1. Could you provide an overview of Mauritius’ current strategy in financial services and economic planning, and how your ministry is driving sustainable growth for the country?
Our ministry brings together two important portfolios: financial services and economic planning. On the economic planning side, this function has been re-established after nearly 20 years, with a clear mandate to develop Vision 2050, a long-term strategy that sets out Mauritius’ growth pillars for the next 25 years.
Mauritius has performed well across traditional sectors such as agriculture, manufacturing, tourism, exports, and financial services. The question now is: what comes next? The global environment has changed significantly due to technological disruption, shifting trade patterns, and geopolitical developments. At the same time, we face challenges common to many countries, an ageing population, a shrinking workforce, climate change, and sustainability concerns.
Vision 2050 aims to address these realities by identifying future growth sectors and redefining our development model. This process is highly inclusive and involves collaboration with other ministries as well as stakeholders across the economic, social, and environmental spheres. Alongside this, we are developing a 10-year National Development Framework that provides a more action-oriented roadmap to translate vision into implementation.
On the financial services side, this sector is currently the largest contributor to GDP and represents the first pillar of our economy. It accounts for nearly 14% of GDP, employs around 20,000 highly skilled professionals, and contributes approximately 68% of corporate tax and 34% of PAYE revenues. It encompasses banking, global business, insurance, fintech, and fund management.
As a new government, one of our first actions was to develop a five-year financial services strategy covering 2025 to 2030. This strategy is built around five pillars: ease of doing business, reducing the cost of doing business, product diversification, market diversification, promotion and international visibility, and addressing skills shortages. We have set ambitious but achievable targets for 2030.
2. Mauritius aims to remain a leading international financial centre. What recent reforms or initiatives have been implemented to strengthen governance, transparency, and investor confidence?
Trust is the foundation of any international financial centre. A major area of focus is ensuring full compliance with anti-money laundering and counter-financing of terrorism standards. We are continuously updating our legislative and regulatory framework in line with evolving FATF recommendations. With a mutual evaluation scheduled for 2027, we are working intensively to ensure both technical compliance and effectiveness.
Equally important is ensuring that our laws are not only well drafted but also properly implemented. We are determined to avoid any risk of Mauritius being perceived as a tax haven or being placed on any monitoring lists.
At the same time, we are simplifying regulatory processes by leveraging digital technology and artificial intelligence to make it easier and more efficient to do business. The Financial Services Commission plays a central role in streamlining procedures and reducing unnecessary complexity.
3. The global financial landscape is rapidly evolving with fintech, digital assets, and AI-driven solutions. How is Mauritius adapting its regulatory framework to remain competitive and innovative?
Fintech is a key component of our future financial services strategy. Mauritius already has a regulatory framework for virtual assets, and our focus now is on ensuring that these regulations are effective and facilitate real market activity.
In addition, with the support of the United Nations Economic Commission for Africa (UNECA), we have developed a comprehensive national fintech strategy, which has been finalised and will be published shortly. This strategy positions technology, digitalisation, and innovation at the heart of the sector’s growth.
4. Economic diversification is essential for resilience. Which sectors are currently prioritised in Mauritius’ economic planning, and how is the government encouraging private sector participation?
We are actively exploring emerging sectors such as the blue economy, renewable energy, green finance, climate finance, and ESG-related activities. With the recent developments around the Chagos Archipelago, Mauritius now has access to vast ocean resources, and determining how best to leverage this responsibly is a key focus of Vision 2050.
At the same time, diversification does not mean abandoning traditional sectors. Agriculture, for example, will not disappear, but it must be reinvented to remain relevant in the modern economy. Climate resilience is also a major priority, particularly for a small island state like Mauritius, where coastal erosion and extreme weather events have tangible economic impacts.
5. Sustainable finance and ESG-compliant investment are increasingly shaping global capital flows. How is Mauritius integrating sustainability into its financial services and development agenda?
Sustainability is being embedded directly into our financial ecosystem. The Financial Services Commission has already issued ESG guidelines, and we are working on the development of sustainable bonds.
Africa is attracting significant volumes of sustainable finance, but many countries face higher political or financial risk. Mauritius can play a strategic role as a stable, secure jurisdiction where funds are structured and raised before being deployed across the continent. This positioning provides Mauritius with a strong competitive edge in sustainable and impact finance.
6. The UAE and the wider Gulf region are important investors and trade partners. How is your ministry strengthening financial and economic ties with Gulf-based investors and institutions?
Mauritius positions itself as a global financial platform serving multiple regions—India, China, Africa, the Middle East, Europe, and beyond. The Gulf region, much like Africa, is an area where engagement is growing rapidly.
With daily flights to Dubai, direct connectivity to Saudi Arabia, and upcoming high-level engagements such as the Prime Minister’s visit to Qatar, we see the Middle East becoming an increasingly important strategic partner for Mauritius in both investment and financial services.
7. SMEs are vital to Mauritius’ economy. What policies or programmes are in place to support their growth, access to finance, and innovation?
SMEs are absolutely critical. I strongly believe in encouraging entrepreneurship rather than relying solely on job creation in the public sector. Mauritius has a dedicated Ministry of SMEs, Cooperatives, and Industry, which is implementing a wide range of schemes to support entrepreneurs, including women-led businesses and small enterprises.
The objective is to make it easier for people to start and grow their own businesses, access financing, and innovate, thereby strengthening the backbone of our economy.
8. Infrastructure development, smart cities, and digital transformation are essential for competitiveness. How is your ministry coordinating public and private investment in these areas?
While public infrastructure falls primarily under other ministries and agencies, smart cities play a significant role in Mauritius’ development model and are among the largest drivers of foreign direct investment.
Smart cities are carefully planned developments with long-term infrastructure strategies covering transport, utilities, drainage, and sustainability. They also support the financial services sector, as many international clients investing through Mauritius acquire property within these schemes. In this way, private-sector-led development complements national infrastructure goals and reduces the investment burden on the government.
9. Looking ahead, what is your vision for Mauritius over the next five years in terms of financial services, cross-border investment, and its role as a gateway between Africa, Asia, and the Gulf?
We have set very clear, measurable targets within our five-year financial services strategy. For example, Mauritius is currently ranked 52nd in the Global Financial Centres Index, and our ambition is to reach at least the top 45 within the next five years.
These targets reflect our broader goal of strengthening Mauritius’ position as a trusted, competitive, and innovative international financial centre connecting Africa, Asia, and the Gulf.
10. Finally, what message would you like to share with Khaleej Times readers about Mauritius’ commitment to economic growth, investor confidence, and collaboration opportunities?
Mauritius is open for business. It is also an exceptional place to live, work, and invest—offering political stability, safety, modern infrastructure, strong institutions, and a high quality of life.
With its strategic location, favourable time zone, skilled workforce, and robust regulatory framework, Mauritius welcomes investors and professionals not only to do business, but also to make the country their home.
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