The Mauritius Equation: Re-imagined
21 Oct 2021
With the Government of Mauritius prioritising the return of the island nation to a positive trajectory of development in the new normal, this article tells us how measures announced under Budget 2021-22 have done much to restore investor confidence and attract entrepreneurs, with innovations such as the Premium Investor Certificate, FinTech Innovation Hub, and Premium Visa scheme.
The novel coronavirus pandemic presents arguably one of the most significant public sanitary crises in living memory, with its impacts being felt on a global scale, touching both social and economic realms, and sparing no community, nation, or other social unit. In this overwhelming state of health emergency, Governments around the world have had to take drastic measures such as nationwide lockdowns, curfews, and the closing of borders.
Mauritius was not spared as well, and buoyant economic pillars suddenly required extensive intervention and had to strive to survive on a day-today basis. Along with this came the importance of scouting for new opportunities, more than ever before, by using technological advancements and charting new levels of resilience to adapt to this new normal.
Reversing the strong headwinds induced by the pandemic and launching the nation back on its positive development strategy has been the overriding priority of the Government of Mauritius. Accordingly, the 2020/2021 Budget Speech of Dr. the Honourable Renganaden Padayachy, Minister of Finance, Economic Planning and Development, which was delivered shortly after Mauritius’ first wave, was entitled “Our New Normal”. The Honourable Minister sought to steer the economy out of this unforeseen predicament as well as bolster economic recovery with major considerations towards achieving self-sufficiency, financial support to companies, and a set of more than 150 measures to assist in the economic recovery.