahen Kumar Seeruttun spearheaded a 25-member strong delegation to participate in the 19th Annual AVCA Conference and VC Summit, the largest Africa focused private capital gathering globally, held from 1st to 5th May 2023 in Cairo, Egypt.
The Mauritian delegation was composed of the Economic Development Board, leading operators of the financial services sector namely IQ-EQ, AXIS, BLC Robert, Nexus, MCB, AfrAsia Bank, Mauritius Finance, Trident Trust, APEX Fund Services, Vistra, Bowmans, DLA Piper Africa and DTOS.
The AVCA summit themed ‘Retrospection & Prospection: Transforming Africa through Private Capital’ aimed at unlocking the potential of private capital’s transformative role in building a prosperous Africa. The AVCA Summit was attended by over 600 participants including senior private equity and venture capital industry stakeholders.
Delivering a special address on Wednesday 3rd of May 2023 at the Four Seasons, Cairo, the Hon. Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance underpinned the significant role of Mauritius as the ideal Capital Raising platform to plug the finance Gap in Africa. The Minister also highlighted the key attributes of Mauritius as a cost-effective jurisdiction adhering to international standards and global bodies such as the FATF, EU and the OECD. He further portrayed a 360 compelling overview of fund administration and management in Mauritius and showcased the jurisdiction as a one-stop shop providing all the services pertaining to cross-border investments into the African continent.
It should also be highlighted that the Egypt National TV in Cairo featured an exclusive interview of Hon. Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance.
To further leverage on the AVCA, the Economic Development Board organised a business forum and networking event on Wednesday 3rd May 2023. The event saw the participation of more than 80 participants including ambassadors from Ghana, Zimbabwe, Tanazania, high level representatives of GAFI, Suez Canal SEZ, COMESA RIA, fund managers, law firms, tax advisors and Development Finance Institutions amongst others, with a view to showcasing the Mauritius IFC, the regulatory framework, the tax regime & an overview of investment flows structured through Mauritius into Africa. The networking event served as a platform to bolster the visibility of Mauritius and enhance business ties with the Egyptian Business Community.
Delivering the welcome address, H.E Mr. D. Goburdhun, Ambassador Extraordinary and Plenipotentiary of Mauritius in Egypt stated that the Business forum is testimony of the importance Mauritius places on developing and nurturing partnership with Egyptian stakeholders in the field of global finance and investment. The Ambassador provided key ingredients of Mauritius as a diversified and open economy.
In his special address Dr. Ahmed Sherin, Vice Chairman of General Authority for Investment and Free Zones (GAFI), highlighted Egypt’s strategy to attract FDI namely, a comprehensive promotional strategy to attract leading companies in priority sectors, enhancing coordination among government stakeholders by addressing challenges, the issuance of the ‘Golden License’ for strategic projects of national importance, the implementation of Electronic Investor Service centers, and the creation of an interactive Egypt Investor Map. He also reaffirmed GAFI’s commitment to further enhance bilateral cooperation between Egypt and Mauritius especially in the non-banking financial sector which is on the rise and has a potential to further grow in Egypt.
On the other hand, Dr. Ibrahim Mostafa, Vice Chairman of Suez Canal Special Economic Zone Authority highlighted the objective of developing a sustainable model of infrastructure development by ensuring long-term financing and effective governance of infrastructure. He has invited Mauritian operators to harness the potential of the Suez Canal SC Zone and to tap into financing opportunities.
The event was concluded with a full-fledged presentation on the Mauritius IFC and its offerings which was showcased by Vinay Guddye, Director, Financial Services, EDB.
Major Outcomes of the Mission :
- Keen interests have been expressed by 2 law firms for setting up in Mauritius
- The CEO of AVCA has confirmed hosting the AVCA Summit in Mauritius in 2025
- EDB will further engage with AVCA in exploring avenues of collaboration in areas of capacity building, partnering for the Africa Partnership Conference and to become a privilege partner of the AVCA.