Download the marine industry - Board of Investment Mauritius

THE
MARINE
INDUSTRY
10th Floor, One Cathedral Square Building, 16 Jules Koenig Street • Port Louis • Mauritius
T: +230 203 3800 • F: +230 208 2924 • E: [email protected]
THE
MAURITIUS MARINE INDUSTRY
Sustainable Value Creation
from the Indian Ocean
Mauritius : A Land of Opportunities
An international business center strategically located in
According to the latest doing business report published
the Indian Ocean, Mauritius is conveniently located midway
by the World Bank Group, Mauritius is ranked 20th out of
between Africa and Asia. The economic growth rate of the
183 countries making it one of the friendliest business
island state has been constant over the years, and this has
environments in the world.
enabled the country to be transformed from a dependent
monocrop to a multi-sector middle- income economy.
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Mauritius
REPUBLIC OF MAURITIUS :
EXCLUSIVE ECONOMIC ZONE
SEYCHELLES
CHAGOS
ARCHIPELAGOS
PEROS BANHOS
SALOMON
5oS
DIEGO GARCIA
10
AGALEGA
M
A
D
A
G
A
S
C
A
R
15
TROMELIN
ST. BRANDON
RODRIGUES
REUNION
50oE
55
20oS
MAURITIUS
60
65
70
75oE
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The Mauritius Marine Industry
Sustainable Value Creation from the Indian Ocean
The Marine Industry is one of the promising development
sectors of the Mauritian economy. The Mauritius Marine
Industry has experienced a rapid expansion, with
investments in various activities ranging from fishing to
seafood processing to fish farming at sea. With a conducive
business environment, Mauritius has positioned itself as
a vibrant seafood hub in the region.
Mauritius has an Exclusive Economic Zone (EEZ) that
extends over a surface area of 1.9 million km2 and which
is largely untapped in terms of its resources.
Recently, the EEZ has been extended by an additional
396,000 km2 on the Mascarene Plateau through the joint
submission by Mauritius and Seychelles to the United
Nations Convention on the limits of continental shelf.
In 2010, exports for fish and fish products comprising of
tuna and fresh fish reached 104,740 tons (FOB value of
USD 337 million), compared to 87,820 tons (FOB value of
USD 300 million) for the previous year.
The strategy for the Mauritius Marine Industry is based
on sustainability, expansion of the industry base, the
development of value added fisheries and seafood, and
higher value throughout related sectors including fishing,
transhipment and ancillary services.
Besides the traditional activities such as fishing and fish
farming, Mauritius has the introduction of new activities
such as the processing of fish waste for extraction of
omega 3-rich oil for use in the pharmaceutical industry.
The Indian Ocean remains an important production area
contributing about 23% of the world s tuna production.
Out of this 962,000 tonnes are produced in the Western
Indian Ocean.
The Marine Industry, comprising the seafood, aquaculture,
seaweed and Land-Based Oceanic Industries, is part of
Government s strategy for extracting more value from our
ocean to spearhead economic growth.
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Landscape Of The Mauritius Marine Industry
Key Facts and Figures (2010)
• Total turnover in the fisheries sector:
USD 613 million
• Total fish traffic:
118,000 tons
• Local production of fish and fish products:
USD 40 million
• Total active employment in the sector:
12,000
• Per capita consumption of fish:
22kg
Source: Government of Mauritius, Ministry of Fisheries
and Rodrigues
Sustainable Marine Resources Management
Mauritius is adopting a holistic approach to ensure
sustainability of the industry through a healthy marine
ecosystem and proper management of the captured fish
within the sustainable limits, while at the same time
ensuring a regular supply of fish and fish products.
A recent study has confirmed the enormous potential of
aquaculture in Mauritius and the development of this
industry segment is accompanied by new legislation to
ensure eco-friendliness.
Expanding the Seafood Base, Maximising Value
Throughout the Industry Chain
industry. There is enormous potential yet to be tapped
beyond the country’s lagoons and the new focus is to
make the most of the vast number of fish species present
in the Indian Ocean, and to maximizing value from the
landings of catches in the region, namely through the
development of further processing activities for highgraded products such as sashimi tuna.
In addition, the strategy underpinning the aquaculture
sector is to encourage value-added fish farming in a
sustainable manner.
Food Security
Based on a current world per capita consumption of 17.2
kg, the global seafood market is estimated at USD 100
billion per year. This per capita consumption is expected
to reach 19-21 kg by 2030, largely accounted for by growing
major seafood markets such as Japan, US and the EU
countries which depend on imports for 40-60% of their
seafood consumption.
The seafood sector plays a key role in world food security,
an increasing major concern for new generations. Fish is
not only a major source of protein, already accounting for
15% of the protein needs of more than 1.5 billion people
in the world, but they are also a source of essential
micronutrients, including various vitamins and minerals.
This is a key reason why the Mauritian seafood industry
will continue to grow in importance in the future.
The Mauritius fisheries sector has so far primarily focused
on artisanal fishing in the island’s lagoons and on the tuna
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Investment Opportunities
The Mauritius Marine Sector holds enormous potential
for development and offers opportunities for investment
projects that will contribute to food security both in
Mauritius and worldwide. Opportunities thus exist in
fishing, aquaculture and processing.
High value aquaculture of species which are regarded as
delicacies, such as sea cucumber, can be developed for
lucrative export markets existing throughout the world.
Today, sea cucumber is a multi-million dollar industry
(USD 60 million per year in Asia alone) and the price per
kilogram can reach USD 250.
Fishing
There is enormous potential yet to be tapped beyond the
lagoons of Mauritius. Activities to be further developed
include deep-water shrimp fishing and trawl fishing of
small pelagic species around the banks of Saya de Malha
and Nazareth. Furthermore, catches can be processed in
Mauritius or traded either as live or chilled seafood products
(e.g. sashimi grade tuna).
Aquaculture
Aquaculture contributes to nearly 50% of the world fishery
output for human consumption and is projected to surpass
capture fisheries as the most important source of fish for
human consumption by 2015.
The Fisheries & Marine Resources Act provides for the
development of fish farming at sea. Sites are available for
aquaculture development in the lagoons of Mauritius.
Value-Added Processing
Several companies with processing and canning capacity
exceeding 100,000 tons are presently engaged in the
following major fish processing activities: filleting,
packaging, canning, vacuum packing and production for
ready-to-eat meals etc. Further opportunities exist in the
processing of fish waste for extraction of omega 3-rich oil
for use in the pharmaceutical industry.
With the ever increasing demand of quality fish products
in the world, various investment opportunities exist in the
processing of value-added seafood in Mauritius.
In addition, Mauritius offers world class infrastructure as
well as an integrated logistics platform. The preferential
market access to the EU, US, Japan and regional countries
enjoyed by Mauritius are yet additional factors that make
the country a highly advantageous destination for the
higher value-added processing of seafood.
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Why Mauritius?
Fiscal environment
• Mauritius has adopted a homogenised tax system
with a flat 15% rate applicable for resident corporate
firms and individuals.
• There is no exchange control and free repatriation
of profits is allowed.
• Companies can be foreign-owned up to 100%.
Business Environment
The Mauritian Economy is one of the fastest growing in
Sub-Saharan Africa. The country offers a transparent, rulebased and cost effective business environment, integrated
in a development model centered on achieving greater
openness and geared towards global competitiveness.
According to the World Economic Freedom Report 2011,
Mauritius is ranked 1st in Africa and 12th in the world.
Market Access
The EEZ and Continental Shelf
Mauritius has long standing trade relationships with several
economic partners, of which the EU, US, Japan as well as
Southern and Eastern African countries. Under specific
trade agreements, the country benefits from preferential
market access to these countries and regional markets for
seafood products originating from Mauritius.
Mauritius has an Exclusive Economic Zone (EEZ) that
extends over a surface area of 1.9 million km2 and which
is largely untapped in terms of its resources.
Recently, the EEZ has been extended by an additional
396,000 km2 on the Mascarene Plateau through the joint
submission by Mauritius and Seychelles to the United
Nations Convention on the limits of continental shelf.
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World Class Infrastructure & Integrated
Logistics Platform
The commercial and industrial free zones in Mauritius
offer an integrated logistics platform in accordance with
EU standards for the transhipment, warehousing, handling,
processing and re-export of seafood products.
Reliable sea and air trade links
Mauritius is linked to the rest of the world by a reliable
network of shipping lines calling at most important ports
in the region. The shipping lines offer weekly direct calls
and sailings to and from Mauritius to Asia, Europe and
Africa. The shipping lines connecting Port Louis to other
countries are Maersk, MSC, Mitsui, Pacific World, Coraline,
Delmas, PIL and CMA CGM DELMAS line.
Mauritius has air connections with major business centres
boasting more than 90 weekly flights. Modern cargo sheds
at the SSR International Airport cater for existing export
and transit traffic. The EU export market is well connected
with 23 flights per week, mostly to Paris and London.
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Dynamic & Well-Regulated Financial
Services Platform
Mauritius has a strong reputation as a well regulated,
secure and credible International Financial Services Centre.
The appropriate legal and regulatory frameworks coupled
with the necessary expertise, an attractive fiscal regime
and a wide network of Double Taxation Treaties make the
island an attractive and business-friendly jurisdiction for
investment structuring purposes.
Work & Live in Mauritius
Residence Permit and Work Permit for foreign investors,
entrepreneurs and professionals have been combined into
a single Occupation Permit.
Testimonials
“Mauritius has strong and credible institutions and brings stability,
trust and confidence to any foreign investor. IBL has invested over the
last 8 years some USD 75 million in the sea food hub, this is in addition
to our already existing investment in Princes Tuna (Mauritius). We
believe in the future of this sector and remain committed to its success.”
Patrice ROBERT
General Manager, IBL Sea Food Hub
“Princes Tuna (Mtius) Ltd moved to its new factory in 1999 and has
since then grown considerably. At present we employ around 2,000
staff. The advantages of Mauritius are the availability of a large
motivated labour force, including well trained managerial staff. Mauritius
also has a very good infrastructure and effective support services for
industry and a very efficient port. Combined with political stability,
this makes Mauritius an excellent place to process canned tuna. The
recent improvements in the port, the increased cold storage capacity
and increased quay length for reefer unloading add to the convenience
of doing business in Mauritius.”
Evert Liewes
Managing Director Princes Tuna (Mauritius) Ltd
15
10th Floor, One Cathedral Square Building, 16 Jules Koenig Street • Port Louis • Mauritius
T: +230 203 3800 • F: +230 208 2924 • E: [email protected]
THE
MARINE
INDUSTRY
10th Floor, One Cathedral Square Building, 16 Jules Koenig Street • Port Louis • Mauritius
T: +230 203 3800 • F: +230 208 2924 • E: [email protected]