This action might not be possible to undo. Are you sure you want to continue?
By Manish Jaiswal (JSB-01-007) -6th Trimester
Empirical Study of Growth of Mauritius in International Business
Moka (Capital: Quartier Militaire) 5. Flacq (Capital: Centre de Flacq) 3. Phoenix) 2 . Pamplemousses (Capital: Triolet) 6. Plaines Wilhems (Capital: Beau Bassin and Rose Hill. Black River (Capital: Bambous) 2. Grand Port (Capital: Mahébourg) 4.Republic of Mauritius Flag Coat of arms Capital Port Louis The island of Ma uritius itself is divided into nine districts: 1.
DC. Savanne (Capital: Souillac) About Mauritius Mauritius is the most accessible island in the Indian Ocean. Rivière du Rempart (Capital: Mapou) 9. swimmers. There is no monsoon season. Though nestled up as a small island alongside the big African continent. The island satisfies the whims of sunbathers. Finding yourself surrounded amidst spectacular scenery--miles of lush sugarcane plantations. Port Louis (Capital of Mauritius) 8. Mauritius terrain is small coastal plain rising to discontinuous mountains encircling central plateau. though cyclones hit the island every 15 years or so between November and May. black volcanic peaks tower over the sugarcane fields. mystical mountains. pretty cascading waterfalls and rainforests abound with coniferous trees and casuarinas. golfers. With about 600 people per square kilometer. skin-divers. all night rovers and ultimate escapers. water-skiers. gamblers. boasting of a perfect tropical holiday trip at bargained and affordable prices for an exotic holiday trip. Physical Location: Mauritius is a volcanic island in the Indian Ocean lying in the east of Madagascar and southwest of India. sightseers. mountaineers. yachtsmen. Mauritius has one of the highest population densities in the world. Almost 11 times the size of Washington. Bare. which cover about half of the island. big game fishermen. is a real extravaganza. beachcombers. anglers. it’s culture and lifestyle is influenced by British. Indian and French ties.7. punters. philatelists. 3 .
became a free trading base.000 people and a leading port. colorful traditions and festivals. It remained a member of the Commonwealth of Nations. Here you can have a rendezvous with the spirit of this fascinating land. Port Louis. During the day. 38. France came and renamed it as Île de France and gave it over to the French East India Company to run as a trading base. During the second half of the 18th century. 1968. where you can enjoy casino. a potpourri of cultures.History of Mauritius… Mauritius received many visitors. while at night in contrast all the activity takes place at the swish new Le Caudan Waterfront. Arab traders knew of Mauritius as early as 10th century The Dutch claimed Mauritius in 1598. an extinct species since the late 17th century. who came here mostly for trade purposes. 4 . Mauritius gained its independence on March 12. the dodo. the island’s capital. You can drop in at the Natural History Museum to see a stuffed replica of several extinct birds as well as specimens of animals and fish. bars and restaurants. Later. Tourist Attractions of Mauritius: Port Louis is the bustling capital of Mauritius of about 1. shops. intruders and rulers. cinemas. which lured the British. it bustles with big-city commercial activities.
Mahashivratri. The wonderful Pereybere public beach is also popular due to its shopping facilities. Thaipoosam Cavadee. chewing-gum trees. and Franco-Mauritians. descendants of African slaves. Mauritius accounts a 63% of Indian majority of which 80% follow Hinduism. Fort Adelaide is a British fort offering excellent hilltop views.There is also Mauritius Postal Museum. a fascinating blend of people from Europe Africa India and the Far East has created a unique cosmopolitan island culture. Its harbourside location is world-class. The remaining population is of Créoles. the original settlers of the island. at Jummah Mosque. Pongal. Roughly every other fifth person is Muslim. and Fort Adelaide. Festivals like. The island’s main attraction to fun loving tourists is Créole Séga. Holi. Important Festivals and Exhibitions: Celebration of almost all the Hindu festivals in this island is a common phenomenon. Culture and Lifestyle… The people of Mauritius are as varied as the landscape. fish poison trees and a 200-year-old Buddha tree amuse the tourists a great deal. Créole and also Indian languages like Bhojpuri and Urdu. New Year. called as the Citadel by the locals. English is the official language of the island. Both groups have descended from labourers brought to the island by the British to work the cane fields from India or China. restaurants and pubs. Park’s giant Victoria regia water lilies. Independence and Republic days are celebrated here. Diwali. built in the 1850s in the middle of Chinatown. Teemeedee. though you may also hear French. a foot-shuffling erotic dance that’s generally performed on the beach to the rhythm 5 . featuring a collection of Mauritian stamps and assorted philately. You can behold Islamic architecture. golden bamboo.
The eating habits of the Mauritians inevitably reflect the ethnic diversity of its people: Creole rougailles. Caribbean and African pop. French delicate dishes. ginger. you’ll get it there. which might include a Muslim biryani. Créole roast beef and French-style vegetables with boiled rice. delicious cuisines may also attract you. The delicate blend of spiciness and subtle mix of ingredients constitute the setting for the event-related Muslim cuisine. Chinese and Indian. You can feast your taste buds with a typical Mauritian buffet. The most common varieties are Créole. you name it. Fresh fish and seafood set the keynote for Chinese cooking. and tourist 6 . Muslim biryanis. Indian curries. Palm heart and Cameroons (giant prawns). financial. with seafood almost always the specialty. The traditional blends of home crushed spices are the sauce base for mouth glowing Indian curries. Basic ingredients of the Creole cuisine are the tomatoes (known as pommes d’amour). garlic and chilies. Chinese sweet-and-sour pork. Food Habits: . English bacon and eggs. Mauritius. onions. Local vegetables and fruits abound all year round in a colorful selection of mouth watering delights Economic Environment of Mauritius Since independence in 1968. Chinese pork dish. Mauritius has developed from a low-income. Indian chicken curry. which is a must. agriculturally based economy to a middle-income diversified economy with growing industrial.of Latin American. venison and wild boar are favorite items of French cuisine. European.
India 9. corn.) Agriculture .composition by sector: agriculture: 6. and investment in the banking sector alone has reached over $1 billion. France 9.partners: South Africa 11.per capita: purchasing power parity .30 June 7 . This remarkable achievement has been reflected in more equitable income distribution. cattle.3%. For most of the period.3%.4%. goats. Some other Vital Info of their Economy. tourism Exports . Italy 4. China 9.sectors. transport equipment.1%.1% (2004) Imports .4%. Sugarcane is grown on about 90% of the cultivated land area and accounts for 25% of export earnings. US 14. tea.000 offshore entities. Japan 4. chemicals. industry: 29. increased life expectancy. pulses. many aimed at commerce in India and South Africa.1% (2004) Fiscal year: 1 July . The government’s development strategy centers on expanding local financial institutions and building a domestic information telecommunications industry. annual growth has been in the order of 5% to 6%. and a much-improved infrastructure. metal products.products: sugarcane.1%.5% (2005 est. France 20. has been well poised to take advantage of the Africa Growth and Opportunity Act (AGOA). textiles.) Unemployment rate: 10.$13. bananas.1%.partners: UK 33.) GDP . non-electrical machinery.8%. services: 64% (2005 est. lowered infant mortality. with its strong textile sector. Mauritius has attracted more than 9.3%.) Population below poverty line: 10% (2001 est. potatoes. clothing.9%. Mauritius. Bahrain 5.2%. Madagascar 5. fish Industries: food processing (largely sugar milling).300 (2005 est. GDP .
as is the council of ministers. The Privy Council in London is the Supreme Court of Appeal. During the French period. Regulatory Body in Mauritius 8 . 68 members are elected and. the island’s legal system was governed by the French Napoleonic Code and remained in force under the British rule. the country is still a member of the Commonwealth. representing ethnic minorities. The unicameral legislature consists of a 70-seat national assembly.Political Environment of Mauritius Mauritius is a parliamentary democracy governed under the constitution of 1968. Although Mauritius has been a Republic since 1992. who is the head of government. This entailed subsequent amendments in civil and criminal procedural laws as well as in company law. who is the chief of state. is appointed by the president. The prime minister. and eight. as amended in 1992. Legal System in Mauritius Mauritius has a composite legal system consisting of British common law practices and the French Napoleon Code. is elected by the national assembly for a five-year term. The president. are appointed by the president.
united in a common endeavor to enhance the nation’s economic growth and prosperity. Democracy is solidly founded and all political parties can be represented in the National Assembly. It is expeditious and efficient in approving applications to incorporate companies in Mauritius. 9 . the executive and the judiciary powers is built in the Constitution.Under the Mauritius Financial Services Development Act 2001. Mauritius is a multiparty democracy modeled on the British parliamentary system. the regulating authority with regard to offshore matters is the Financial Services Commission (FSC). Free and fair elections are held every five years. Why Mauritius growing as Financial hub??? 1. The separation of the legislative. The legal system is a composite of English laws and the French Code Napoleon. The highest Court of Appeal is the British Privy Council. The FSC has also been careful not to forsake standards in satisfying the flexible demands of offshore customers whilst protecting the investor and preserving the excellent reputation of Mauritius as an International Financial Services Centre. Political Stability Mauritius is one of the most politically stable countries in the African region. Its various ethnic and religious components live in harmony.
Grouped in the higher middle-income countries in the African region.2. The information and communication technology (ICT) sector is now being developed as a fifth pillar. In addition. export processing industries. it is looked up to as a model in Africa. engineers. 3. With an average GDP growth of 5. It has emerged from a monoculture economy based on sugar cane to a diversified economy resting on four main pillars. consultants. a highly educated and productive workforce with a literacy rate of some 86%. Qualified Work Force Mauritius has a literacy rate of over 86 %. and a robust and diversified economy make the island a most coveted place for business. many Mauritians benefit from international exposure through overseas education 10 . State-of-the-art physical infrastructure.000.7% over the past five years. Strong Economy Over the last three decades the island has experienced stable economic development and growth. the island now enjoys a per capita income of US$4. tourism and financial services. graduates and qualified professionals including lawyers. accountants and chartered secretaries are available to fill all job positions. namely agriculture. comfortable foreign exchange reserves. A skilled and bilingual (English / French) workforce. programmers. A large pool of well-educated and easily trainable young people is ready for the labour market.
ICT. India. Mauritius is today endowed with a developed and well-maintained road network. Singapore.namely in the UK. Canada. The labour laws and remuneration orders are available from the Ministry of Labour & Industrial Relations and the Mauritius Employers Federation (MEF). Furthermore. jewelry. a modern international airport. Australia and South Africa. a comprehensive system for vocational training through the Industrial and Vocational Training Board (IVTB)ensures a ready supply of skills in a number of fields such as tourism. The whole island is supplied with electricity. 5. water and telephone lines. Preferential Market Access The success of the Mauritian economy. a well-equipped sea port. USA. electronics. the Ebene Cyber Tower was awarded the Intelligent Building of the Year by the Intelligent Community Forum (ICF). printing and textiles. Electric power and water supply are stable. Developed Infrastructure The government has invested heavily in infrastructure. engineering. In 2005. serviced land and new generation business parks. 11 . state-of-the-art telecommunications. USA. China. 4. France. particularly export-oriented manufacturing has been largely dependent on the preferential access granted to our products on overseas markets. The IVTB operates a Training Grant Scheme whereby the employer contributes 1 % as training levy and can in return recover up to 75 % of the training costs incurred.
namely agriculture. Pleasant Living Environment Mauritius is a melting pot of world civilizations.Through the various trade agreements and conventions signed with other countries. on the other hand. a blend of peoples of Indian. It prides itself on a uniquely rich culture embedded in a web of 12 . This has been made possible because of the dedicated involvement of the local private sector in the country’s economic progress. the private sector is also keen on investing abroad and is enthusiastic to enter into partnership with foreign entrepreneurs and embark on joint ventures. 6. It has been very proactive in the growth of key economic sectors. 7. Mauritian products enjoy duty and quota free access to Europe. African and European descent. The SMEs. Furthermore. and Chinese. USA and Africa and Asia. tourism and the financial and business services. are open to proposals for collaboration from foreign entrepreneurs. It is now venturing into the ICT sector. The shift from a predominantly monocrop economy to an industrial base has paved the way for the launching and take-off of ICT initiatives. manufacturing. Dynamic Private Sector The private sector has played a crucial role in the economic development of the country. In addition. the Government of Mauritius wields economic diplomacy at bilateral as well as multilateral level in order to continuously improve market access opportunities for Mauritian products and services.
in addition to the local vernacular creole. being proficient in both English and French while mastering a third language such as Hindi. but also for its heritage of colonial-style architecture. The island is not only reputed for its beautiful countryside. For projects falling under the Second Schedule. Attractive Incentives The Government pursues a liberal foreign investment policy and offers attractive fiscal and nonfiscal incentives for the development of all sectors of the economy. a flexible package of incentives is tailored. Mauritius boasts a pleasant and safe environment. The great majority is multilingual. typical villages and folk traditions and festivities. education. Mauritians welcome foreigners into their circle of friends. Known for their hospitability and warmth.values and traditions. healthcare and medical services. which makes it an attractive place to work and live. shopping. exemption of customs on equipment and raw materials. 13 . All facilities are available in Mauritius in terms of accommodation. Under the First Schedule. These are grouped under two distinct categories. Incentives offered can be in the form of reduced corporate tax. lagoons and beaches. according to the nature of the projects. Its sub-tropical. recreation and sports. 8. as detailed in the First and Second Schedules of the Investment Promotion Act 2000 (IPA 2000). several investment schemes have been devised to suit the needs and requirements of investors. warm and sunny climate offers a yearlong lifestyle of unsurpassed quality. preferential loan rates and reduced tariffs for electricity and water.
The Mauritius travel trade is bullish on the idea and the deputy prime minister of the country. This would result in savings in terms of conversion costs.Moreover. The move could also reinforce Mauritius’ geopolitical significance for India. The move will also facilitate the travel and hospitality industries of Mauritius. dividends and capital is allowed. Free repatriation of profits. 14 . Now on a visit to India. is planning to take up the issue with Indian authorities. for whom the Indian customer is becoming increasingly important. dividends paid to shareholders are tax-exempt. If the proposal is accepted. the idea of allowing the Indian rupee to be accepted in Mauritius is gradually gaining currency. Stay in Mauritius & spend in rupees soon: The Indian rupee may become the officially-accepted currency in faraway Mauritius if New Delhi accepts a proposal that is currently under the consideration of the Mauritian authorities. “If the central banks of the two countries can work out a system. it is possible to allow the Indian rupee to be used in Mauritius.” he told ET in an exclusive interview. Mr Duval said he would also consult representatives of the Indian travel trade on the impact of the move. Considering the strong links between the two countries and the recently-concluded free trade agreement (FTA). the Indian tourist need not go through the trouble of first buying US dollars or euros and then converting them to Mauritian Rupees while holidaying in the Indian Ocean nation. CG Xavier Luc Duval.
the acceptance of the Indian currency shows the growing confidence in the Rupee in the global arena. A large business delegation is also accompanying the Mauritius deputy prime minister and Mr Duval says that the interaction between the two industries would lay the foundation for strong business growth. This is necessary since the Indian Rupee is not convertible. are not legal.000.000 Indian tourists visited Mauritius last year and Mr Duval expects the number to register a healthy increase during ‘06. Singapore and Sri Lanka also accepts the Indian currency. 15 . Nearly 30. Mr Duval said. I would also invite the Indian hotel industry to invest in Mauritius. The Indian rupee is accepted in Nepal and bankers in Hong Kong trade in the Indian currency. The average speed of tourists visiting Mauritius is estimated to be around $1. the Reserve Bank of India and the central bank of Mauritius need to work out a system by which the Indian rupees collected in the tourist paradise are deposited with the RBI through Mauritian banks. except Nepal. he said. The Mauritius Rupee is convertible and is currently stronger than the Indian rupee. The grey market at several places in the Gulf region.For the proposed arrangement to work out. While the operations in all other countries. adding that efforts are being made to help Indian tourists feel at home in his country. I have consulted our central bank and the issue will be taken up with the Indian authorities.
This action might not be possible to undo. Are you sure you want to continue?
We've moved you to where you read on your other device.
Get the full title to continue listening from where you left off, or restart the preview.