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MAURITIUS The Emerging Economic Model of Mauritius Mr. Raj Makoond Director, Joint Economic Council Track Record – Sustained Growth Average GDP Growth (1970-2005) 5.2% GDP PER CAPITA (USD) 4640 5000 4000 3000 Average Per Capita GDP Growth (19702005) 4% 2475 2000 1000 1000 320 0 1970 1980 1990 Year 2004 THE NEW ECONOMIC CONTEXT • Globalisation • Loss of preferences • Economic diversification strategy ECONOMIC INDICATORS 2005 % GDP 3.1 Investment rate 21 Unemployment 9.5 THE NEW CHALLENGES • Implementing reforms • Corporate re-engineering • Moving form sectors to clusters • Becoming a regional player IMPLEMENTING REFORMS • INTEGRATION • - Corporate Tax • - Value Added Tax • - Customs Duty • - Rationalisation of incentive regimes IMPLEMENTING REFORMS -Financial Services Development Act 2001 -Companies Act 2001 -Telecommunications Act 2001 - Education Act 2005 - Public Utilities Bill - Investment Climate Assessment - White Paper on Labour Laws MAURITIUS From Sectors to Clusters Cluster formation: painful process Global Competitiveness Report 2003/2004 Mauritius Finland Decentralisation of corporate activity 90 7 State of cluster development 31 1 Collaboration among clusters 48 1 BUILDING ON EXISTING STRENGTHS • Sugar Cane Cluster • Textile & Fashion Cluster • Hospitality Cluster EMERGING NEW CLUSTERS Knowledge Cluster -Consultancy -Training -ICT, language and film industries Seafood Cluster Logistics and Services Cluster Environment Cluster Health Cluster REGIONAL PLAYER Mauritius • Sugar • Textile • Tourism • Consultancy Services • Banking Label “Made by Mauritius” will replace the “Made in Mauritius” label Economic Trajectory 2000 1990 TEXTILE SUGAR TOURISM 1980 1970 TEXTILE SUGAR TOURISM FINANCIAL SERVICES FREEPORT TEXTILE SUGAR TOURISM FINANCIAL SERV. ICT / BPO REAL ESTATE SEAFOOD/ AQUACULTURE KNOWLEDGE HEALTH ENERGY SUGAR Monocrop Economy Manufacturing & Tourism Manufacturing & Services Economy Business Platform