Dear Valued Stakeholders
The Bank of Mauritius recently released the latest figures for Foreign Direct Investment (FDI) flows, highlighting a promising trend for the first half of 2024. FDI inflows reached Rs15.9 billion, marking a significant increase from Rs13.5 billion during the same period in 2023. This 17.8% rise shows the growing confidence of international investors in Mauritius, with notable contributions from France, South Africa, Switzerland and the USA.
This October marks a significant milestone as we celebrate the sixth anniversary of the National E-licensing System (NELS). Since its inception in October 2018, NELS has revolutionized the way businesses navigate the licensing process in Mauritius, making it simpler and more efficient than ever before. By providing a single-entry point for applications, payments, processing, and determinations, NELS has significantly reduced the bureaucratic hurdles that businesses previously faced.
The response has been nothing short of remarkable. In 2023 alone, we witnessed an impressive 77,000 applications, covering a wide range of permits and licenses, submitted through the system. This year, over 60,000 applications have been processed on NELS. This high volume of transactions underscores the system’s reliability and the trust that businesses place in it. The platform’s efficiency is further highlighted by the fact that it has facilitated the processing of over 254,000 permits and licenses since 25 October 2018, demonstrating its capacity to handle large-scale operations seamlessly. This success is a proof to our commitment to leveraging technology to enhance service delivery and support economic growth.
We aim to further enhance efficiency and effectiveness through upcoming projects such as the development of Property Acquisition Management System (PAMS) which aims to streamline property transactions through NELS. These initiatives reflect part of our ongoing efforts to stay ahead of the curve in the digital era and ensure that Mauritius remains an attractive destination for business and investment.
In addition to the property transaction enhancements, we are also revamping our Customer Relationship Management (CRM) system. This upgrade is crucial to ensure that we deliver a top-notch service to our stakeholders, reinforcing our commitment to excellence in every aspect of our business.
Last week, we had the privilege of welcoming an inward mission from Prosper Africa, in collaboration with the US Embassy. This initiative is an excellent opportunity to boost trade and investment between Mauritius and the USA. By leveraging Prosper Africa’s extensive resources, we are opening new avenues for Mauritian businesses to thrive and expand.
The EDB also participated in the Annual General Meeting of the World Alliance of International Financial Centers (WAIFC) in Japan from 14 to 18 October 2024. WAIFC Regional Chapter for Africa hosted a business forum to discuss business and investment opportunities between Japan and African countries. The main objective was to position the Mauritius International Financial Centre as a key player in the global finance landscape.
Moreover, EDB recently organised an insightful workshop with the Agence Française de Développement (AFD) focused on developing a framework for assessing projects based on Environmental, Social, and Governance (ESG) criteria. Our goal is to cultivate a strong ESG culture among our enterprises and we are crafting guidelines to ensure that projects submitted to EDB incorporate robust ESG features.
As we strive to elevate our services, EDB is committed to collaborating with ministries and authorities to streamline the ease of doing business in Mauritius. In a competitive global environment where countries are enhancing their investment climates, it is crucial that our licensing authorities provide clear and, accessible guidelines. We also encourage all businesses to adhere to these standards to foster a conducive environment for investment.
Attracting Foreign Direct Investment (FDI) and stimulating local investment relies on our ability to create a vibrant ecosystem in Mauritius. By positioning Mauritius as an attractive destination for companies to invest, reside, and operate, we can create more knowledge intensive jobs within a capability-driven economy.
Ken Poonoosamy
Chief Executive Officer
Economic Development Board
