Economy

Since independence in 1968, Mauritius has developed from a low-income, agriculturally based economy to a middle income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, annual growth has been of the order of 5% to 6%. This has been reflected in increased life expectancy, lowered infant mortality and a much improved infrastructure.

Mauritius has the 2nd highest GDP per capita in Africa. It is only exceeded by Equatorial Guinea, which derives most of its revenue from oil exports. The economy is mainly dependent on sugarcane plantations, tourism, textiles and services, but other sectors are rapidly developing as well.

The government's development strategy centres on foreign investment. Mauritius has attracted more than 9,000 offshore entities; many aimed at commerce in India and South Africa while investment in the banking sector alone has reached over $1 billion. Economic performance during the period from 2000 through 2004 combined strong economic growth with unemployment at 7.6% in December 2004. France is the country's biggest trading partner, and has close ties with the country. They also provide technical assistance in various forms.

Mauritius is gearing towards becoming a duty-free island within the coming years. Duty has been decreased (and for many products completely eliminated) for more than 1,850 products including clothing, food, jewellery, photographic equipment, audio visual equipment and lighting equipment. This move is intended to attract more tourists and to give all Mauritians easier access to quality products at affordable prices.

Financial Services

Mauritius provides an environment for banks, insurance and reinsurance companies, captive insurance managers, trading companies, ship owners or managers, fund managers and professionals to conduct their international business. The economic success achieved in the 1980s engendered the rapid growth of the financial services sector in Mauritius. The following types of offshore activities can be conducted in Mauritius: