Transcript WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future WORLD

WORLD HINDU ECONOMIC FORUM
Mauritius: Gateway to Africa
www.investmauritius.com
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS
Economic Overview
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
ECONOMIC
OVERVIEW
GEOGRAPHICAL LEVERAGE
Key Facts
Area:
2,040 sq km (788 sq
miles)
Population:
1,288,684 (2011)
Population density:
632 per sq km
Key Indicators
GDP Growth:
3.3% (2012)
Repo Rate:
4.65% (as at date)
Legal System:
Hybrid Legal System
Exclusive Economic
Zone:
1.9 million km²
+ 396,000 km² joint
extended shelf with
Seychelles
Capital:
Port Louis
Government:
Republic established in
1992.
Gained independence
from the UK in 1968.
Official Language:
English
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
ECONOMIC
OVERVIEW
2012 GDP COMPOSITION
Source: Statistics Mauritius
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
ECONOMIC
OVERVIEW
Ocean Economy
Fisheries Industry
• Mauritius is the 3rd main exporter of tuna to Europe and 1st in UK
Port and related services
• The Mauritian port handles 99% of total volume of external trade and
contributes 2% of national GDP
• Numerous opportunities: Freeport and logistics, ship chandelling and repairs,
ancillary services, bunkering and storage
Ocean-related tourism
• Ocean based tourism is a growing segment of international tourism
• Cruise passengers to Mauritius increased more than twice from 2006 to 2012
Seabed Exploration
• Offshore crude oil is the only growing segment of the global oil industry
• South Indian Ocean is one of the least unexplored region in the world for
hydrocarbons and minerals
Marine Renewable energy
• Offshore wind farms installed capacity: from 6 GW to 175 GW by 2035
• Mauritius pioneering DOWA projects in the region
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS
Doing Business Regime
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
DOING
BUSINESS
REGIME
COMPETITIVE & INVESTOR FRIENDLY INVESTMENT
CLIMATE
Taxation
Start Up
• Start a business
in 3 working days
• No minimum capital
requirement
• 100% Foreign
ownership
•
Homogenised 15% corporate tax
•
Personal Income tax at 15%
•
VAT at 15%
•
0% Corporate Tax in the Freeport
• No Capital Gains Tax
Political & Legal
Environment
• Social & Political Stability
(parliamentary democracy)
• Modern Legislation &
effective regulation
• Global Business : max 3%
Occupation
Permit
Right to Live
and
Work in
Mauritius
Land & Property
Acquisition
Acquisition of
property
by
non-citizen
Exchange
Control
Free movement
of
Capital
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
DOING
BUSINESS
REGIME
INTERNATIONAL RANKINGS & RECOGNOTION
Index of Economic Freedom 2012
Overall Rank
8th Globally
1st in Africa
Source: Heritage Foundation
World Bank Doing Business Survey 2013
Overall Rank
19th Globally
1st in Africa
Starting a business
14th
Protecting investors
13th
Paying taxes
12th
Source: World Bank
Best Countries for Doing Business
Overall Rank
Source: Forbes
19th Globally
1st in Africa
WHO Air Quality Index
Overall Rank
2nd Globally
Source: WHO
Environmental Performance Index
Overall Rank
6th Globally
1st in Africa
Source: World Economic Forum
Mo Ibrahim Index 2012
Overall Rank
1st in Africa
Source: Mo Ibrahim
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS
Mauritius:
Manufacturing & Trading Platform
for Africa
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS FOR
AFRICA
ESTABLISHED MANUFACTURING BASE
Composition of the
Manufacturing Sector
(2012)
Others include:
Paper Products, Rubber plastics products,
Basic metals, Non metallic mineral products,
Pharmaceutical, Precision and optical
instruments, Watches and clocks, Furniture
Source: Statistics Mauritius
Precision
Engineering
• Automobile and
Aircraft
components
• Watches and
Jewellery
Health Care
Fashion Industry
• Pharmaceuticals
• Medical devices and
Equipment
Designer /branded &
up market garments
Technical Textiles
• Seat covers and
upholsteries
Sustainable
Development
Food
Processing
• Biogas
• Seafood
processing
• Fruit and
Vegetable
processing
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS FOR
AFRICA
KEY MARKET ACCESS
EPA
FTA with
Turkey
AGOA
COMESA
EPA – Economic Partnership
SADC
Agreement with EU
FTA – Free Trade Agreement
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS FOR
AFRICA
MARKET ACCESS : COMESA SADC
SADC
COMESA
19 member
states
15 member
states
$427 billion
GDP
$157 billion
Export Bill
$152 billion
258 million
Import Bill
Population
Population
430 million
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS FOR
AFRICA
1. The goods should be wholly produced or obtained
on a Member State;
Goods to be consigned directly from a Member State
to a consignee in another Member State and
(a) They have been wholly produced/obtained
(b) Have been produced in a Member State using
non-originating materials, provided that such material
have undergone sufficient working or process in one
or more Member States; or
(c) There has been a change in the tariff heading of a
product arising from processing carried out on the
non-originating
materials.
2. The goods should be produced in the Member
States and the CIF value of any foreign materials
should not exceed 60% of the total cost of all
materials used in their production; or
3. The value added resulting from the process of
producing the goods from imported materials should
account for at least 35% of the ex-factory cost of the
goods; or
4. The goods should be produced in Member States
and be classified or become classified, after the
process of production, under a tariff heading other
that the tariff heading which they were imported
(CTH rule)
Certificate of Origin Rules
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS FOR
AFRICA
DEVELOPED PORT & FREEPORT
Duty-Free and
VAT free for
goods and
equipment
imported into
Freeport zones
Access to
offshore
banking
facilities
50 % of turnover
sales to the
local market
Freeport Act
2004
BOI acts as
Regulatory
Body
100% corporate
tax exemption
Reduced port
handling
charges
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS FOR
AFRICA
ESTABLISHED FINANCIAL INDUSTRY
Functional Groups
Banking
Global Business
(More Than 26,000
GBCs and over 900
Funds)
Insurance
Capital Markets
Other FIs
Functions
Present in
Mauritius
• Retail & Corporate Banking
• Private Banking & Wealth Mgt
• Investment Banking
• Investment Holdings
• Global Managed Funds
• Fund Administration
• Fund Management
• General Insurance
• Long term insurance
• Captives
• Reinsurance
• Equities Market
• Commodities Trading Platform
• Derivatives
• Brokerage Houses
• Accountancy firms
• Tax & Investment advisers
• International Law Firms
• Leasing Companies
Opportunities
exists for:
• Mauritius as the
African Capital
Raising Centre
• Banks to set up for
• Trade Financing
• Investment
Banking
• Regional Treasury
Management
• Corporate Finance
Houses
• International Legal
Services
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
THE REGIONAL FINANCIAL PLATFORM OF CHOICE
Mauritius , A platform for outward investments
Mauritius: preferred
financial platform for
Africa
In 2012, over 50% of new global business companies
(GBCs) through Mauritius targeted Africa
Leading PEs active in Africa are using Mauritius as
their base : Africa Development Bank, Actis, Helios
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS FOR
AFRICA
REGIONAL HEADQUARTERS IN MAURITIUS
• Tax resident in Mauritius
• 43 DTAAs (18 with Africa)
• 38 IPPAs (19 with Africa)
•
•
•
•
Sound regulatory framework
Social and Political Stability
Multilingual Workforce
Proximity to Africa
• Tax liability limited to 3%
(GBC1 company)
• No Exchange control
Tax
Residency
Tax
Incentives
Other
advantages
Regional
Headquarter
• Expatriate staff allowed Occupation and Residence
Permit in 3 days
• Tax advantage – flat 15%
income tax
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
MAURITIUS FOR
AFRICA
INVESTMENT & BUSINESS HUB OF THE REGION:
NETWORK OF INVESTMENT PROMOTION AND PROTECTION AGREEMENTS
38 IPPAs
19 IPPAs are with
Africa
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future
WORLD HINDU ECONOMIC FORUM
Thank You
WHEF 2013 @ Bangkok : Strengthening Economy, Shaping Future