MAURITIUS TUESDAY, AUGUST 27, 2019 Center of Excellence for Africa Is Continent’S Rising Star

Fueled by strong economic growth and enviable political stability, the ambitious island nation is up in Mauritius, creating jobs and new opportunities. This could lead to an economic boost building an outstanding reputation for businesses seeking to thrive there and on the mainland for Mauritius. Our embassy has made efforts to strengthen bilateral relations and deepen mutual understanding.” The recent high-profile inauguration of the Japan’s support for its smaller partner is wide- fi rst permanent Japanese embassy in Mauritius spread and extends to activities and operations marked the latest milestone in the blossoming in diverse areas such as health, education, good relationship between the pair and opened an governance and even space exploration. “Japan exciting new chapter in the ambitious island has been offering scholarships and training to nation’s bilateral relations with a key trade and students and public offi cials from Mauritius. In development partner. terms of consultancy, Japan has deployed a geo- The launch of the long-term diplomatic pres- technical expert for landslide management and ence in the capital of Port Louis is a clear state- some meteorological consultants will be provid- ment of intent by Japan and reinforces the huge ing technical training to the staff of the Mauritius confi dence, high esteem and strong trust as it Meteorological Services. looks to capitalize on the republic’s enviable “Since the creation of the Embassy of Japan human assets and favorable strategic location in Mauritius, we have helped the Mauritius in the heart of the Indian Ocean. Tourism Promotion Authority to participate in The transformation from a traditional island the Japan Tourism Expo 2018 organized by the economy dependent on textiles and sugarcane Japan Association of Travel Agents in Tokyo and is impressive and reflects Mauritius working we created communication tools for the occa- Air Mauritius at your ngertips at airmauritius.com hard to reinvent itself as a safe and secure hub sion, such as Japanese promotional booklets for for foreign direct investment (FDI). Through the Joseph E. Charles Cartier François Guibert Mauritius,” said the ambassador. signing of trade agreements, improved market The two countries’ relationship has also region where annual growth will average double Chairman, EDB CEO, EDB access, attractive incentives and the creation blossomed in other ways, as the ambassa- digits, and Mauritius has a key role to play on of a vibrant and competitive private sector, the dor revealed: “The Japan Dodoshima Alumni this front. That notion includes different things, increasingly diversifi ed economy has fl ourished. Mauritius’ Economic Development Board (EDB) Tokyo International Conference on African Association (JDAA) was founded in October 2018 for example, what we are doing presently by cre- Mauritius has enjoyed uninterrupted eco- has opened an offi ce in Tokyo to further explore Development (TICAD 7), in Yokohama. by former participants, mostly Mauritian public ating safe solutions for investors to look at the nomic growth over the past few decades, and it bilateral opportunities. His Excellency Yoshiharu Kato, fi rst resident offi cials, under Japan International Cooperation potential of Africa,” Guibert said. boasts key advantages over other global fi nan- ambassador of Japan in Mauritius, is certainly Agency training programs. cial centers. The growth curve is expected to con- TICAD will be trigger for big trade boost very excited about the opportunities that lie “Meanwhile, JDAA was set up to regroup for- EDB energizes growth and entices new FDI tinue with real gross domestic product growth Bilateral trade remains on an upward trajec- ahead and is looking forward to spearheading mer participants and strengthen cooperation While the senior executive acknowledges there projected at 3.9 percent in 2019, according to tory, with official data showing exports from such success and building on the core bilateral between Japan and Mauritius. It is also one of are comparatively few natural resources in the leading global fi nancial institutions The World Mauritius — mainly marine products and tex- foundations that already exist. our missions to put in the spotlight Mauritians country, he emphasizes Mauritius’ impressive Bank and the International Monetary Fund tiles — worth nearly $100 million to Japan in “The strategic position of Mauritius as a gate- who are happy about the outcome and results human resources and capacity to train engi- (IMF). 2018. Heading the opposite way were signifi cant way to Africa will not only boost trade and of their collaboration with Japan.” neers for mining industry operations elsewhere While such progress is undoubtedly impres- volumes of automobiles and technology-related investment between Japan and Mauritius, but on the continent means their services are in sive, Mauritius offers huge untapped poten- items, with Japanese goods worth around $1.5 give our two countries a chance to work together Global nancial watchdogs praise progress great demand. tial in several industries that investors from billion delivered. on the international front and in the region as a With its pro-business climate, advantageous “We also have a very strong fi nancial services Japan are now being invited to explore against Those figures are forecast to maintain a whole,” he said. strategic position and adherence to interna- sector that allows these mining activities to take a backdrop of political, fi scal and social stabil- positive momentum, especially with many “I am eager to see more private sector invest- tional standards and regulations, Mauritius is place in Africa,” said François Guibert. “We have ity. In addition to the new permanent embassy, major deals poised to be inked at The Seventh ment from Japanese companies looking to set widely seen as the safest, and best, option for investor protection agreements with 24 African Yoshiharu Kato a Japanese business entering the African conti- countries. This is not only a place where you can Ambassador of Japan in Mauritius nent. Earlier this year, the IMF praised the island feel assured to locate your investment, there are nation’s efforts to overcome some structural hur- also many value-added services such as interna- dles in an upbeat report on its economic perfor- tionally recognized arbitration. With two centers of the Mauritian economy is innovation and mance and policies. on the island, Mauritius is signatory on all con- technology, with offi cials seeking to embrace “The Mauritian economy continues to grow ventions of arbitration. innovation in research and development and at a steady pace, benefi ting from a vibrant ser- “The key is we are the only Commonwealth agriculture; not only in traditional areas such Mauritius vices sector and strong domestic demand,” the country where the Napoleonic Code still prevails, as banking and fi nancial services. Your Partner of Choice Washington D.C.-based entity noted. “Mauritius which means in our legal system we have the “We want to enhance our agricultural produc- for Business in Africa is pursuing an ambitious strategy — centered British common law and the French civil law. We tion to be intelligent by using technologies such around upgrading infrastructure, promoting get a lot of people doing research on how these as the internet of things; using mobile apps that diversifi cation and spurring private investment two systems intertwine. allow farmers and workers to know exactly what — to foster inclusive growth and reach the high- is happening in their fi elds and act upon that income country milestone.” sensor data accordingly,” he explained. Although only in its infancy, the EDB has “The locomotive of our “We are a small country and this is something United Kingdom Switzerland made a strong start in life following its early 2018 transformation stems similar to Japan, giving us even more of a reason France United States birth from the merger of the Board of Investment, to collaborate on this front as they already have of America China from wanting to position Hong Kong Enterprise Mauritius and the Financial Services the experience to deploy this technology here. Senegal India Promotion Agency. As an apex body operating As for fi nancial technology (fi ntech), we want to Ghana Mauritius as a center of Malaysia Ethiopia Ivory Kenya Singapore under the aegis of the Prime Minister’s Offi ce, position Mauritius as a laboratory for technolo- Coast Tanzania the EDB synergizes efforts across all ministries excellence for Africa — the gies that can be exported to the rest of Africa. Australia and private stakeholders to meet the set goals. “We have the Mauritius Africa FinTech Madagascar next region for double-digit South Africa Heralded as an exciting new era for invest- Association and are launching innovative leg- ment in Mauritius, the creation of the EDB is annual growth.” islation to make this happen. The best exam- a new chapter in economic planning, invest- ple is the creation of a framework that sets out The Economic Development Board marks a new ment, trade promotion and facilitation. In addi- François Guibert, CEO, EDB the rules for a license that allows the holder to beginning in the economic landscape of Mauritius. The tion to its ongoing work with highly developed provide custody services for digital assets. This key objectives of EDB are to ensure greater coherence countries like Japan, the EDB aims to reinforce “The benefi t of this is very clear if we look at move makes Mauritius the fi rst jurisdiction glob- and effectiveness in implementing policies and pave economic collaboration with African states in Africa holistically, as it has countries with French ally to offer a regulated landscape for the custody the way for Mauritius to graduate into a high-income order to leverage on the geostrategic position of law and British law, you can more or less divide of digital assets.” economy through sustainable and inclusive growth, Mauritius to drive investment into the continent. Africa between those two, and the legislature in whilst ensuring economic independence. With around two dozen double taxation Mauritius has experience in both. So, not only Strong performance in coveted rankings avoidance treaties and a similar number of do we facilitate investment towards Africa, but One honor Mauritius is very proud of is its lead- investment promotion and protection agree- in cases of confl ict we have the proper structure ership position in the annual Ease of Doing A Thriving Economic Powerhouse ments already signed with African allies, to resolve disputes through arbitration,” Guibert Business rankings in Africa. The republic Mauritius offers investors a solid platform for said. jumped from 25th to 20th place in the latest cov- Mauritius offers an enabling regulatory environment doing business in a broad range of sectors. Focus on innovation and education is key. eted survey of 190 countries by the World Bank. The EDB is available to guide and support Economic Development Board’s Chairman, The report’s authors recognized the series of and a competitive platform for the setting up of investors exploring all industries, including the Joseph E. Charles Cartier, highlights how seri- improvements achieved by Mauritius in eight Regional Headquarters to better serve key markets. lucrative fi nancial services sphere. In a bid to ously Mauritius takes its role in helping the out of the 10 indicators, namely starting a busi- foster cooperation among fi nancial centers and creation of one giant African market. African ness, dealing with construction permits, get- A highly-educated & bilingual workforce passionate to position Mauritius as an international fi nan- nations only trade 12 percent between them- ting electricity, registering property, protecting about innovation cial center (IFC) of choice, repute and substance, selves, compared to a 60 percent rate between minority investors, paying taxes, trading across Secure investment location with established rule of the EDB became a member of the World Alliance EU countries and a 24 percent fi gure in Asia. borders and enforcing contracts. law of International Financial Centers in July. “Just imagine the kind of economic boost that Mauritius also performed relatively well “The overarching objective of the EDB is to will be seen if we move to 20 percent and then in the 2018 Corruption Perceptions Index by A wide array of investment and trade agreements ensure greater coherence and effectiveness in 30 percent. This is the key role we want to play as Transparency International, ranking in the implementing policies and draw the vision for we want Mauritius to be part of the supply chain top third of the 175 countries surveyed. That Preferential market access to Africa, Europe & the the economic development path to be adopted of African industry,” Cartier said. improved position was welcomed by Minister of USA to reach a high-income economy status, through “Strategic Japanese investment could be imple- Financial Services and Good Governance Sudhir A sophisticated International Financial Centre of sustainable and inclusive growth, while ensur- mented effectively in the infrastructure we are Dharmendar Sesungkur. substance ing economic independence,” said EDB CEO developing to reinforce our maritime strength “Mauritius has modernized its rules and legal François Guibert at Port Louis. There is also a very strong educa- system to become fully compliant with interna- A strategic manufacturing hub with cutting-edge “The mandate of EDB is to, inter alia, provide tion sector in Japan that could further bolster tional standards, which is extremely important technology strong institutional support for strategic eco- our scholarly offering here, if the U.K., France, for international investors,” the minister con- nomic planning and ensure greater coherence Australia and other developed nations have fi rmed. “We are eager to welcome a few banks A vibrant culture & exquisite lifestyle and effectiveness in economic policy formula- based several universities here, then why not from Japan. They don’t need to come and set Free movement of capital across borders tion, promote Mauritius as an attractive invest- Japan? up a big offi ce. They can set up a branch, which ment and business center, a competitive export “Placing a Japanese education institution doesn’t need a huge amount of capital. Protection of intellectual property platform, as well as an IFC. … and facilitate here would expose the African continent and “This can accompany businesses from Japan inward and outward investment and ensure a its young minds to Japanese culture, language targeting Africa. Once they have the momentum, conducive business climate. and way of doing business. This would cement they can decide whether to have a full-fl edged “The locomotive of our transformation stems the ties and open a gateway for Japanese inves- offi ce, but they have the money and the capital 10th Floor, One Cathedral Square Building 16, Jules Koenig Street, Port Louis 11328, Republic of Mauritius | Tel: +230 203 3800 | www.edbmauritius.org from wanting to position Mauritius as a center tors to work in Africa.” Africa needs. Japan can be a key player and part- of excellence for Africa. This continent is the next According to Cartier, one of the main drivers ner in the development of Africa.”

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GLOBAL INSIGHT MAURITIUS www.global-insight.net Africa’s best-positioned ﬁ nancial hub is the safest option for Japanese investors

With a safe, streamlined and stable business environment, the banking and fi nancial the digital fi nancial service and lifestyle platform, Alipay, which is part of the Chinese giant Alibaba services sector meets strict global standards and opens doors in Africa and elsewhere Group. “Africa is the best place for technological break- through and expansion of companies,” he added. With a strong track record in cross-border fi nance “Africa is leapfrogging so many countries in terms and investment, Mauritius’ banking and fi nancial of technology, since it is adapting to the latest ones services sector is one of the region’s strongest and better than others. Technology, especially fi ntech, is most transparent. Home to many international addressing a real problem and thus serving a real banks, investment funds, legal fi rms and corporate need in Africa. services providers, the industry has built a reputa- “If Japan really wants to enhance its engagement tion every bit as strong as its modern infrastructure in Africa, it should not only think about helping backbone. Africa, but about participating with Africa in new The country is leveraging on its state-of-the-art technological ventures, in the launch of new gen- facilities and innovative legal framework and ease eration banking services, and in new financing MauBank Ltd. www.maubank.mu of doing business regime, so offering a panoply of initiatives through private-public partnerships competitive fi nancial products and services, noted and joint ventures. just mediocre; you have to be good at what you do,” ‘“Regional Bank of the Year — Southern Africa” at the Economic Development Board (EDB). “(These) “Africa needs three important things: more con- stated Alain Law Min, CEO of MCB. “The fact we the African Banker Awards 2019. include private banking, global business, insurance nectivity, more physical infrastructures and fi nally are investment grade helps a lot for us to go on the According to Min, such recognition was well and reinsurance, limited companies, protected cell smart and sustainable investments. Japan can have international market. deserved and is just reward for extensive engage- companies, trusts and foundations, investment an important role in delivering all three. The African “We have just raised funds internationally to fuel ment in many major projects to improve the quality banking and global headquarter administrations, market is truly a basket of opportunities, which you our growth elsewhere. It was led by a Japanese Bank, of customer services, as well as the country itself, in among others,” it added. can grasp by using Mauritius as a gateway.” Sumitomo Mitsui Banking Corporation (SMBC), relation to its sustainable development. As a new member of the World Alliance of which has been a long time partner for us. I fi rst He is confident more acclaim will follow and Harvesh Seegolam J. Alain Law Min International Financial Centers (WAIFC), Mauritius Banking players embrace open economy worked with them when I freshly joined the bank is keen to work more closely with foreign part- Chief Executive CEO, MCB will benefi t from its place at the top table of global As a small island nation that has always punched in 1998. They led a syndication for the fi rst power ners from Japan and elsewhere. “With MCB Financial Services Commission financial jurisdictions. The country is certainly well above its weight, few doubt the government’s plant in Mauritius in 1998, so they have been here Capital Markets we have partnered with African among illustrious company, given the other ure that would see a doubling of the gross value of focus on the corridor created between Asia and ambitious bid to build Mauritius’ reputation as the for a long time. We’ve always worked very well with Development Bank for the launch of a bond 13 members include, Frankfurt Main Finance, added. With many countries embracing the digi- Africa through Mauritius. “Luxembourg of Africa” will be achieved. SMBC. issue,” he said. “It’s a very good sign; all of these Luxembourg for Finance, CityUK, Paris Europlace, tal economy, Mauritius is eager to promote fi ntech “Trade financing, corporate financing, corpo- By opening up the nation to overseas investors “We also have good relationship with Japanese are good signs to show there is confi dence in the Toronto Finance International, Abu Dhabi Global and blockchain technology to provide platforms for rate banking and treasury management; all these and implementing fundamental changes to the fi nancial institutions and we raised $800 million local jurisdiction. We can be a center to raise funds Markets and Casablanca Finance City. the trading of digital assets, and is also eyeing the activities fall under this limb of developing the Asia- way the economy is managed, the country has with the help of SMBC and Standard Chartered and people are interested in this. It is not a major The EDB, as the statutory body responsible creation of an international platform for debt struc- Africa corridor with Mauritius becoming this center enjoyed a greater transfer of technology, knowl- PLC on the international market. We are experts in investment, but every little bit counts. We want to for the promotion of the Mauritius International of fi nance and business that actually enables these edge, talent and capital from developed countries trade and have gone into different countries to fund be positioned to attract investment and people are Financial Center (IFC), has also been voted onto productive movement of capital to happen. in Asia and Europe. the oil and gas trading business.” interested in our bonds. the board of directors of the WAIFC. The associa- “Mauritius’ track record, “The third focus of our strategy is private wealth. Such goals chime with those of Mauritius “We have a structure that enables us to look at tion’s core objectives include the promotion of expertise and trust, can help As Africa emerges into the developing category of Commercial Bank (MCB) Ltd., a subsidiary and Industry awards underline scale of success the needs of specifi c segments of customers and cooperation among fi nancial centers in order to countries, there is a great need for private wealth the mainstay of MCB Group Ltd., and the lon- Mauritius Commercial Bank’s success has caught Japanese clients will, of course, be most welcome. sustain long-term growth, exploration of cross-fer- it develop corporate nance solutions. Because of the trust and expertise we gest standing and leading banking institution in the eye of its peers with the bank recently named, It has been 20 years since we first worked with tilization opportunities and facilitating exchanges and corporate banking to have in our jurisdiction, this has been identifi ed as Mauritius. Founded 180 years ago and with an for the fourth year in a row, the title of ‘Best Bank in Sumitomo, so we are quite comfortable in inter- of best practices. The WAIFC is additionally devel- the key segment of activities and three main drivers increasingly prominent foothold in the region, Mauritius’ by banking industry bible Euromoney. acting with Japanese investors. We tick all the boxes oping the dialogue with public authorities on an become a regional center.” we can further develop.” MCB remains true to its guiding principle of assist- That award came hot on the heels of the title of when someone from Japan looks into Mauritius.” international level. Deputy Prime Minister and Minister of Energy ing in the advancement of individuals, corporates Harvesh Seegolam, Chief Executive, FSC Also project-driven, WAIFC projects currently and Public Utilities, Ivan Collendavelloo, believes and the country at large, thus playing a key role in underway for the benefit of its members, civil the country’s fi nancial services industry can be a the socioeconomic development of Mauritius. “Fintech is highly regulated and monitored, while on society and the global community include a fi ntech turing and listing. Industry guardian the Financial hub for Japanese investors in Mauritius, but who MCB embraces an innovative culture, with sig- empowerment and capacity-building initiative, a Services Commission (FSC) has embarked on a may want to use the nation as a gateway into Africa. nificant progress made in upgrading its IT plat- the other side you also have this ease of doing business series of publications on the role of IFCs in fi nanc- 10-year plan for the sector with the blessings of the “We have a serious network of management form and developing its digital footprint. The bank, without much bureaucracy.” ing the economy, and a fi nancial center database. government. There are three main focus areas, as companies that specialize in investment in Africa, which leverages a global network of around 1,200 EDB CEO, François Guibert, is delighted, say- FSC Chief Executive, Harvesh Seegolam, explained: and have specific know-how of the continental correspondent banks, has diversifi ed its activities in Shaan Kundomal, CEO, Capital Horizons ing: “(The) EDB will leverage on its membership “The fi rst is reaffi rming, reinstating, and further con- markets,” he said. “The continental market would sub-Saharan Africa and beyond, as gauged by par- to the WAIFC to advocate on the important role that solidating the position of Mauritius as an IFC for be attractive to Japanese investors. On this three- ticipation in major cross-border deals and trans- the Mauritius IFC plays as a robust, sophisticated, cross-border investments. pronged approach, Mauritius and Japan, through actions, as well as the deployment of the “Bank of and well-regulated platform, in driving prosperity “This is already our forte and what we have been The Seventh Tokyo International Conference on Banks” initiative. in developing and emerging countries. This stra- known for over the last 30 years. The second leg is African Development, for instance, can push for- “There is no point doing things in Africa if you are tegic alliance will further strengthen the value that corporate fi nance; with the markets maturing in ward their overall global strategy.” Mauritius adds as an IFC in the global economy.” Africa and in the Indian subcontinent, and with this development, the needs for these markets Capital markets milestone set by SBM Ten-year plan will shape future of IFC are changing. They are moving from purely equity A highly successful, award-winning trailblazer and With a strong regulatory framework, transparent fi nancing deals to corporate fi nance deals that you innovator in African Banking, SBM Holdings rein- legal regime, fi erce commitment to international would typically see in the developed world. forced its excellent reputation with a 2017 collabo- Fintech: Fusion of fi nance and new best practices and standards, and a favorable time “Mauritius with its track record, expertise and ration that changed the continent’s capital markets zone (GMT+4) that allows trading on all global mar- trust can develop corporate finance and corpo- forever. The high-profile deal with the African kets in a day, the island nation is an increasingly rate banking at the regional level to become the Export-Import Bank saw the supranational trade technology drives digital success popular quality-effi cient and cost-competitive IFC main center that facilitates both of these types of fi nance bank open its shareholding to the investing of choice for regional and global players. activities, as well as credit fi nancing. It also entails public through the issuance of depositary receipts. The birth of fi ntech has created a highly competitive global industry focused on innovation and The government is targeting sector growth of key activities such as treasury management that is Established nearly four decades ago, the com- 5.5 percent per annum for the next decade, a fi g- very instrumental in this process. There is also a lot pany boasts a strong franchise in Mauritius, with a compliance with strict regulations, with Mauritian fi rms playing a big part in the digital quest market share of more than 20 percent in domestic advances and deposits. The group has also built “With ntech, Africans bene t from convenient and a signifi cant presence in India, Madagascar, and Given the speed with which the global fintech Headquartered in Ebene CyberCity, MauBank is a ordable nancial services, enabling them to even Kenya, and also holds a banking license to operate industry has grown, not to mention the fi erce com- the third-largest bank in Mauritius and offers a full in the Seychelles. petition among countries to establish themselves range of fi nancial services to private and corporate leapfrog other regions in some cases.” Given its excellent track record, SBM Holdings as regional, or global bases, it is no surprise to see clients, high net worth individuals, companies, pub- is an ideal partner for companies from Japan Mauritius has established the Mauritius Africa lic and fi nancial institutions. MauBank is at the fore- Kee Chong Li Kwong Wing, Chairman, SBM Holdings and elsewhere seeking to take advantage of the FinTech Hub (MAFH). Described as a “fast-grow- front of the digital revolution and a major investor in myriad of opportunities created by fintech, as ing ecosystem where entrepreneurs, corporations, new technology to enhance customers’ experience. K.C. Li Kwong Wing, chairman of SBM Holdings, governments, tech experts, investors, fi nancial ser- explained: “Africa is the global leader when it comes vice providers, universities and research institutions Innovative mobile apps win awards to development, adoption and usage of mobile can collaborate to build cutting-edge solutions for “We do not have a digital transformation strategy, wallets. the emerging African market,” MAFH is confi dent we have a customer experience strategy,” said The continent has more than 220 million regis- about its prospects, and those of fi ntech. As coun- Premchand Mungar, CEO of MauBank. “ This may tered mobile money accounts with more than 80 tries race to establish themselves as global hubs seem like a strange statement, but one of our main million active every three months. “With fi ntech, for revolutionary digital hardware and software for objectives is to provide a class-leading customer Africans benefi t from convenient and affordable fi ntech and blockchain, Mauritius is determined to experience and no technological tool can deliver financial services, enabling them to even leap- ensure it develops the right regulatory framework that by itself. Digital transformation for us is not frog other regions in some cases. The paradox of and operating environment for such state-of-the-art an objective, it’s a means to an end. “We are not fi nancial exclusion in Africa is that almost all the technologies to not just survive, but thrive. approaching digital transformation from the per- digital transformations that the fi nancial sector will The precedents are certainly positive, as Samade spective that we want to implement a specifi c tech- Shaan Kundomal experience can be more easily established on the Jhummun, CEO of Global Finance Mauritius, nological strategy. For instance, we are not saying CEO, Capital Horizons continent. underlined: “Mauritius has a long history of rein- our strategy is to use our data to generate next-prod- “Mobile banking, for example, allows access to vention and is recognized for its openness, ability proudest moments came this year when we were uct-to-buy predictions or apply distributed ledger the banking world without going through expen- to adapt and respond to changing times, as well as nominated by at least five international maga- technology to cross-border payments. These are all sive procedures; Africa is becoming an e-commerce its highly educated and skilled workforce. These zines, and won the corporate finance advisor of tools, tools with great potential,” Mungar said platform where operations can be multiplied attributes will help us on our future path to a high- the year for Mauritius by (digital business maga- “Our strategy is not about implementing digital more quickly than elsewhere. The expansion of income economy which will generate jobs and zine) Acquisition International,” revealed Capital tools, but looking at our customer experience as a the fi nancial sector in Africa will attract more and growth for future generations, with the Mauritius Horizons CEO, Shaan Kundomal, who also sits on whole. We have identifi ed three concrete goals: We Regulating and enabling Mauritius as a sophisticated more investors, and the continent especially will be International Financial Center (IFC) at the heart of the board of directors of several fi rms, including want our products to be highly personalized, opera- served as a fi nancial platform.” it.” Capital Horizons is an award-winning, boutique a subsidiary of the SBM group. “Inspired by these tionally transparent to our clients, and be effi cient in and innovative International Financial Centre To illustrate this point, Li Kwong Wing high- provider of fi nancial services offering bespoke solu- achievements, we are constantly investing in our delivering our products. According to a 2017 survey, www.fscmauritius.org lighted how SBM Holdings is the fi rst Mauritian tions to a broad range of customers. Licensed and infrastructure through a secured cloud-based enter- nearly half of the respondent fi nancial institutions fi nancial institution to partner with the leader of regulated by the Financial Services Commission prise resource planning system on which our clients said their latest digital investment is failing to gen- (FSC) in Mauritius, the fi rm offers corporate and can monitor all their transactions, accounting, net erate returns higher than the cost of capital. One of legacy management services to institutions and asset values and requests” the main reasons why any transformative strategy high net worth individuals, respectively, and stands does not deliver is because of a failure to scale up.” out for its capacity to cater to the Japanese. The Adherence to regulations pays dividends Mungar added MauBank made a clear state- fi rm has focused on combining fi scal optimization Trust and good governance are at the heart of ment of intent with its mobile banking app WithMe, For a smarter tomorrow through the creation of offshore structure while Capital Horizons’ philosophy, with CEO Shaan designed to adapt to customers’ changing needs maximizing what the Mauritius jurisdiction has to Kundomal highlighting the importance of such and ensure a seamless banking experience. “We offer, namely debt restructuring through the various compliance given the national regulator’s eagle- became the fi rst bank in the country to on-board international banks present. eyed offi cials are always watching. “The FSC has a customers through a mobile app,” he continued. This has allowed many of the company’s clients very strong surveillance enforcement division, and “Online leasing application platform MyLease allows to decrease their cost of debt by utilizing inter- every year send their teams to audit all companies customers to calculate how much lease they could est rate swaps. Moreover, cross-border financ- like ours to ensure we are doing things right and take and make their application easier, coupled with ing has allowed its clients to generate an offshore our clients are proceeding in transactions correctly,” a 10-minute approval in principle. Both products war chest, which can be used for international Kundomal said. “It’s highly regulated and monitored won the Infosys Finacle Client Innovation Award investments while choosing in which jurisdiction environment, while on the other side there is ease of 2019 in the API Innovations Category and Emerging they wanted to keep their assets tied. “One of our doing business without much bureaucracy.” Technology led innovations Category.”

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www.global-insight.net MAURITIUS GLOBAL INSIGHT Cultural charms create memories to last a lifetime

As a dream vacation destination popular for decades, Mauritius was once as famous for its high-proﬁ le guests as its incredible scenery and hospitality. That has changed in recent years, and rising tourist ﬁ gures will thrill investors chasing big returns on tourism projects Mauritius Tourism Promotion Authority (MTPA) www.tourism-mauritius.mu LUX* Grand Gaube www.luxresorts.com

Blessed with breathtakingly beautiful beaches formance at the “Oscars of the travel industry” as is much more competition today than in the past. workers came with 200 years ago, and that has not each moment matters, and so our purpose is to help CEO, Somas Appavou, stated: “I dedicate these lapped by the warm waters of the Indian Ocean, it increased the visibility of the island destination The Maldives has increased its popularity over the changed. In India, for example, many things have guests celebrate life. awards to the hard working people of Air Mauritius. and rich in history, tradition, culture and cuisine, on the international front. “Mauritius is not only a years, but we have a product that is special. Anyone changed, but here that tradition is preserved.” “Our pools and beaches are not better than the It is a recognition of all the efforts put in by our per- Mauritius’ award-winning tourism offering is a sun, sea, and beach destination; we also have other who visits Mauritius will not have the same experi- Mauritius’ hospitality industry offers luxury others, but what is better is our philosophy. This is sonnel. As a Mauritian company, hospitality is in melting pot that is second to none. Around 1.4 mil- attributes,” he said. “Mauritius is a melting pot of ence anywhere else in the Indian Ocean. We want around the clock that fi ts most budgets, with more our culture, people try to copy that, but this is natu- our DNA and we strive to improve our products lion international visitors arrived by air or sea culture, traditions, religions, ethnicities, gastronomy Mauritius to be a hub, a link between East Africa, than 110 hotels offering beautiful pools, views, and ral for us, it’s our passion. Every person working for and services so they best refl ect the ‘mosaicity’ of in 2018, a number that will surely increase over and arts. It is also a safe destination for tourists and Europe and the Indian Ocean. We are looking at all excellent cuisine and service. Unlike many of its us, from the chef to the man making up the rooms, our cultural heritage.” the coming years as heavy investment in tourism investment. The tourism business is fi rstly and fore- the opportunities in the aviation sector and are very counterparts, The Lux Collective offers a memora- contributes to that culture. Our occupancy rates With around 2,300 employees and flying to a infrastructure such as hotels, airports and ports most a people business, and what I hear as feedback focused on improving such services. ble experience, by inviting guests of all ages, back- are high, but not because we are the cheapest. We combined two dozen destinations on four con- attracts even more travelers to the sun-kissed from the 1.4 million tourists that come to Mauritius “Today, Africa is a land of opportunities, though grounds, and nationalities to explore the island and believe in the experience we are providing.” tinents, the ambitious carrier is well aware of its tropical paradise. Plans for this signifi cant capi- is the hospitality has a unique element that speaks mainstream media focus more on the conti- connect with people, rather than just operate as a Flying away with the title of Leading Indian importance to the country’s image, especially as for tal expenditure are outlined in the latest edition volumes of our population.” nent’s remaining challenges. Like my ministry, base for beach lovers. Ocean Airline 14 times in the last 17 years in the many travelers it will be the fi rst Mauritian experi- of the national three-year strategic plan, as well the Seventh Tokyo International Conference on With the Japanese not known as huge sun wor- ence of their vacations. The airline’s network is also as the Mauritius Vision 2030 development plan. “We are not just a beach African Development finds inspiration in aspir- shippers, a stay at one of the handful of LUX Resorts “We are in the business of being reinforced in line with its ambition to trans- Working in tandem, they aim to enhance the vis- ing to explain Africa in an understandable way to and Hotels in Mauritius is ideal for guests from the form Mauritius into a strategic aviation hub to con- ibility of Mauritius as an up market tourist desti- destination, but a melting reduce the gap between stereotypes and the tradi- East. Indeed, with The Lux Collective’s international time. Our vision is each nect countries and continents — with the help of nation in traditional, emerging and new markets. pot of culture, traditions, tional perception about the continent, and this new headquarters now based in Singapore, the company moment matters, and so international partners. One of the main pillars of the strong economy and exciting reality of development and openings.” has valuable experience of fi ne-tuning and tailoring A new business model means Air Mauritius and also a key source of employment and revenue, religions, ethnicities, arts its upscale offerings to guests from Japan and the our purpose is to help remains confident that initiatives taken and to the tourism industry is estimated to directly employ and gastronomy. ” Japanese tourists and investors welcome wider region. The award-winning group’s Mauritian guests celebrate life.” come will allow the company to chart a new course 40,000 people. Several thousand other workers rely The minister is eager for Japanese foreign direct hotels and resorts boast magnifi cent views and gor- for its future. The growing carrier intends to further on the sector indirectly in support services. Arvind Bundhun, Director, MTPA investment to maximize his country’s tourism offer- geous swimming pools set among lush landscaped Sydney Pierre, SVP-Commercial, The Lux Collective increase its service and targets daily fl ights on other ing, as well as help develop new sectors such as the gardens. Visitors can choose from rooms at the destinations adding to the existing daily fl ights to Melting pot of exotic cultures is unique Bundhun notes the MTPA is now focusing on ocean economy — one area in which Japan has a foot of the rugged and majestic Mount Le Morne, coveted WTA, including in this year’s edition, fl ag Paris, Johannesburg, Antananarivo, St. Denis and The Mauritius Tourism Promotion Authority other attributes Mauritius boasts other than its wealth of experience. “This is certainly an area we or stays amid the comfortable surroundings of the carrier Air Mauritius is also now one of the world’s Pierrefonds (Reunion Island). In July, Air Mauritius (MTPA) sums up the country’s ample assets in a col- amazing natural assets, such as the plethora of would be happy to get Japanese interest and invest- relaxing boutique resort of Belle Mare. top 40 airlines. The operator boasts an expanding launched twice weekly fl ights to the Seychelles. orful nutshell, “From the north’s incredible variety cultures, gastronomy and religion.” We also want ment, not only for fi shing but for a number of things, All the gorgeous hotels adopt a sustainable route network, safe and modern fl eet and is proud The adoption of the Air Mauritius Hub Concept of beaches with stunning coves and lagoons, to the to promote the clear air and sustainability here including oil and gas exploration, or exploiting other approach, including the stunning Lux Grand to be the world’s fi rst operator of both the Airbus has, over the past decade, evolved from a point-to- south’s volcanic landscape of the Chamarel Seven in Mauritius,” he added. “There is a plant called minerals, like manganese,” he added. “At TICAD 7 Gaube, found on the island’s northern coast and A350 and the Airbus A330neo models. point to an origin-and-destination network. This Colored Earths, visitors can indulge in all four cor- lichens that only grows in very pure air, you can we will showcase all the things Japanese tourists billed as a clever balance of contrasts and fresh successful new business model offers more choice ners of Mauritius by ‘Escaping, Enlivening, Enjoying fi nd it in the Himalayas across various countries; can do in Mauritius, from trekking to touring vil- design. In a new twist on high-end hospitality, The Setting sky-high standards of service to its passengers through the hubs it operates with and Exploring’.” we have it here in Mauritius growing on thousands lages and visiting homes, participating in religious Lux Collective launched an exciting new project As the fl ag carrier, Air Mauritius is also a national its many partner airlines. Not for the first time, Mauritius was awarded of trees. This is another unique selling point that activities and cultural events. Mauritius is a multi- called Salt: a hotel that encourages people to get icon and the largest company in the country, with its Air Mauritius now offers more than 100 destina- prestigious titles at the 2019 World Travel Awards appeals to the Asian market.” The importance of a ethnic society, and almost every week there is an out and about, does not offer TV and invites guests impressive four-star rating by Skytrax well deserved tions from a series of hubs it operates with partner (WTA), including the Indian Ocean’s Leading healthy tourism sector to national pride, well-being event that pertains to a particular religion or culture. to cook with the chefs. “We are not in the hospitality given the quality of its onboard product and staff airlines, in Paris, Johannesburg, Nairobi, Kuala Destination. The country was also voted the World’s and socioeconomic development cannot be under- “This is something that the Japanese would never business, we are in the business of time,” explained service, both in the air and on the ground. Earlier Lumpur, Singapore and Perth. Service to Europe Best Island Destination for 2019 by the Pacifi c Area stated. “We cannot imagine Mauritius without a be able to see anywhere else in the world, it is not Sydney Pierre, senior vice president, commercial, this summer, Skytrax ranked Air Mauritius as the has also been reinforced with seasonal fl ights to Travel Writers’ Association. Arvind Bundhun, direc- tourism industry,” said Minister of Tourism Anil even the same in India. What we have done here is The Lux Collective. “People save for a year to afford third-best African airline at the World Airline Awards. one of Europe’s key fi nancial centers, the Swiss city tor of the MTPA, was delighted with Mauritius’ per- Gayan. “Of course, there are challenges and there preserve the heritage that the Indian and African to fl y and stay in a hotel for a week. Our vision is that Commenting on the multiple titles, Air Mauritius of Geneva. Focus on renewable energies offers wave of FDI opportunities Mauritius is embracing renewable energies such as solar and tenders and projects within the renewables space Fund for Development to realize this. This allowed and by late 2020 we expect to commission a total us to purchase 10,000 solar home kits.. We are also wind power, with Japan’s outstanding reputation for state-of- of 120 MW of wind power. Today, we only have 40 on the lookout for rooftop space, since available MW operational. The aim is to bring the renewable land in Mauritius is so scarce.” the-art technology making it the ideal investment partner energy target from 20 percent to 35 percent in 2025. While renewables are undoubtedly the future “Many of the tenders that are currently being of energy generation for many countries, includ- offered by the CEB have been offered on a basis ing Mauritius, traditional fuel sources remain an Unlike many developing countries, Mauritius energy opportunities and challenges. MARENA falls there will be a power purchase agreement between important part of the energy mix. The CCGT project already offers 100 percent electricity coverage to under the aegis of the Ministry of Energy and Public us and the investor. The second thing we have initi- aims to optimize LNG as a feedstock for the mod- residents and businesses across the nation. With Utilities, which is headed by Deputy Prime Minister ated is a customer individual solar plan for private ern power plant. Natural gas is a much cleaner fuel such an achievement almost unheard of in Africa, Ivan Collendavelloo. He explained the government home users. We have allowed them to install their than alternative energy sources like coal and diesel, Mauritius stands in a privileged position for energy seeks international competitive bidding for most of own solar rooftops and connect to the national net- and will help boost electricity capacity for peak load generation and distribution. Well aware of the its power projects and favors joint ventures between work. “They produce their own electricity and dis- needs. “We started the feasibility studies on LNG potential impact of global warming should sea the local private sector and international fi rms. tribute the surplus to the network. This system of two years back and now have a report ready for con- levels rise, the government is committed to boost- However, in 2017 the Central Electricity Board giving autonomy to an individual is known as Small sideration,” Mukoon said. “The government needs ing the share of electricity generated by renewable (CEB) Act was amended to allow CEB (Green Scale Distributed Generation. We already have 4,000 to decide where and when to build a jetty gas stor- energies to 35 percent by 2025 from the current Energy) Co., a wholly owned subsidiary of the CEB, homes on this system and are looking to increase 22 percent. It aims to do this through wind farms, to participate in projects without recourse to public that number so many more people benefi t.” “Our plan is to decarbonize solar energy, biomass and waste-to-energy proj- procurement. The aim of CEB (Green Energy) Co. is Shamshir Mukoon Ivan Collendavelloo ects, seeking signifi cant foreign direct investment to promote the development of renewable energy. Lighting up the lives of the disadvantaged and take the steps to move to maximize such untapped resources. Although Acting General Manager, CEB Deputy Prime Minister and Minister of Acutely aware of the huge difference a reliable sup- further into renewable bagasse (sugarcane waste) remains the overwhelm- Interest in solar power technology heats up Energy and Public Utilities ply of electricity can make to the lives of people in ing source of renewables (89 percent) in Mauritius, “Renewable energy is a real success story here as we and taking fossil fuels, but if you have solar energy MW. The impressive success of the national electric- poorer communities, the CEB runs a series of ini- energies. Japan could invest the country derives the remaining 11 percent from have achieved almost a 1,000 percent increase in to power your batteries, you can do it. Japanese ity industry is chiefl y due to the CEB. The forward- tiatives that benefi t low-income citizens. “For such in projects, as well as LNG.” hydro, wind, landfi ll gas, fuel wood and solar power. just four years,” said Collendavelloo. “Our objective technology and investment is considered the best thinking entity is at the forefront of the growing people we proposed to buy their home solar energy The national energy policy encourages the is to secure a 30 percent reduction in carbon dioxide for this challenge. My dream is to bring that state- sector, although once a long-awaited electricity act kit, install, operate and maintain it,” Mukoon con- Shamshir Mukoon, General Manager, CEB use of renewable and clean energy to reduce its emissions by 2030, and have a 35 percent renew- of-the-art technology here.” The country’s current is approved, the CEB will no longer have the role tinued. “This category of customer also benefi ts dependence on fossil fuels and avoid harmful ables share in our electricity mix by 2025.” three-year strategic development plan has identi- of generator, distributor and authority overseeing from 50 kilowatt-hours of free energy. Whatever greenhouse gas emissions. Launched in 2016, the The minister is eager for Japanese technology to fi ed a number of facilitators that will help boost the the sector. “We produce 40 percent of our electric- excess power comes back onto the grid is then sold age facility, import the gas and get it to our shores. Mauritius Renewable Energy Agency (MARENA) play an integral part in Mauritius’ energy industry, use of renewables. They include new energy genera- ity from coal and 40 percent from heavy fuel oil, so to other users and to repair the grid system when Natural gas could then replace all fossil fuels and spearheads the adoption and use of renewable including in liquefi ed natural gas (LNG). “We have tion capacity and the use of energy effi ciency mea- 80 percent of our energy comes from imported problems arise. The groundbreaking and well- cut emissions by 40 percent. Our plan is to decar- energy for sustainable development goals. As per looked at what the Japanese are doing and what sures, as well as increasing electricity generation fossil fuels,” said CEB General Manager, Shamshir received idea was presented to the International bonize and take coordinated steps to move fur- the MARENA Act of 2015, the agency developed the they can offer,” he said. “Japanese technology has capacity through the installation of a 120-megawatt Mukoon. “Fortunately, we are a sugarcane produc- Renewable Energy Agency at the World Future ther into renewables. Japan should explore energy fi rst Renewable Energy Strategic Plan (RESP) 2018- created a measure of interest with us, especially in combined cycle gas turbine (CCGT) power plant at ing country so we use the bagasse that comes from Energy Summit in the United Arab Emirates. investment in areas like our LNG project as many 2023; a keystone reference for execution of critical offshore LNG technology. Of course, in Mauritius Fort George Thermal Power Station near Port Louis. the processing of this crop. We have around 13 per- “It was ranked as one of the best projects, which Japanese firms are involved in this industry and national policy and goals. Designed to support offshore facilities tend to be very attractive, but also cent from biomass bagasse and four percent from resulted in a concessional loan from the Abu Dhabi have the experience, know-how and reputation.” Vision 2030, the RESP reviews energy requirements expensive. We need to determine how we are going CEB is powerful energy industry guardian hydropower and 2 to 3 percent from solar.” with the aim to advise the government in the plan- to approach this, but Japanese investors could cer- The plan also calls for investment in renewable The senior executive notes bagasse is consid- This report was produced by Global Insight and can also be read online at: ning and execution of future decisions in its quest tainly bring that technology to Mauritius. energy with a 13 MW solar photovoltaic power ered a low emission combustion material, and that www.japantimes.co.jp/country-report_category/mauritius-report- / and to provide clean and affordable energy to the nation. “Japanese technology would also benefit us in plant in Henrietta, a 29.4 MW wind farm of in Plaine the sugarcane grown helps reduce the amount of www.global-insight.net With its prominent role in addressing renewable electric vehicles. This means charging batteries Sophie and six solar farms with a total capacity of 65 carbon dioxide in the air. “We have been releasing Project Director: Clara Arrighi, Information Manager: Bruno Gabriel

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GLOBAL INSIGHT MAURITIUS www.global-insight.net MAURITIUS

“The locomotive of our transformation stems from wanting to position Mauritius as a center of excellence for Africa — the next region for double-digit annual growth.”

François Guibert, CEO, EDB © Shutterstock Myroslava Bozhko

“Mauritius’ track record, “Fintech is highly regulated expertise and trust, can help and monitored, while on it develop corporate nance the other side you also and corporate banking to have this ease of doing become a regional center.” business without much

Harvesh Seegolam, Chief Executive, FSC bureaucracy.”

“With ntech, Africans “We are in the business of bene t from convenient time. Our vision is each and a ordable nancial moment matters, and so services, enabling them to our purpose is to help even leapfrog other regions guests celebrate life.”

in some cases.” Sydney Pierre, SVP-Commercial, The Lux Collective

“We are not just a beach “Our plan is to decarbonize destination, but a melting and take the steps to move pot of culture, traditions, further into renewable religions, ethnicities, arts energies. Japan could invest and gastronomy. ” in projects, as well as LNG.”

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