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Mauritius International Financial Centre (IFC): A Secure, Cost Efficient And Highly Compliant Global

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A study report entitled ‘Facilitating Growth, Employment & Prosperity in Africa’, developed by Capital Economics, a UK-based consultancy firm, was launched on Tuesday, during an official ceremony organised by the Economic Development Board (EDB) at the Hennessy Park Hotel in Ebène. The Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, the Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun, the Chief Executive Officer of the EDB, Mr Ken Poonoosamy, and other eminent personalities were present on the occasion.

In his address, Minister Padayachy highlighted that the Report showcases the Mauritius International Financial Centre (IFC) as a secure, cost efficient and highly compliant global investment hub. This report, he pointed out, also shows that the Mauritius IFC plays a unique role in driving some of these essential quality foreign direct investments and growth in the African Continent. The finance minister indicated that according to the Report, Africa is the largest destination for investment from Mauritius outside of Asia, totalling $82 billion, of which $28 billion is from Europe while $29 billion is intra-Africa investment. It also demonstrates, among others, that investment through the Mauritius IFC contributes to approximately USD 6 billion yearly in tax revenues for African governments, he added.

Furthermore, Dr Padayachy commended all stakeholders for their contribution in the preparation of this report and for their ongoing dedication to the country’s economic progress. He also reassured that Government will leave no stone unturned to uphold the position of Mauritius as an IFC of choice for quality investment worldwide.

For his part, Minister Seeruttun underscored that at a time when Mauritius is seeking to raise its standing as an important economic hotspot for Africa, the Financial Services Consultative Council gave its full support to the EDB for having commissioned this Report.

He pointed out that we have today in front of us a Report that portrays a true and revealing picture, which is backed by rock-solid facts and evidence, of the role Mauritius is playing in Africa. This Report, he added, represents an invaluable resource as the country looks to its partners in Africa with a renewed determination to reinvigorate existing partnerships as well as develop new ones.

In addition, Minister Seeruttun remarked that this Capital Economics Report is good for policy makers and regulators as it measures the impact of our policies and products, and provides benchmarks for international standard setters, to organisations involved in maintaining indicators and indices as well as rating agencies.

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