Mauritius is one of the most vibrant Sub-Saharan African economies. Mauritian economy has experienced steady growth rates in the last couple of years. According to the International Monetary Fund, this trend of economic growth will continue even in 2019 and 2020. The Mauritian economy is driven by agriculture, industry, and services. Increased public investment and private consumption in Mauritius are forging a path for a competitive economy.
The services sector accounts for 74% of the country`s GDP. The biggest contributors to these this sector are financial services and tourism. Mauritius has become one of the top tourist destinations even in terms of medical tourism. Tourist arrivals increased by 4.3% in 2018 on a year-on-year basis.
The industrial sector contributes 21.8% to Mauritian GDP. The fastest growing industries are textile and sugarcane production. The agriculture sector accounts for 4% and is promised to grow with the introduction of digitization and artificial intelligence.
Business and Investment Opportunities in Mauritius
Thanks to Mauritius` attractive tax regime and free-market policies, many local entrepreneurs, businessmen and even foreign ones are looking up steps to launch a business in Mauritius so that they can get started with setting up their own business in Mauritius or expanding their current one to enjoy the benefits of this lucrative emerging market.
The manufacturing sector of Mauritius has diversified itself from once a textile dependent sector to a diversified one. The government is focusing on the development of this sector to transform Mauritius into a high-income economy. With emerging technology and automated processing, the country is moving towards smart manufacturing for the production of high value-added products. The investment opportunities for you in this sector are abundant and here are a few examples-
- Medical devices and pharmaceuticals- As Mauritius is a world famous tourist destination and people visit this beautiful country even for medical tourism, this makes manufacturing of high-end medical devices a lucrative opportunity.
- High-end jewellery and diamond processing- Tourists usually find souvenirs to take back to their country and gift it to someone special and what is more precious than diamonds.
- Precision engineering and watchmaking- Switzerland isn`t the only country that uses precision engineering for watchmaking. Mauritius is forging a path for itself with smart manufacturing to reach unprecedented heights in watchmaking.
- Light engineering and metal fabrication- With increasing private consumption light engineering can be utilized to generate customer-oriented products and for the expansion of industries, the creation of machines, parts, and structures from raw materials is also in demand.
- Food processing- Especially seafood processing is prominent in Mauritius because of the sustainable availability of fish.
At present agriculture in Mauritius is not synonymous with sugarcane farming. The country has come a long way from the days of just sugar cane cultivation. The new high-end agricultural activities and product diversification has led to increasing export earnings which makes the agro-industry of Mauritius a great opportunity for you if you have new-age ideas like-
- Technology-based farming- The government of Mauritius welcomes entrepreneurs who think and find solutions to the problems that may arise such as food shortage in the face of a growing population. Artificial intelligence can help farmers with low farm productivity, forecast yield and cultivation costs.
- Bio-farming- It will help with problems faced due to the negative impact of agrochemicals in farming that leads to low demand for fruits and vegetables.
- Finance and FinTech
The Mauritian government is looking to attract investors in the field of artificial intelligence and blockchain to reinvent the financial sector of the country. This opens doors for you to invest in the financial sector of Mauritius as banks, insurance institutes and stock trading market all are looking for technological assistance to ease their business operations and generate more revenue.
All these investment opportunities make it hard not to think about company incorporation in Mauritius but before you take any hasty decision, keep reading as there are more business investment opportunities in Mauritius.
- ICT Industry
With the development of the country`s broadband infrastructure, launch of submarine cables in the Indian ocean, 98.7% rise in internet penetration and 145% rise in mobile penetration, ICT and BPO activities have increased in Mauritius. This provides ample opportunities for investment in-
- BPO Voice – Inbound and outbound calls, technical support, and advisory
- ITO- Mobile application development, web design and development, software development, and maintenance
- IT Services- Cybersecurity, data centres, and cloud computing
- Digital Content- E-payment, e-commerce, e-learning, and mobile games
- Life Science
Escalation of lifestyle diseases like diabetes, cardiovascular diseases, and hypertension in Mauritius has led to the identification of medical biotechnology as a sector of colossal potential with a broad economic scope. The turnover of this sector is MUR 2.3 billion.
- Clinical Research- Clinical research organizations are welcome ever since the introduction of Clinical Trials Act 2011.
- Pre-Clinical Research- Investment in pre-clinical research and biotech companies for the development of medical devices, drugs, gene therapy solutions, and diagnostic tools is pretty lucrative.
- Research Laboratories and Nutraceuticals- Mauritius is a biodiversity-rich island nation that has more than 670 species of flowering plants. This is a gargantuan opportunity for the development of nutraceuticals. Nutraceutical industry opens new avenues for investment in research laboratories.
To make the Mauritius Freeport into an internationally recognised logistics platform, its regime has been aligned with OECD, EU and WTO requirements. Investment opportunities in logistics are-
- Labelling and packaging
- Shipbuilding and maintenance of ships
- Seaport and airport-based activities
- Quality control and inspection
- Renewable Energy
Mauritius receives more than 8 hours of sunlight on an average in a day which makes the implementation of solar photovoltaic projects a practical and profitable investment. Being an island nation there are plenty of opportunities for the development of marine renewable energies in the waters of Mauritius.
All your options should be well evaluated before you take any decision. So, if you require assistance in company formation and registration or accounting and bookkeeping in Mauritius, you may contact us. The experts at Business Setup Worldwide will help you in business incorporation in Mauritius and will provide you with customised advice.