Strong investment outlook that reinforces Mauritius’ position as an investment hub on the global map
The robust growth witnessed by the domestic economy over the past two years was backed by strong and unprecedented levels of investment, both public and private. In fact, as per the latest publication of Statistic Mauritius, total investment, which is measured by the Gross Fixed Capital Formation (GFCF), grew by an impressive 30.7% in 2023 to reach Rs 158.1 billion from Rs 112.8 billion in 2022. The investment rate rose to 24% of GDP. Private sector investment grew by 21.7%, from Rs 90 billion to Rs 117 billion in 2023.
These strong fundamentals are expected to maintain a similar remarkable growth in 2024. Investment as a percentage to GDP is expected to attain 28% (compared to 19.1% in 2019) and GFCF will reach Rs 203 billion with a y-o-y growth of 24.2%, out of which Rs 153 billion would be private sector investment reflecting a strong commitment and confidence of investors both local and foreign.
These positive outcomes are the result, of our multifaceted approach at the EDB to enhance Mauritius’ investment climate. Our efforts in supporting policy development, promoting economic diversification, and providing technical assistance have been crucial in raising the profile of Mauritius on the global stage. Additionally, collaborations with key institutions have further reinforced our strategic framework.
Complementing these foundational efforts, our targeted promotional and communication campaigns have played a significant role in showcasing Mauritius as a premium investment destination. For instance, earlier this month, we promoted the Mauritius International Financial Centre (MIFC) in India and highlighted the various investment opportunities. This initiative was part of our broader strategy to attract global funds and impact investment.
Our efforts also extended to Europe where the President of the Republic of Mauritius, His Excellency Mr. Prithvirajsing Roopun G.C.S.K, led a delegation to Portugal. The EDB organised a business forum in collaboration with AICEP Portugal Global, which is an independent public entity of the Government of Portugal, with the goal of attracting foreign direct investment from Portugal to Mauritius. This business forum facilitated meaningful exchanges and partnerships and aligns with our strategy to explore new markets for investment and trade, following our successful roadshows in the Middle East.
In addition, EDB has also focused on inviting foreign investors and traders to Mauritius for inward visits. Recently we hosted delegations from Malaysia, the Middle East, India and Iran. This month we organised, together with the US Embassy, the US Business summit, a significant event that underscored our commitment to strengthening ties with the Unites States. This summit provided a platform for American businesses to explore investment and trade opportunities in Mauritius and fostering bilateral relations and economic cooperation.
We also had the honour of welcoming a high-profile delegation from Ghana for a two-day business forum and exhibition, further solidifying our ties with African nations. Next week we are set to host a delegation of over 100 business players from China specialising in medical, healthcare, pharmaceuticals and life sciences. These delegations are crucial for Mauritius as they bring in expertise, investment and opportunities for collaboration in key priority sectors.
Engaging with these delegations can open up new avenues for business growth and collaboration, enabling our local entrepreneurs to expand their market reach and enter in collaborative projects.
Our marketing initiatives, continuous efforts to improve the doing business environment, the implementation of budget measures, seeking and signing of free trade agreements as well as our contribution to the improvement of our digital and physical infrastructure, are all paving the way for new forms and higher levels of investment, and enhance bilateral trade.
Ken Poonoosamy
Chief Executive Officer
Economic Development Board
