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THE MAURITIUS FILM INDUSTRY |
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Regulatory Sandbox Licence - successful application lodged by ITL
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The Regulatory Sandbox Licence (RSL) is an initiative proceeding from the Mauritius 2016/2017 National Budget. This license was promulgated under the Investment Promotion Act in October last year and the relevant guidelines were subsequently put in place.
The RSL is an innovative measure that offers the possibility for an investor to conduct a business activity for which there exists no legal framework, or no adequate provisions under existing legislation in Mauritius. The RSL allows for promising projects to be tested within set parameters, where such ventures were previously unable to start so long as a complete set of regulatory framework was not yet in place. This initiative, which opens the door for creativity to take wings and innovative projects to germinate, has been inspired from highly successful economies.
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First Mauritius International Film Festival to be held in October
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| The Board of Investment in collaboration with Air Mauritius, the Mauritius Tourism Promotion Authority and the Mauritius Film Development Corporation, will organise the very first edition of the Mauritius International Film Festival next month.
The festival will take place from 5th-8th October 2017 and will welcome the participation of high-profile international celebrities from Hollywood, Bollywood, China and the EU film industries.
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New criteria for the Film Rebate Scheme
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| The Film Rebate Scheme (FRS) was introduced in 2013 and entitles production companies incorporated or registered locally, including those with 100% foreign ownership, to benefit from a cash non-taxable rebate of 30% on the QPEs incurred in Mauritius provided that they have spent the minimum Qualifying Production Expenditure (QPE).
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Global Financial Centres Index : Mauritius first international financial destination in Africa
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The twenty-second edition of the Global Financial Centres Index (GFCI) was published on 11th September 2017. This publication ranks Mauritius as best international financial centre in Africa. Mauritius has gained two places compared to the previous exercise, ranking 69th globally out of 108 international financial centres.
It is interesting to note that London retains its position as the leading centre worldwide, despite the ongoing Brexit negotiations. New York follows in the second position. Other well-established centres such as Singapore, Hong Kong and Tokyo remained in the top five worldwide although Hong Kong has just moved ahead of Singapore from fourth to third position, thus Singapore and Tokyo follow in the fourth and fifth positions respectively.
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Cyber Security: Mauritius ranks 1st in Africa and 6th worldwide
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The recently released Global Security Index (GCI) 2017 ranks Mauritius 1st in Africa and 6th worldwide. These rankings reconfirm the strong positioning of Mauritius in the area of cyber security and as one of the safest places for doing business.
In the African region, Mauritius leads the way and scored particularly high in the legal (0.85) and technical fields (0.96). Other areas in which the island nation scored high include organizational, capacity building and cooperation. Mauritius is followed by Rwanda and Kenya, which ranked 36th and 45th respectively at the global level.
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FINANCIAL SECTOR & ECONOMY |
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Bank of Mauritius wins ‘Best Central Bank Governance – Indian Ocean 2017’ award
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The Bank of Mauritius (BoM) has been conferred ‘Best Central Bank Governance – Indian Ocean 2017’ by the London-based Capital Finance International (CFI.co) magazine.
The judging panel lauded the BoM’s commitment to technological innovation and sustainable development and highlighted the bank’s “determination to stay a few steps ahead of developments and ensure the country’s financial services industry – a mainstay of the local economy – keeps its competitiveness and attractiveness”. The panel also commended the BoM on its efficient monetary policies and its initiatives that have strengthened the country’s regulatory framework. The BoM was also commended on its forward-looking approach to both innovation and supervision.
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FDI to Mauritius progresses 22.2% for first semester 2017
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| The Bank of Mauritius has released the latest figures on FDI inflows into Mauritius for the first semester of 2017. FDI to the island is estimated at MUR 9.7 billion (approximately USD 278 million), representing an increase of 22.2% compared to the corresponding period last year.
The sector attracting most investments was Property Development, with MUR 5,3 billion (about 55% of the total FDI received), of which the larger share (MUR 3.1 billion) went to projects falling under the Integrated Resort Scheme (IRS), the Real Estate Scheme (RES), the Invest Hotel Scheme (IHS) and the Property Development Scheme(PDS).
The Financial Services Sector saw a significant increase in FDI, recording MUR 3.1 billion against MUR 2 billion for the corresponding period last year. Other sectors on the upward trend include the construction sector (MUR 507 million against MUR 7 million last period) and the Hospitality and Restoration sector (MUR 316 million against MUR 92 million last period). However, the manufacturing sector saw a decrease from MUR 497 million to MUR 101 million.
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Key Repo Rate brought down to 3.50 %
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The Monetary Policy Committee (MPC) of the Bank of Mauritius brought down the Key Repo Rate from 4.00% per annum to 3.50 % per annum, with effect from 6th September 2017. This decision was taken after weighing the risks to growth and inflation.
The MPC observed that the domestic economy grew at 3.4 % year-on-year in the first quarter of 2017, compared to 3.8 percent for the same period in 2016 and 4.2 % in the fourth quarter of 2016. The Committee further noted that while investment spending was bolder, final consumption expenditure remained moderate and export of goods and services kept decreasing. Hence, the MPC viewed that there was a strong need to stimulate investments into the productive sectors of the economy and projects that real GDP to grow from 3.6% to 3.8% for 2017 and to 4.2% for in 2018. |
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IMF Staff completes 2017 Article IV Mission to Mauritius
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An International Monetary Fund mission led by Amadou Sy, advisor for the development of the African continent, visited Mauritius from 21st July to 31st August 2017. This visit took place on the context of regular consultative meetings held with the IMF’s member countries, as per Article IV of the organisation’s Constitution.
The mission has released its preliminary findings, which will serve as basis for a subsequent report to the IMF’s Executive Board for final discussion and decision. The findings identified challenges facing Mauritius and which will require specific measures. Recommendations were made for the country to strengthen the credibility of its fiscal system and to reinforce its monetary policy.
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Unicity – Medine’s Smart City launched
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The Medine Group launched its Smart City project on 7th September. ‘Unicity’ will be developed on 823 acres of land and will comprise residential, business, leisure and educational components, developed along a Live-Work-Enjoy-Learn approach.
This project is part of Medine’s master plan for the development of the group’s land in the west of the island, in three phases. At the heart of the project is the development of an education cluster. The first phase is already completed and comprises, among others, a shopping mall, a Business Park, a primary and a secondary school and Student Life Residences. The Education Village hosts prestigious universities, including the Middlesex University Mauritius Branch Campus.
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Japan sets up embassy in Mauritius |
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| Japan set up an embassy in Mauritius earlier this year and the country’s first resident ambassador to Mauritius, Mr Yoshiharu Kato, has now taken office in Port Louis.
Mauritius and Japan established diplomatic relations in 1969. Since then, the two countries have shared friendly relations and cooperated in several areas particularly under the umbrella of the Japan International Cooperation Agency (JICA), through which Japan provided technical assistance for disaster risk management, coastal protection and rehabilitation programme, and landslide management.
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Saudi Arabian Airlines launches flights to Mauritius |
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Saudi Arabian Airlines (Saudia) started operating flights to Mauritius on 14th September 2017. The three-times-weekly flights operates from Riyadh to Mauritius with a brief one hour stop in Jeddah, taking 9 hours from Riyadh and 7 hours 20 minutes from Jeddah. The carrier, a Boeing 787-9 Dreamliner, comprises 24 fully-flat seats in Business Class and 274 seats in Guest Class.
Based in Jeddah, Saudia is the largest airline company in the Middle East and operates a network covering the Middle East, Africa, Europe and North America.
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Direct flights to be launched from Amsterdam to Mauritius |
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As from 30th October 2017, KLM Royal Dutch Airlines will operate a direct flight from Amsterdam to Mauritius in cooperation with Air Mauritius.
Through this partnership, KLM and Air Mauritius will offer their customers with a year-round flight from Amsterdam to Mauritius. In addition, KLM’s vast network in Europe, in particular its positioning on the mega travel hubs of Paris and Amsterdam, will certainly be a significant addition to tourism and business air connectivity to Mauritius.
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An insight into the Mauritian Capital Market |
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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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