{"id":3594,"date":"2024-07-01T11:51:22","date_gmt":"2024-07-01T10:51:22","guid":{"rendered":"https:\/\/rethinkq.adp.com\/?p=3594"},"modified":"2024-09-03T10:14:54","modified_gmt":"2024-09-03T09:14:54","slug":"money-matters-mauritius-africa","status":"publish","type":"post","link":"https:\/\/rethinkq.adp.com\/money-matters-mauritius-africa\/","title":{"rendered":"Mauritius: Africa\u2019s beach paradise turned financial hub"},"content":{"rendered":"\n<header class=\"entry-header bg-adp-tan block--article-header alignfull block--article-header\" >\n\n  \n\n<figure class=\"wp-block-image size-full entry--image\"><img decoding=\"async\" width=\"1920\" height=\"1278\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT.jpg\" alt=\"\" class=\"wp-image-3595\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT.jpg 1920w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT-300x200.jpg 300w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT-1024x682.jpg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT-768x511.jpg 768w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT-50x33.jpg 50w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT-1600x1065.jpg 1600w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT-1536x1022.jpg 1536w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT-375x250.jpg 375w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/figure>\n\n\n\n<div class=\"wp-block-group entry--title-wrapper\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><div class=\"entry--social-share\">\n  <ul>\n    <li><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/rethinkq.adp.com\/money-matters-mauritius-africa\/&#038;t=Mauritius: Africa\u2019s beach paradise turned financial hub\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/facebook.svg\" alt=\"Facebook logo - click to share this article on Facebook\"><\/a><\/li>\n    <li><a href=\"http:\/\/twitter.com\/share?text=Mauritius: Africa\u2019s beach paradise turned financial hub&#038;url=https:\/\/rethinkq.adp.com\/money-matters-mauritius-africa\/\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/twitter.svg\" alt=\"Twitter logo - click to share this article on Twitter\"><\/a><\/li>\n    <li><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https%3A%2F%2Frethinkq.adp.com%2Fmoney-matters-mauritius-africa%2F\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/linkedin.svg\" alt=\"LinkedIn logo - click to share this article on Facebook\"><\/a><\/li>\n  <\/ul>\n<\/div>\n\n            <a class=\"entry--tag tag-style\" href=\"https:\/\/rethinkq.adp.com\/money-matters\/\">Money matters in<\/a>\n\n        \n  <h1 class=\"entry-title\">Mauritius: Africa\u2019s beach paradise turned financial hub<\/h1>\n\n\n<p class=\"is-style-summary-style\">This small island has leveraged its strategic location and highly educated workforce to become an entry point to mainland Africa.<\/p>\n<\/div><\/div>\n\n\n  <div class=\"entry--meta content-width\">\n           <p class=\"authors\">By\n                        <a href=\"https:\/\/rethinkq.adp.com\/author\/michael-iyasawmy\/\">Michael Iyasawmy<\/a>\n\n             \n         \n     <\/p>\n    \n  \n  <p>1 July 2024  <span class=\"desktop-only\">\u2014<\/span> <a href=\"https:\/\/rethinkq.adp.com\/issue-12-resilience\/\">Issue 12: Resilience<\/a> \n  <\/div><!-- .entry-meta -->\n\n<\/header><!-- .entry-header -->\n\t<div class=\"entry-content content-width\">\n\n\n<div class=\"block--sidebar bg-adp-navy alignright\"><div class=\"block--sidebar__inner\">\n\n<h3 class=\"wp-block-heading\">Everything about Mauritius<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Population:<\/strong> 1.3 million<\/li>\n\n\n\n<li><strong>Total workforce: <\/strong>559,700<\/li>\n\n\n\n<li><strong>Capital: <\/strong>Port Louis<\/li>\n\n\n\n<li><strong>Land area: <\/strong>790 sq mi (2,040 sq km)<\/li>\n\n\n\n<li><strong>Currency:<\/strong> Mauritian rupee (MUR)<\/li>\n\n\n\n<li><strong>Official language:<\/strong> English. French and English are the de facto business languages, and Mauritian Creole is spoken in everyday life<\/li>\n\n\n\n<li><strong>Affiliations: <\/strong>SADC, COMESA, IOC, Commonwealth<\/li>\n\n\n\n<li><strong>GDP: <\/strong>$12.9 billion<\/li>\n\n\n\n<li><strong>GDP per capita:<\/strong> $10,243 (2022)<\/li>\n\n\n\n<li><strong>Minimum monthly wage:<\/strong> MUR 20,000 ($428) as of 1 July 2024<\/li>\n<\/ul>\n\n\n\n<p><strong>Source<\/strong>: World Bank, Bank of Mauritius &amp; Statistics Mauritius<\/p>\n\n<\/div><\/div>\n\n\n<p>Mauritius is known for its marvelous beaches, five-star hotels, and warm, welcoming people. But tourism is just one facet of this vibrant island nation, located off the eastern coast of Madagascar in the Indian Ocean. Mauritius has other assets that have propelled it to become one of Africa\u2019s top economies.&nbsp;<\/p>\n\n\n\n<p>First discovered by Arab sailors and then occupied by the Portuguese, Dutch, French and British, for centuries the country\u2019s economy revolved around sugar cane production. In the 1980s, the government \u2014 which had achieved independence in 1968 \u2014 embarked on a successful diversification strategy, investing in infrastructure and leveraging the country\u2019s highly educated and internationally minded workforce.&nbsp;<\/p>\n\n\n\n<p>Today, this tropical paradise thrives on five key pillars: tourism, manufacturing, fisheries, information and communications technology, and financial services. The financial sector contributes a whopping 40% of the gross domestic product. In the future, Mauritius seeks to further capitalize on its strategic location between Africa and Asia, building a bridge between the two continents.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Continuous growth<\/h2>\n\n\n\n<p>Mauritius boasts a robust social safety net that provides free education, healthcare and retirement pensions for all citizens. A stable democracy with a highly educated population, the country has undergone a miraculous economic transformation. Since independence, Mauritius has witnessed significant growth, particularly in manufacturing and tourism.<\/p>\n\n\n\n<p>\u201cMauritius has a well-educated population all thanks to our free public education system that extends until the tertiary level; everything is free through the first bachelor\u2019s degree,\u201d says Kevin Ramkalaon, CEO of Business Mauritius, which represents the nation&#8217;s private sector. \u201cThis fosters a generation that&#8217;s more open to the world compared to many others.\u201d&nbsp;<\/p>\n\n\n\n<p>Mauritius also has a unique geographic and cultural position.<\/p>\n\n\n\n<p>\u201cOur location offers a distinct advantage,\u201d Ramkalaon adds. \u201cWe&#8217;re situated at the crossroads of Africa and Asia, with a culture that blends western and eastern influences. Being at the heart of the Indian Ocean places us in a prime position to tap into its vast cultural wealth and growth potential.\u201d<\/p>\n\n\n\n<p>Together, these factors have paved the way for international companies to establish offices in Mauritius.&nbsp;<\/p>\n\n\n\n<p>\u201cFrom a per-capita gross national income of $400 in 1968 to&nbsp;$10,243 in 2022, Mauritius has made significant strides in becoming an upper-income country \u2014 and is well on the trajectory to becoming a high-income country,\u201d says Ken Poonoosamy, CEO of the Economic Development Board (EDB) of Mauritius.&nbsp;<\/p>\n\n\n\n<p>As the country moved away from its reliance on the sugar cane industry, investing in other fields and upgrading its infrastructure, its cities have emerged as financial centers. Ebene, a suburb in the central urban region, is the country\u2019s hub for technology, banking and financial services.&nbsp;<\/p>\n\n\n\n<p>\u201cOver the years, the country has forged a strong growth-oriented developmental path which has led to one of the highest per-capita incomes on the African continent,\u201d Poonoosamy adds.<\/p>\n\n\n\n<p>The Big Four accounting firms all have a presence here, strategically leveraging the island\u2019s position to operate across the African continent and worldwide. This advantage is further amplified by a rising tide of inward migration. Workers from France, greater Europe, and South Africa are increasingly choosing Mauritius as a base to establish businesses or offices, capitalizing on the country&#8217;s numerous benefits.<\/p>\n\n\n\n<p>Covid-19, however, took a heavy toll on the Mauritian economy. The government imposed two lockdowns: one from March to May of 2020, and a second in March and April of 2021. With business and global travel grinding to a halt, Mauritius was downgraded from a high-income to an upper-middle-income country. Inflation spiked to more than 10% before gradually easing to around 7%, according to <a href=\"https:\/\/data.worldbank.org\/country\/mauritius\" target=\"_blank\" rel=\"noreferrer noopener\">World Bank data<\/a>. As of 2024, tourism is back to pre-pandemic levels, and other businesses are on the rise. But the recovery has been uneven.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/le-morne-brabant-peninsula-black-river-riviere-noire-west-coast-mauritius-W2C6DN-1024x683.jpg\" alt=\"\" class=\"wp-image-3596\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/le-morne-brabant-peninsula-black-river-riviere-noire-west-coast-mauritius-W2C6DN-1024x683.jpg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/le-morne-brabant-peninsula-black-river-riviere-noire-west-coast-mauritius-W2C6DN-300x200.jpg 300w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/le-morne-brabant-peninsula-black-river-riviere-noire-west-coast-mauritius-W2C6DN-768x512.jpg 768w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/le-morne-brabant-peninsula-black-river-riviere-noire-west-coast-mauritius-W2C6DN-50x33.jpg 50w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/le-morne-brabant-peninsula-black-river-riviere-noire-west-coast-mauritius-W2C6DN-1600x1067.jpg 1600w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/le-morne-brabant-peninsula-black-river-riviere-noire-west-coast-mauritius-W2C6DN-1536x1024.jpg 1536w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/le-morne-brabant-peninsula-black-river-riviere-noire-west-coast-mauritius-W2C6DN-375x250.jpg 375w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/le-morne-brabant-peninsula-black-river-riviere-noire-west-coast-mauritius-W2C6DN.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Le Morne Brabant Peninsula on the west coast of Mauritius.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Future-proofing the economy<\/h2>\n\n\n\n<p>Mauritius also faces other key challenges. First, with a highly educated population comes the risk of brain drain. Some textile factories have also relocated to nearby Madagascar, where labor is cheaper. Recent changes in payroll and minimum wage laws have made doing business more complex, and the impact of climate change is becoming increasingly evident on the island.&nbsp;<\/p>\n\n\n\n<p>Over the past two years, cyclones and flash floods have forced businesses to close for several days. In early 2024, the country endured several closures lasting as long as two days due to cyclones and heavy rainfall. While the widespread availability of high-speed internet allows many to work from home during these disruptions, bank closures significantly impact financial transactions, thus blocking the flow of money into and out the country.<\/p>\n\n\n\n<p>But despite the challenges, Mauritius remains an attractive destination for global license companies and financial services while serving as a hub for Africa.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The EDB has embarked on a number of strategic initiatives to facilitate investment flows and trade of goods and services to Africa.&nbsp;Its <a href=\"https:\/\/edbmauritius.org\/africa-strategy\" target=\"_blank\" rel=\"noreferrer noopener\">Africa Strategy<\/a> aims to consolidate and promote Mauritius\u2019s traditional markets in the region, and to explore untapped markets in Western Africa \u2014 including C\u00f4te d\u2019Ivoire, Ghana, Senegal and Togo, Poonoosamy says.&nbsp;<\/p>\n\n\n\n<p>\u201cOur strategy comprises initiatives that are aimed towards boosting and strengthening cooperation with our African counterparts, such as signing memoranda of understanding with investment promotion agencies on the continent, or being part of joint commissions with like-minded countries,\u201d he explains. \u201cWe are also broadening our horizons in finding new markets through economic diplomacy.\u201d&nbsp;<\/p>\n\n\n\n<p>According to data from Statistics Mauritius, during the fourth quarter of 2023, the information and communication technology sector witnessed an impressive 11.8% expansion, significantly exceeding the 4.3% growth recorded in the previous quarter. Similarly, financial and insurance activities saw an increase of 6.7%, following 1.8% growth registered in the third quarter.<\/p>\n\n\n\n<p>Dr. Bhavish Jugurnath, an economist with WhiteField Consultants, says the island needs to raise more revenue and future-proof its economic progress. He advocates for expanding economic clusters to further diversify and attract crucial foreign investment.&nbsp;<\/p>\n\n\n\n<p>\u201cThe blue economy and artificial intelligence are promising areas for exploration in Mauritius,&#8221; Jugurnath says.&nbsp;<\/p>\n\n\n\n<p>The blue economy \u2014 typically defined as economic activity related to oceans, seas and coasts, but excluding coastal tourism activities \u2014 <a href=\"https:\/\/edbmauritius.org\/blue-economy\" target=\"_blank\" rel=\"noreferrer noopener\">makes up<\/a> 10% of Mauritius&#8217;s GDP. The government hopes to double that in the medium term by investing in sustainable fishing and aquaculture, and by offering incentives to companies operating in offshore sectors.&nbsp;<\/p>\n\n\n\n<p>The EDB\u2019s strategy also includes consolidating established sectors as drivers for growth, while actively pursuing a diversification approach to attract new investors in emerging sectors such as pharmaceuticals and medical devices manufacturing, biotechnology, renewable energy, the so-called \u201csilver economy\u201d serving people over 50, and fintech, Poonoosamy says.<\/p>\n\n\n\n<p>Mauritius\u2019s ICT and financial services sectors make the island one of Africa\u2019s most innovative regions, and by harnessing AI and fintech, Mauritius could better anchor itself as a gateway to mainland Africa, Jugurnath says. With the right, carefully thought-out incentives, Mauritius\u2019s economic miracle could last well into the future, he adds.<\/p>\n\n\n<div class=\"block--sidebar bg-adp-navy\"><div class=\"block--sidebar__inner\">\n\n<h2 class=\"wp-block-heading\">Tax and labor in Mauritius<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mauritius has a progressive personal income tax system ranging from 2% to 20% and is applied to annual income exceeding MUR 390,000 ($8,450)<\/li>\n\n\n\n<li>Corporate tax is 15% except for companies engaged in the export of goods, which pay 3%.<\/li>\n\n\n\n<li>VAT is 15%.<\/li>\n\n\n\n<li>The minimum wage monthly wage is MUR 16,500, plus a top-up of MUR 2,000 by the MRA\u2019s negative income tax. As of 1 July 2024, the minimum monthly wage increases to MUR 20,000..<\/li>\n\n\n\n<li>The legal maximum agreed working hours (not accounting for overtime) is 45 hours per week.<\/li>\n\n\n\n<li>Employers are required to deduct, where applicable, the employee\u2019s contribution (CSG) from their wage or salary and pay that contribution together with the employer\u2019s contribution to the MRA, which is a maximum of 3% depending on category.<\/li>\n\n\n\n<li>Employers pay 2.5% into the National Savings Fund for every employee to fund pensions and loan schemes.<\/li>\n<\/ul>\n\n\n\n<p><strong>Sources<\/strong>: EDB, MRA<\/p>\n\n<\/div><\/div>\n\n<div class=\"block--author\">      <div class=\"block-author__inner\">\n        <div class=\"author--image\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/michael-iyasawmy\/\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/Michael-Iyasawmy-298x305.png\" alt=\"\" \/><\/a>\n                  <\/div>\n        <div class=\"author--info\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/michael-iyasawmy\/\" class=\"author--name\">Michael Iyasawmy<\/a>\n\n          \n          <p>Michael Iyasawmy is a freelance Mauritian journalist and blogger. He brings financial experience to his writing and communication expertise, which he honed while working as an editor for a pan-African group.<\/p>\n          <div class=\"block--author-social\"><ul class=\"author--socials\"><\/ul><\/div>\n        <\/div>\n      <\/div>\n       <\/div>\n\n<div class=\"block--recommended-content alignwide is-style-bg-adp-tan\"><div class=\"block-recommended-content__inner\">\n\n<h2 class=\"wp-block-heading\">Read more<\/h2>\n\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/how-six-people-in-accra-earn-their-cedis\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2023\/05\/istockphoto-1272072590-1024x1024-1-1084x576.jpg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">How six people in Accra earn their cedis<\/span>\n          <p>From slums overlooked by high-rises to tourism campaigns amid an economic crisis, Accra is a place of opportunity and struggle.\n<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/financial-wellness-programs-pandemic-recovery\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/EH12F9-1-1084x576.jpeg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">Financial wellness programs essential for pandemic recovery<\/span>\n          <p>As the Covid-19 pandemic has strained people\u2019s wallets around the world, more companies in Nigeria are\u00a0providing financial literacy services to employees.<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash-1084x576.jpg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">Iceland, from boom to bust to tourist hotspot<\/span>\n          <p>Iceland reinvented itself as a major travel destination after the 2008 financial crisis. Will it experience a similar post-pandemic boom?<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n<\/div><\/div>\n\n\n<section class=\"wp-block-group alignfull section--sign-up has-background\" style=\"background-color:#7967ae\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center is-style-default has-white-color has-text-color has-large-font-size\"><a href=\"\/sign-up\/\">Sign up<\/a> to keep up to date with ReThink Q.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>This small island has leveraged its strategic location and highly educated workforce to become an entry point to mainland Africa.<\/p>\n","protected":false},"author":1,"featured_media":3595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[3],"tags":[67,491,490,54],"coauthors":[479],"class_list":["post-3594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-matters","tag-africa","tag-island","tag-mauritius","tag-money-matters-in","issue-issue-12-resilience"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - 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