Our Economy05/08/2022 2022-12-02 11:32
Apart from being renowned for its turquoise lagoons and luxurious hotels, Mauritius has grown to be a key economic player, attracting not only tourists and students, but businesses and investors from across the globe. Enjoying political stability, Mauritius has been able to position itself as the most developed country in the Africa region with tourism and financial services as vital sectors for the economy. Despite having a diversified economy, the island also looks at developing Medical Tourism, outsourcing, financial services, new technologies and the luxury industry.
The country’s economy has made great strides since independence in 1968 and is classified as an Upper-Middle-Income economy since 2021 as per the World Bank. Seen as a gateway for doing business with the African continent, Mauritius is positioned 13th out of 190 economies, for the ease of doing business and hence ranking, 1st in ease of doing business in Africa. The Mauritius International Financial Centre (IFC) is regarded as the number one jurisdiction for investment into Africa and is home to international banks, legal firms, corporate services, investment funds and private equity funds. Its membership in the various regional African trading blocs gives access to a considerable range of consumers, creating a regional market worth of over US$350 billion. The country also has various trade agreements or with countries like India, China, Turkey, USA and Pakistan.