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Index of Economic Freedom: Mauritius first in the Sub-Saharan Africa region
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The Heritage Foundation has released the Index of Economic Freedom for 2018. In this 24th edition of the international index, Mauritius is classified as the 21st freest economy out of 128 countries worldwide, and comes 1st among the 47 countries of the Sub-Saharan Africa region.
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World Happiness Report 2018: Mauritius ranks 1st in Africa and 55th worldwide |
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The World Happiness Report 2018 ranks Mauritius 1st in Africa and 55th worldwide. With a score of 5,981 points, Mauritius has taken the first place in Africa, moving from its second place last year and overtaking Algeria which was then in top position for the continent.
At the global level, Scandinavian countries top the list, with Finland in the lead (7.632 points), followed by Norway (7.594 points) and Denmark 7.555). |
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| FINANCIAL SECTOR & ECONOMY |
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Moody’s maintains Mauritius Baa1 credit rating
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Moody’s published its annual Credit Analysis report on Mauritius on 27th March 2018. According to this report, the internationally reknown credit agency maintains Mauritius’ very good performance rating of ‘Baa1’ and qualified the Mauritius’ economic outlook as stable.
This positive rating is based on the country’s strong growth perspective and macroeconomic resilience to external shocks, despite the country’s small size. In particular, the sectors of Tourism, Financial Services and Information and Communication Technology (ICT) are expected to maintain a strong performance. |
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FDI to Mauritius rises to MUR 14.2 billion in 2017 |
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| The Bank of Mauritius (BOM) has recently released the foreign direct investment (FDI) statistics for the year 2017. Inward FDI to Mauritius has surged to MUR 14.2 billion, representing an increase of 4.4% compared to the previous year. |
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FDI into India: Mauritius remains the first source with USD 13.3 for the period April-December 2017
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According to a recent release from the Department of Industrial Policy & Promotion (DIPP) of the Ministry of Commerce and Industry of India, Mauritius remains the first source of FDI to India for the period from April to December 2017. Mauritius thus reaffirms its position as one of the preferred platforms for investments into India.
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Monetary Policy Committee maintains Key Repo Rate at 3.50%
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The Monetary Policy Committee (MPC) of the Bank of Mauritius decided to keep the key repo rate (KRR) unchanged at 3.5%, at its meeting held on 28th February 2018.
This decision was taken after consideration of various elements. The MPC noted that although domestic inflation has gone up since its last meeting, the core measures of inflation had remained low. The Bank’s expects headline inflation to settle around 4.0 per cent in 2018 and 3.7 per cent in 2019. |
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Mauritius’ FSC and UK’s FCA sign MoU |
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| The Financial Services Commission (FSC) of Mauritius and the Financial Conduct Authority (FCA) of the United Kingdom signed a Memorandum of Understanding (“MoU”) on 10th April 2018. The MoU establishes a formal framework for mutual collaboration in the fields of financial services, information exchange and investigative assistance relating to the supervision and oversight of entities falling under the purview of both regulatory authorities.
The signature of the MoU will thus bring the two regulatory authorities to work closer together in various fields including regulatory matters.
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Mauritius updates data protection legislation to align with GDPR |
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Privacy is considered to be an international fundamental human right and it has become imperative for us to protect it given its vulnerable nature.
The GDPR was adopted by the European Union in 2016, with the aim to better protect EU citizens from privacy and data breaches. Aimed at data controllers and processors who process personal data on EU individuals, the GDPR has extra-territorial applicability and will also be effective to any person or organization outside Europe that holds or uses the personal data of a European citizen. 25th of May 2018 is the day in Europe that all data protection requirements of businesses will have to be changed.
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National Code of Corporate Governance |
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The National Code of Corporate Governance for Mauritius 2016 (the “Code”) was launched in January 2017, replacing the initial Code of Corporate Governance which was introduced in October 2003. The Code comprises a set of Corporate Governance Principles and Guidance aimed at improving and guiding the governance practices of organisations in Mauritius.
The Code is applicable as from the reporting year ending 30 June 2018 although earlier compliance is encouraged.
To access the full ITL Newsletter on this matter, please click here. |
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Mauritius and China kick-off FTA talks |
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Earlier this month, Mauritius and China kicked off the first round of negotiations on the Mauritius-China Free Trade Agreement (FTA) at Balaclava, Mauritius.
The first ever FTA between China and an Africa State, this agreement will no doubt bring significant developments in the bilateral trade and investment relations, and further deepen economic cooperation between the two countries. |
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Latest developments in the Mauritius Film Industry |
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Nestled in the heart of the Indian Ocean, Mauritius is endowed with a rich multi-cultural heritage and offers a versatile landscape where the telltale signs of past colonization blend in effortlessly with modern architecture. The Mauritius film industry is currently witnessing a major overhaul. With the introduction of a slew of initiatives to build an ecosystem for the film industry, the government shines a klieg light on a nascent industry that is yet to be fully explored.
One of the main initiatives that has been brought forward by the government, is the Film Rebate Scheme (FRS), which was introduced in 2013 and entitles film producers to a rebate of up to 40%.
A Newsletter regarding the latest developments in the Mauritius Film Industry has been released by Island Film Services Limited. To receive your personal copy of the Newsletter, please liaise with your usual contact person at ITL or write to Island Film at info@islandfilm.net
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DISCLAIMER The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.
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