Mauritius: sustained dynamic performance achieved in the private sector

The private sector is an important part of the Mauritian economy. According to survey recently published in Business Magazine, in 2016, the private sector accounted a 6% increase in terms of revenues. 100 companies were listed among the most profitable companies operating in the Mauritian private sector. In fact, their revenues increased by 6%, totalling a turnover of more than 373.8 billion rupees against 352.7 billion in the previous survey. These companies recorded profits of over one billion rupees during the financial year 2015/2016. Mauritius is definitely an Eldorado for foreign investors.

According to the survey, five companies stand out in terms of performance achieving a turnover of more than one billion rupees. They recorded a sustained dynamic performance. These companies are mainly engaged in automotive sales and financial services. In terms of assets, the CIEL group took the top spot. The group achieved a turnover of 57.3 billion rupees. The CIEL Group is followed by ENL and IBL, two companies with sales of 57.3 and 56.9 billion respectively.

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The good performance of banking sector

Business Magazine’s pollsters drew attention to the health of Mauritian banks. Indeed, Mauritius Commercial Bank (MCB), Hong Kong and Shanghai Banking Corporation (HSBC), State Bank of Mauritius (SBM) and Barclays Bank have assets of more than 715 billion rupees. The Mauritian banking sector is composed of 22 institutions with assets of 1.2 trillion rupees or about 1.200 billion by the end of 2016. The future of the banking sector looks positive as an increase in turnover is expected to follow to the development of the blockchain.

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Tourist arrivals increased by 6.7%

The figures released by the Ministry of Tourism show a 6.7% increase in tourist arrivals since the beginning of 2017. Indeed, the number of tourists who landed on the island increased by 8.9% from January to June 2017. Growth of 6.7% compared to 2016. Tourists are mainly from India, the United Kingdom, France, South Africa and Germany. In total, the country welcomed about 25,859 tourists. The national aviation company recorded a turnover exceeding one billion rupees.

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Advances in digital technologies

In an attempt to identify ways to improve access to digital technologies, the Mauritian government has pulled out all the stops to promote the expansion in this relatively promising sector. Since the beginning of 2017, the government has installed more than 350 “Wi-Fi Hotspots” in various parts of the island with particular consideration for rural areas. This has enabled thousands of Mauritians and tourists to have free high-speed Internet access. The Mauritian government is planning to facilitate access to new technologies. Thus, 250 additional “Hotspots” will soon be installed in other regions of the island. The government is introducing several measures to boost the economy. Mauritius is one of the best performing countries in Africa.