The Mauritius-Economy and Business is growing beyond leaps and bounds through multi-dimensional array of corporate and service industries. The growth of the Mauritian economy was reflected in the GDP of the country which amounted to $ 6.5 billion in the year 2006. In the same year, the per capita income was $ 5,214 and the real growth rate was 5 percent. Also, the total export of Mauritius counted for $ 2.2 billion.
The prime products of export in Mauritius consisted of:
- Sugar
- Textiles and clothing
- Watches and clocks
- Canned tuna
- Optical goods
- Jewelry
- Flowers
- Toys and games
Initially, Mauritius Business and Economy was not so developed. The economy of Mauritius developed in the recent past with the emergence of such industries as finance and tourism.
Agriculture is also one of the chief factors behind the growth of the economy of Mauritius. In Mauritius, sugarcane is grown on a large scale. Bananas, sugarcane, potatoes and fish are the main agricultural products of the country. All these products are contribute significantly towards the economic growth of Mauritius.
Business in Mauritius is thriving on the areas of textile industries and tourism sector. The industries apart from textile that are on rise in Mauritius are:
- Chemicals
- Transport equipment
- Sugar mill
- Food processing
- Metal Products
In the year 2004, the production of electricity in Mauritius was 2.107 billion kWh. United States of America and Europe are the major markets where Mauritius operate successfully.
In Mauritius, the majority of production is carried out by private enterprises. The role of the Mauritian government is focused on providing inducements for production and institutional facilities.
In the year 1999, there were about 275 garment factories that were operating in the Export Processing Zones of the country. One of the major steps that has been taken for the growth of business and economy in Mauritius was the development of Export Processing Zone (EPZ). In this process, the raw materials and goods that are imported are again processed for the purpose of export.
The government of Mauritius has been constantly taking initiatives to increase the scope of business in the country. In the year 1992, the Mauritius government had passed legislation for the formation of a commercial free port at the capital city - Port Louis. The legislation was meant to enhance the storage facilities thereby helping the trade practices.
Mauritius trade with South Africa and India has also increased in the past years and all these factors have led to the development of business opportunities in the country. It was announced by the Mauritius Deputy Prime Minister in the year 2005 that the island would become a duty free country in the next 4 years.
Several offshore activities are also carried out in Mauritius. Following are the various categories of offshore business that can be carried out in Mauritius:
- Offshore Insurance
- Offshore Banking
- International Financial Services
- Offshore Funds Management
- International Consultancy Services
- Operational Headquarters
- Aircraft Financing and Leasing
- Shipping and Ship Management
- International Data Processing and Information Technology Services
- International Licensing and Franchising
- International Trading
- Offshore Pension Funds
- International Assets Management
- International Assets Management
- International Employment Services
Business of Mauritius flourishes primarily in the sectors of bank, insurance, ship owning and trading companies. Stress is being given in the areas of knowledge and capital intensive activities to achieve fast growth in economy and business of Mauritius.
To stand out in the present competitive commercial market the government of Mauritius is taking all the required steps. Globalization is also positively influencing both the business and economy of the county.
