USD 191m Investment into lowering Carbon Footprint
The Republic of Mauritius has launched a US$ 191 million project supported by the Green Climate Fund (GCF) and the United Nations Development Programme (UNDP). The project aims to reduce fossil fuel imports and accelerate the nation’s shift to a low-carbon economy over a period of 20 years.
The 8-year project will support national goals to increase renewable energy to 35 percent of the energy mix by 2025 and reduce carbon dioxide output by 4.3 million tons. It is a key step in achieving the country’s Nationally Determined Contributions to the Paris Agreement and supporting continued economic growth.
Honourable Ivan Leslie Collendavelloo, Deputy Prime Minister and the Minister of Energy and Public Utilities announced that Mauritius …
National Budget 2017/2018 confirms successful Economic Upturn
The 2017-2018 Budget which was presented on 8th June 2017 by the Prime Minister, and Minister of Finance and Economic Development, Mr Pravind Jugnauth elaborates on several measures to consolidate the financial services sector and ensure that international norms, standards and compliance requirements are met. According to the minister, the aim is to bring the global business sector to another level so as to attract more international investors.
The following are the key measures for the financial services sector:
- Elaboration of a blueprint for the financial services sector over the next 10 years.
- Enhancing the reputation of Mauritius as a jurisdiction of substance with the GBC1 required to fulfil at least two of the criteri…
World Competitiveness Report reveals Leadership in Sub-Saharan Africa: Rank 1
Mauritius is ranked first in Sub-Saharan Africa and 45th worldwide with regards the global competitiveness index of the Global Competitiveness Report 2016-2017 released on 30th September by the World Economic Forum.
The Global Competitiveness Report 2016-2017 assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity. Mauritius has improved its ranking from its previous position at the 46th place in the 2015-2016 report and is followed by South Africa and Rwanda on the African continent. According to the report, Mauritius is one of the 19 countries that have made the transition from an efficiency-driven economy to an innovation-driven one.
The 2016-2017 report re…
Slight Rise in Unemployment
The unemployment rate in Mauritius has shown a slight increase to 7.9% in 2015 from 7.8% the previous year, official data showed last week.
According to a statement from Statistics Mauritius, the government’s statistics office, the number of unemployed in the Indian Ocean island nation increased to 46 300 last year, an extra 1 500 people from the 2014 level. The statement said joblessness among women increased from 11.4% to 11.6% while the male unemployment rate remained the same at 5.5%.
Mauritius’ economy is projected to expand by 3.9% this year after growing 3.1%, boosted by a recovery in the construction sector and higher growth from the tourism and manufacturing sectors.
Ambitious Plans to become Maritime Hub
Mauritius has a deal with a Chinese firm to develop a US$ 113m fishing port and is working with investors on plans to become a maritime hub for Africa, part of its bid to accelerate growth, the island nation’s finance minister said. Mauritius has revised down growth forecasts for 2015 from 4.1% to 3.6%, a level Seetanah Lutchmeenaraidoo told Reuters was not enough to meet a target of lifting the Indian Ocean country from its middle income status. Mauritius aims for 5.7% growth in fiscal 2016/2017 and rising to 8% “within the next five years”, he said. But he said private investment had to drive the expansion as there was no room for the government to borrow, given a commitment to cut public debt to 50% of gross domestic product by 2018. …
Tourism Revenue decreased by a drastic 3.5%
Tourism revenue in Mauritius fell by 3.5% in the first half of the year as earnings per tourist dropped, official data showed on Friday.
Statistics Mauritius said that revenue in what is a key industry for the Indian Ocean Island fell to 21.78bn rupees ($616m) from 22.57bn rupees in the same period last year.
The number of tourists who visited the Island famed for its azure waters, beaches and luxury spas rose 8.9% year on year to 534 182, but earnings per visitor declined by 11.4%.
The agency added that the Bank of Mauritius has cut its revenue forecast for this year to 46.5bn rupees from 48.5bn, though the new projection still represents a 5% increase on 2014.
Interest Rates remain unchanged (since 2013)
Mauritius’ Central Bank held its repo rate unchanged at 4.65% this week, according to an announcement by the MCB Governor.
Governor Ramesh Basant Roi said in a press conference that inflation is forecast to hover around 3% in 2015. The benchmark repo rate has been kept steady since June 2013.
Foreign Direct Investments on the (very) Fast Lane
Foreign direct investment in Mauritius jumped 67.3% to 7.926 billion rupees (US$ 253m) in the first six months of 2014 from a year earlier, helped by a flow of money into real estate, the central bank in Mauritius confirmed.The island nation has been trying to shift an economy traditionally focused on sugar, textiles and tourism towards luxury real estate, offshore banking and medical tourism. The largest part of the money went into real estate development, which attracted 3.18 billion rupees in the first six months, up from 2.94 billion rupees a year earlier, said the Bank of Mauritius.
France was the biggest source with 543 million rupees followed by the United Arab Emirates which put in 188 million rupees, according to the data. Ke…
Finance Minister calls it Quits
Mauritius Finance Minister Xavier Duval said on Friday he had resigned over a political tussle with the ruling coalition party in government. The Indian Ocean state’s prime minister said last week his ruling Labour party would favour an alliance with the opposition MMM party at the next general election set for 2015 rather than Duval’s PMSD party, which has been in government since 2010.
“The three MPs of PMSD resigned from the government following a strong disagreement with the Labour Party regarding the future and stability of the country ", Xavier Duval told a news conference.
Trade Deficit shrinking
Mauritius’ trade deficit narrowed by 18.1% in the first quarter of 2014 from a year earlier on the back of lower imports, official data showed yesterday.The deficit fell to US$ 471.66m with the value of its exports – including sugar and livestock – up 5% to 21.38bn rupees after sales of machinery and transport equipment doubled to 1bn rupees, Statistics Mauritius said in a statement.
Imports dropped to 35.62bn rupees from 37.74bn a year earlier on lower imports of mineral fuel and lubricants. “Total exports for this year are expected to be of the order of 91bn, against 175 billion for imports. Consequently, the trade deficit is expected to be around 84bn rupees,” the Statistics office said.
Britain remained Mauritius’ main export m…