GIS - 19 December, 2018: The protection of the image of Mauritius as a sound International Financial Centre is key to ensuring a competitive investment climate and consolidating the financial services sector as a major pillar of the economy.
This statement was made by the Minister of Financial Services and Good Governance, Mr Dharmendar Sesungkur, at a press conference yesterday at the Sicom Tower in Ebène during which he dwelt on some of the accomplishments of the sector.
Minister Sesungkur highlighted Government’s determination to ensure that principles of ethics and good governance remain prevalent in financial institutions, more particularly in banks and insurance companies. With regard to the latter, he pointed out that these organisations will be called upon to demonstrate greater accountability, transparency and efficiency.
He underscored that Vision 2030 anticipates the positioning of Mauritius in the league of high income countries and a higher purchasing power of citizens hence, a better quality of life. The contribution of the financial services sector, he emphasised, is expected to increase to reach 15% to Gross Domestic Product by 2020 in comparison to the current 12%. The sector, he added, also caters to the direct and indirect employment of some 15 000 persons.
The Minister recalled that some of the recommendations of a Blueprint aiming to take the financial centre to a new level of development were effectively implemented while regulatory bodies were further reinforced following appropriate changes in the framework. As regards the Ombudsperson for Financial Services Bill, he outlined that it will bring about a change in the way complaints and remedial actions are dealt with and will better protect consumers of banking and financial services.
According to him, the country’s laudable performance supported by several international indices showcases the relentless efforts of the Government to improve business investment environment. Mauritius, he stressed, ranked 25th out of 190 countries for ease of doing business by the World Bank’s Doing Business 2018 Report.
Moreover, Minister Sesungkur reiterated that Moody’s reaffirmed the Government of Mauritius’s Baa1 long term issuer and senior unsecured ratings while the findings of the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and Exchange of Information for Tax Purposes concluded that Mauritius enjoys an overall compliant rating.
The Minister highlighted that Mauritius remains the largest source of Foreign Direct Investment for India and to this end, discussions were held for a company to be enlisted on the Bombay Stock Exchange. He also pointed out that Government will make a request for the extension of some two years as regards the Indo-Mauritius tax treaty.
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