The financial services sector has made significant strides during these 30 years to establish strong fundamentals to place Mauritius today as one of the leading international financial services centres in Africa and a globally recognised jurisdiction, highlighted the President of the Republic of Mauritius, Mr Prithvirajsing Roopun, on Monday evening, at Le Meridien Hotel, Pointe Aux Piments.
He was speaking at an event marking the 30th anniversary of the Mauritius International Financial Centre (IFC) organised by the Ministry of Financial Services and Good Governance in collaboration with the Financial Services Commission and the Mauritius Finance
The Vice-President of the Republic of Mauritius, Mr Cyril Eddy Boissezon; the Acting Minister of Financial Services and Good Governance, Mr Darsanand Balgobin; representatives of the Mauritius Finance, including pioneers and captains of the financial services industry as well as other personalities were present at the event.
In his keynote address, President Roopun extended congratulations to the team of the Mauritius IFC on the celebration of this important milestone. Starting from modest beginnings in 1992, he stated, the global business has grown significantly over the years to become one of the main pillars of the economy while emphasising that the Mauritian financial and professional services sector employed over 15 000 people and contributed over $1.5bn, or 12% of Gross Domestic Product (GDP), to the Mauritian economy in 2019.
Highlighting the country’s position as the preferred hub for investment into Africa, Mr Roopun pointed out that 4.2 million jobs in mainland Africa are supported by foreign investment mediated by Mauritius. He also noted that the financial services sector demonstrated strong resilience during the COVID-19 crisis with a growth rate of 4.6 percent last year.
Over the years, observed the President, Government and regulators have proactively upgraded appropriate frameworks, policies, licences and products as well as promoted technological solutions to raise the attractiveness of the Mauritius IFC on the regional and international front. “The trust and reputation which our country now enjoys, particularly since we ticked FATF’s 40 Recommendations, positions Mauritius among the best performers in its league”, he said.
“We should endeavour to consolidate our position as an International Financial Sector and further diversify our current capital market, strengthen our position in Africa, without compromising our reputation as a jurisdiction of substance”, stated the President.
Minister Balgobin, for his part, dwelt on Government’s commitment to providing a conducive framework for the private sector to take the lead in generating economic activities. “We are working in close collaboration with the private sector, mainly with Mauritius Finance, to assess the areas where we can be the pioneers for Africa”, he said, while underlining “we should focus on specific segments such as funds, fintech and sustainability as the driving force of the financial services sector for Mauritius”.
In a recorded message, the Minister of Financial Services and Good Governance Minister Seeruttun, expressed optimism for the contribution of the financial services sector to GDP to double by 2030, presently the sector contributes around 13.8%. “We will continue to place value and reliance on our public-private partnership“, he concluded.
Also speaking at the event, the Chairperson of the Mauritius Finance, Mr Hoolash looked forward to a promising future of the financial services sector as an enabler of growth.
