2007 - mauritius, opens to the world

BOARD OFINVESTMENTMAURITIUS

Annual Report

2006-2007

About tHEboARD oF INVEStMENt

Set up in December 2000 through the enactment of the Investment Promotion Act 2000, the Board of Investment is the Investment Promotion Agency of the Government of Mauritius.

The Objects of the Board of Investment are:

To stimulate the development, expansion and growth of the economy by promoting Mauritius as •

an international investment, business and service centre;

To promote and facilitate the development of all forms of investment and business activities;•

To formulate investment promotion policies and plans, marketing strategies and undertake •

promotion to attract foreign and local investments; and

To advise Government on strategies for investment policies, national investment marketing and •

investment aftercare, economic and industrial planning and country image building

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tAbLE oF CoNtENtS

1. From the Chairperson ........................................................................................................................................ 6

2. From the managing DireCtor ............................................................................................................................. 8

3. operational review ............................................................................................................................................. 10

3.1 investment highlights ............................................................................................................................................................. 11

a. an overview ............................................................................................................................................................................ 11

b. the trenD ................................................................................................................................................................................ 12

3.2 Doing business ........................................................................................................................................................................... 14

a. business FaCilitation ........................................................................................................................................................... 14

b. setting up oF the oCCupation permit unit ...................................................................................................................... 16

3.3 investment promotion ............................................................................................................................................................. 18

3.4 inFormation system ................................................................................................................................................................ 20

4. seCtor status ....................................................................................................................................................... 21

4.1 hospitality anD property Development .............................................................................................................................. 22

4.2 FinanCial serviCes .................................................................................................................................................................... 26

4.3 inFormation anD CommuniCation teChnology ................................................................................................................... 28

4.4 seaFooD anD marine inDustry .............................................................................................................................................. 32

4.5 KnowleDge inDustry ................................................................................................................................................................ 36

4.6 biomeDiCal & health serviCes inDustry .............................................................................................................................. 38

4.7 logistiCs anD Distribution ..................................................................................................................................................... 42

4.8 manuFaCturing .......................................................................................................................................................................... 46

a. Fashion, aCCessories anD textile ..................................................................................................................................... 46

b. manuFaCturing anD light proCessing ............................................................................................................................. 50

5. emerging seCtors ................................................................................................................................................ 52

6. boi overseas representation ........................................................................................................................... 53

7. investment promotion missions ...................................................................................................................... 54

8. boi team ................................................................................................................................................................ 56

8.1 organisation Design ................................................................................................................................................................. 56

8.2 valuing people, builDing a team ............................................................................................................................................ 57

8.2 our values ................................................................................................................................................................................... 58

8.3 strategiC team ........................................................................................................................................................................... 60

8.4 our leaDership team ................................................................................................................................................................ 62

9. FinanCial statement ........................................................................................................................................... 68

9.1 report oF the DireCtor oF auDit to the Chairman oF the boi ......................................................................................... 70

9.2 balanCe sheet as at 30 June 2007 ........................................................................................................................................... 71

9.3 inCome statement For the year enDeD 30 June 2007 .......................................................................................................... 72

9.4 Cash Flow statement For the year enDeD 30 June 2007 .................................................................................................... 73

9.5 notes to the FinanCial statements For the year enDeD 30 June 2007 ........................................................................... 74

9.6 boarD members anD DireCtors remuneration ................................................................................................................... 79

The Management and staff have truly given the best of themselves and I want to thank them for their dedication, diligence and hard work in continuously raising their levels of professional delivery to all the stakeholders. The country can count on you in making Mauritius the business and investment capital in our part of the world. This exciting journey has but just started and you can look forward to more hard work and greater excitement.

Finally, my greatest appreciation to my fellow directors for their understanding and unfailing support in trying a few unconventional management models to make BOI an effective national development agency, benchmarked against the best worldwide.

Together we have worked to enhancing the attractiveness of the country as a platform for global business. I am confident that we will develop Mauritius as the choice destination for doing business both for the local and the international investor community.

As Chairperson of BOI, I have enjoyed a truly enriching and rewarding experience during the past 18 months in service to my motherland, working with the public sector administrators, the business community and the staff, management and fellow board members of BOI. I am grateful to both the Prime Minister and the Minster of Finance and Economic Development for giving me the opportunity to serve the country. Coming from the private sector, I found that the experience of public service allows the better understanding of the challenges faced by policy makers

and the difficult choices that they have to make. Although being a non-permanent resident of Mauritius, the staff of BOI and public sector officers greeted me with an open mindedness that made me feel welcome. I strongly encourage more individuals, particularly nationals of Mauritius living overseas, to come forward to serve the country in public service. We cannot afford to stand by the sideline at this crucial moment of our motherland’s history. We do not want to see our country embarked on the road leading to nowhere during our watch.

Mauritius is reaching the tipping point in embracing a new economic growth path. I am confident that with the support of one and all and with the hard work of our Management and staff, BOI will continue to make its contribution to move the country along a more sustainable economic development curve where every citizen will have the opportunity to develop to its full potential and the population at large will enjoy a higher standard of living within a society that values and respects the humanity of each individual citizen.

Maurice LamCHAIRMAN

DEAR FRIENDS,

2006 was a very encouraging year for BOI as FDI into Mauritius posted a record growth of MUR 7.2 billion, exceeding the cumulative inflows for period 2002-2005.

BOI thanks all the investors, domestic and foreign, who have shown their confidence in Mauritius as a place to do business.

Indeed, during 2006-2007 BOI was transformed into a high-performance client centered investment promotion agency of the Government. My unwavering focus, since my appointment as Chairman of BOI, has been to create a first-mover advantage for Mauritius as “The Investment Destination” par excellence - based on the business model that emphasizes on:

Developing Mauritius as an excellent product,•Implementing an innovative and focused marketing strategy, •Embedding efficient and effective processes within an •adaptive culture, and Attracting and grooming human talents to achieve sustainable •competitive advantage.

It is gratifying to note that considerable progress has been achieved on all fronts.

Firstly, BOI collaborated with its parent Ministry and other related Ministries in the implementation of the Economic Reform Programme, embodied in the Budget Speech of 2006. In this Speech, the Deputy Prime Minister and Minister of Finance and Economic Development announced loud and clear that, with the support of the Prime Minister and the Cabinet, he has taken the bold decision to usher the country into a new phase of economic development based on liberalization of the economy, abolition of a host of ineffective incentive schemes and above all, streamlining of the process of doing business in Mauritius. The objective is to enhance the attractiveness of Mauritius as a platform for global business so that both domestic and foreign investments create employment and wealth resulting in higher living standards for the population of Mauritius. This is still work in progress. Much work needs to be done to improve the physical infrastructure – domestic transportation, sea and air access, and public utilities - in order to lower the cost of doing business and to develop the pool of human talent to ultimately increase the competitiveness of Mauritius.

Secondly, BOI shifted the focus of its marketing strategy from “destination marketing” to targeted-industry marketing. This entailed extensive brainstorming to identify those industries of relevance to the country and to work out value propositions for each industry in the investor community. The implementation of this marketing strategy is now underway with several high-level focused investment promotion missions in targeted markets. The response so far has been very positive as several projects have been implemented such as Thon des Mascareignes and Orange Business Services. Many more are at different stages of project finalization.

Thirdly, BOI initiated a re-design of its organization structure to adapt to the new industry focus and to enable it to meet challenges arising from changes in its external environment. In a world characterized by increasing globalization of markets, free flows of capital, labor arbitrage in both the manufacturing of tradable goods and the delivery of tradable services, BOI is empowering staff at all levels to make decisions so as to be more responsive to investors and to provide fulfilling experiences to the clients of BOI in data gathering, fact finding and investment project implementation: the investors, potential and existing. This enhanced structure enables BOI to more easily develop multi-level relationships with the investor community and the government agencies. BOI has expanded its network of overseas representation with the opening of the BOI London Office and is thus in a position to provide first hand information in the three major markets providing FDI into Mauritius – France, India and U.K. In addition, BOI has installed knowledge management systems and processes that accumulate and disseminate the institutional knowledge and experience so that its staff can share and learn from previous experiences, and make continuing improvement in the quality and delivery of its service.

Finally, BOI recognizes that its effectiveness in delivering employment creation results and the long-term sustainability of its new strategic direction hinge on attracting and grooming effective industry leaders who are willing and able to assume responsibilities, be held accountable for results, challenge existing policies and practices, propose new ones and to think ahead to anticipate and meet challenges.

BOI is committed to reinforcing the capacity building of the human capital of the organization and encourage their personal growth whilst promoting a culture instilling these following core values:

Respect for people•Integrity•Team work•Meritocracy•Achieving excellence•

My special thanks to you, dear Friends, who have invested and are interested in investing in Mauritius and be our business partners. BOI will continue to provide the professional services of the highest order to enable you to realize your dreams.

I thank the Prime Minister, the Deputy Prime Minister and Minister of Finance and Economic Development and the Government for their confidence in and support to BOI. They empowered me to set the strategic direction of BOI, put in place the organization design for effective execution and lead BOI to actively provide inputs for Government policies.

FROM THE CHAIRPERSoN

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FROM THE MANAGING DIRECTORThe process of materialising investment in the country is a complex supply chain. It spans across functions that range from promotion and marketing activities to front-end service and back office processes that cut across relevant ministries, agencies and regulatory bodies.

As we accelerated the momentum across this chain to meet our objectives, we moved into unchartered territories where new skills sets were constantly required: research on next generation technologies and investment offerings; facilitation and negotiation skills, re-engineering skills; teaming up with public bodies for the joint BOI/PIO Occupation Permit unit; public-private partnerships; targeting and exploring new investor markets; developing state-of-the-art eMarketing tools... The list is long.

We were amazed at the speed at which BOI resources acquired these skills and evolved into a high performance team. Outright and in the spirit of service to the nation, our staff brought out the best of themselves to innovate and raise the organisation to new levels of competence, motivation and dynamism.

Our first innovation has been internal. Transforming ourselves from functional silos to a cluster-based market-facing organisation has been the foundation of our change, allowing our resources to develop in-depth competencies in the areas of investment that they promote.

With the rising challenges, our high-performance teams have trickled down the innovation factor, driving change in the emerging sectors at the national level. The Board of Investment has been closely involved in defining the land-based oceanic industry, in developing the knowledge hub, in designing the framework for the healthcare industry, in the hospitality and property development sector, in information technology and outsourcing, financial services, textile and non-textile manufacturing, the seafood hub, logistics and distribution, and agro-industry and renewable energy sectors among others.

We have also innovated in our marketing approach; moving from destination marketing, where we identified countries and regions for promotion campaigns, to targeted investor marketing where we develop value propositions for specific companies to invest in Mauritius. This approach has achieved results beyond our expectations. By developing niche value propositions, we have been able to attract some of the world’s leading companies to Mauritius. We have further industrialised

this approach by ensuring quarterly targeting initiatives and follow-up by our cluster heads who are now in charge of their pipelines, leads and investor tracking, using tools that reflect the high-powered sales force that BOI clusters have now become.

Furthermore, BOI has been a precursor in establishing effective collaborative partnerships with the private sector, whether to develop investment opportunities, to achieve consensus on industry issues or to elaborate joint promotion missions. In so doing, BOI has created an excellent relationship with the local entrepreneurs thereby providing opportunities to nurture joint venture partnerships between local and foreign investors.BOI has essentially become a space for the transformation of ideas. Productive innovations are identified; the mechanisms to implement are established and a collective approach is sought to move forward. The fact that the organisation offers genuine empowerment, with young dynamic professionals given the opportunity to drive investments in the country, makes it an exciting place to work, to lead effectively and to respond to the challenge of the Board. This is largely thanks to our Board and Chairman’s enlightened guidance and leadership, which has steered the BOI into the right direction.

I am proud to lead such a team of dedicated professionals. It also gives me great pleasure to realise that our concerted effort with ministries and Government agencies has made Mauritius progress by five ranks on the World Bank’s Doing Business Report 2008 to the 27th position globally and the first in Africa. Indeed, the ambition of Mauritius to achieve its Top 10 target is quoted by the report.

As the New Mauritius unfolds in the midst of increased realised investments, becoming a better place to live and work through more jobs being created, through better infrastructure and through the intangible innovations, we would like to assure investors, stakeholders and Mauritians at large that the Board of Investment will consistently deliver its best to sustain the growth of foreign investments into the country,

Because our business is You,

Raju JaddooMANAgINg DIRECtoR

Ask any of the recurrent investors who has lived our post-October 2006 economic transition and he will tell you how much easier it is to do business in the New

Mauritius.

Foreign direct investment is equally seen by Government and local players as the cornerstone for job creation and economic growth. Government policy since 2005 has been to open the economy and streamline administrative processes for people to come, work and live in Mauritius.

As the executive arm of Government to attract private investment in the country, the Board of Investment has been entrusted with major responsibilities and targets for the sustained growth of realised investments into the country.

Our mandate is clear. Each materialised investment creates job opportunities for Mauritians, works towards the elimination of poverty and improves local infrastructure. When projects and investments are realised, dividends can be paid to the population in the form of job creation and making Mauritius a better place to live, work and play in.

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The period under review, 2006-2007, is set in the backdrop of a fast globalizing world economy characterized by the gradual shift of the centre of economic gravity to the East, with China and India emerging as factories of the world for products and services respectively and by the accelerating speed of change of technolo-gies and business models to achieving global competitiveness.

Certain emerging countries and smaller island economies, like Mauritius in particular, with their inherent dependency on trade preferences (Multi-Fiber Agreements and subsidized sugar pric-es) have been vulnerable to external shocks associated with the erosion of these trade preferences, high energy prices and the forces unleashed by globalization. Their problems are further compounded by poor domestic policies, structural rigidities and lower productivity, and above all the inability of their population to embrace the globalization movement.

Cumulatively, these result in falling economic growth, rising unem-ployment, poor trade performance and lower inflow of FDI.

Against such a background, in June 2006 the Deputy Prime Min-ister and Minister of Finance with the full support of the Prime Minister and the Cabinet engaged Mauritius on the road of radical reform: moving from preference dependence towards achieving global competitiveness.

The salient features of the Reform Programme are:

Improving Investment Climate•Restructuring and diversifying industries•Broadening the circle of opportunities, and•Fiscal consolidation and discipline•

The results of the economic reform programme have been swift and tangible. Total investment in 2006 increased by 18.2% com-pared to a decrease of 2.4% in the previous year. Private invest-ment as a ratio of GDP is rising again after four years of below trend performance. However, the record performance came from foreign direct investment.

FDI in 2006 amounted to MUR 7.2 billion, exceeding the cumula-tive FDI inflows for the last four previous years. Encouragingly, for the period January - June 2007, total investment realized amount to MUR 8.9 billion of which MUR 5.9 billion is from FDI. Mauritius is on its way to achieving the MUR 10 billion target set for the year.

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Source: Bank of Mauritius and Central Statistics Office

Mauritius is ranked 27• th out of 178 countries and 1st in the African Region in the World Bank Doing Business Survey 2008

Mauritius is ranked 60• th out of 131 countries in the World Economic Forum Global Competitiveness Report 2008

Mauritius has been rated among the top •25 global off shoring platform in the AT Kearney Off Shoring Index 2007

Mauritius is ranked 51• st out of 122 countries in the World Economic Forum Networked Readiness 2007

Mauritius is ranked 34• th out of 157 countries in the World Index of Economic Freedom 2007 of the Heritage Foundation and the Wall Street Journal

Investment hIghlIghts

Mauritius And

AN OVERVIEW

World Indices

oPERAtIoNAL REVIEw

INVEStMENt HIgHLIgHtSAN oVERVIEw•tHE tREND•

DoINg buSINESSbuSINESS FACILItAtIoN ACt•

SEttINg uP oF tHE oCCuPAtIoN PERMIt uNIt•

INVEStMENt PRoMotIoNINFoRMAtIoN SYStEM

Evolution of Public, Private and Foreign Direct Investment in Mauritius for the periods 1990-2006

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Interestingly, Mauritius is now receiving fewer but larger sized projects in both the traditional and the emerging sectors. Dur-ing the period under review, major projects were started in the following sectors:

Textile and Fashion (spinning)•Seafood Hub Initiative•ICT•Hospitality and Real Estate Development (hotels and IRS)•Financial Services•

Foreign private investments from projects which are re-ceived by boI.

The projected four-fold growth in total private investment from projects which are received by the BOI is driven to a large ex-tent by investment from foreign sources. Committed foreign in-vestments for the financial year ending June 2007 is 4.5 times more than in June 2006.

Figure 2: Foreign Private Investments

* projected growth

Source: BOI

Analysis of foreign investments (2006 and January-June 2007): source countries & sector investments

In 2006, the largest FDI inflow was from UK, followed by Switzerland, France, Germany and India. Together these four countries represented about 90% of investments into the country. Mauritius is also tapping into non-traditional investment sources in Asia (Malaysia, China), Europe (Ireland, Scandinavia) and the US.

From January to June 2007, largest FDI inflows came from USA and UK with almost an equal share and followed by Dubai, France and Switzerland.

Figure 3: FDI Source Country

Source: Bank of Mauritius

Investments in real estate and property sector, essentially in projects regulated under the Integrated Resorts Scheme (“IRS”) and Information and Communication Technology (“ICT”) sector are both generated from the four main investing countries. Significantly, France and India have invested in the local manufacturing sector.

Other emerging sectors (Seafood and Marine, Biomedical, Knowledge and Hospitality) attracted considerable attention of foreign investors. In fact a few major projects are in different stages of finalisation and several more are in the pipeline. The Board of Investment is actively working on the enabling frame-works to facilitate investments in the above sectors.

Furthermore, BOI is also aggressively targeting new markets for FDI namely China, Malaysia, South Africa, Scandinavia, Middle-East and North America.

total domestic and foreign investment by sector

The distribution of investment by sector changes from 2006 to June 2007 with IRS assuming a less important role and new sectors such as biomedical and knowledge becoming important contributors to total investment.

Figure 4 shows the distribution of investment by sector.

In 2006, IRS (42%) was the major contributor to total investment into the country. However, there was a significant contribution from emerging sectors including seafood (11%) and ICT (13%), which represented almost a quarter of total investments in the country.

From January to June 2007, the share of IRS to total investment has decreased to a quarter. This is because of the projected growth in new sectors such as knowledge, biomedical and real estate development, which have contributed to more than 10% of investment. The manufacturing sector also witnessed an increased investment.

Figure 4: Distribution of investment by sector

Source: BOI

top 5 FDI Sources (MuR million)

The economic reform programme, on one hand, and on the other, the internal restructuring of BOI have advantageously positioned Mauritius as a value location for the international in-vestor community.

Mauritius opens to the world and welcomes foreign capital, ideas, skills, talents and technology in a business friendly environment.

the Result

The economy has been turned around and is now posting healthy growth of 5.3% at par with the regional growth rates of Sub-Saharan African countries.

All the macro-economic variables, except for inflation, have started recording positive trend and are set to further improve during the year in progress.

This is however only part of the road travelled. Mauritius is preparing to move on an accelerated growth plane with an objective to achieve a 7-8% growth that will lead to doubling per capita GDP by 2015. The cornerstone of this strategy lies in the ability of Mauritius to attract investments and create jobs.

Domestic and foreign investment trends

Total private investment from projects which are received by the BOI, combining domestic and foreign, is on the rise as a result of the reforms and the targeted investment promotion activities carried out.

Figure 1: total private investment from projects which are received by the boI (FY 2005-2006 / FY 2006-2007)

2005 - 2006 2006 - 2007

Jul-Dec Jan-Jun Jul-Dec Jan-Jun

TotalInvestment(MUR million)

620 2,116 3,896 8,891

Number of projects

59 48 43 78

Job creation

1,564 2,373 1,844 8,486

Source: BOI

As shown in Figure 1, total committed private investments have grown four-fold to MUR 12.8 billion for financial year ending June 2007, compared to MUR 2.7 billion for financial year end-ing June 2006.

the trend

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OccupatiOn permit unit TEAM

dOIng BUsInessbuSINESS FACILItAtIoN

The new business environment is built on a far-reaching visionary set of reforms at organizational, institutional and sectorial levels.

The Finance Act 2006 in general and the Business Facilitation (Miscellaneous Provisions) Act 2006 in particular encapsulate the reform programme of the Government, to creating a new busi-ness and investment environment in Mauritius, characterized by:

streamlining investing and doing business on the island,•liberalizing the economy to foreign capital, talent, skill and •ideas,strengthening the BOI to become the National Investment •Promotion Agency with the merger of the Financial Services Promotion Agency (FSPA), a year after the merger of the Mauritius Freeport Authority (MFA) with BOI.

Business Start-Up

Bus• inesses can start operations within 3 days of incorpo-ration/registration (for non-regulated activities and those not requiring a Building and Land Use Permit)

A unique identification number is allocated to businesses•

The trade licence has been abolished and a trade fee is •payable 15 days after start of operations

Economic activities are classified into service, industrial, •commercial and sui generis clusters

The development permit and the building permit have •been combined into a single Building and Land Use Permit

Work and live in Mauritius

Occupation Permit (OP) is delivered within 3 days for •investors, self-employed and professionals

Foreign nationals can acquire property for business •purposes

Individuals holding an OP can be eligible for permanent •residence after 3 years

A new residence permit allows non-citizens to retire in •the country

Fiscal Reforms

Create a homogenised 15% corporate and personal •income tax platform

Eliminate investment incentives schemes from 20 to only •2 (IRS & Freeport)

The new business environment has led to a significant in-crease in new businesses. Since October 06, it is mandatory for all businesses (including existing ones) to register with the Registrar of Businesses. As at June 2007, 46,959 businesses have registered.

Figure 5: New businesses that have registered with the Registrar of businesses

Company Individual total

Oct to Dec 06

932 11,656 12,588

Jan to June 07

3,440 30,931 34,371

TOTAL 4,372 42,587 46,959

Source: Registrar of Businesses

The high number of new businesses registered also includes a significant proportion of local small entrepreneurs who were previously part of the informal sector. 2,362 of them also registered with SEHDA from October 2006 to June 2007.

Figure 6: businesses that have registered with SEHDA

total Registration

New enterprises

Oct to Dec 06 1,640 1,120

Jan to June 07 1,622 1,242

TOTAL 3,262 2,362


With the simplified process for obtaining a Building and Land Use Permit, there have also been more than 5,973 permits is-sued within fifteen days for investment and residential uses.

Figure 7: building and Land use Permit issued

oct to Dec 06 Jan to June 07

Residential 1,271 2,658

Businesses 724 1,247

SMEs 24 49

TOTAL 2,019 3,954


Major reforms brought about by the New Business Environment

From left to right: Saloni Raghoobear, Jenny Li Shim Tan, Shaffick Hamuth, Vidya Veerappa, Tana Marian, Prakash Rajcoomar

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Figure 8: occupation and Residence Permits delivered as at June 2007

Source: OP Unit (joint BOI/PIO office)

All applications for an Occupation Permit or a Residence Permit for a retired non-citizen are done through the Board of Invest-ment. The permits are issued by the Passport and Immigration Office.

The main sectors of activities that attracted foreign talents and expertise are the Hospitality, Manufacturing, ICT and Financial Services.

Figure 9: Permits issued by Sector of Activity

The table below shows that our main partners are France, In-dia, UK, South Africa and China.

Figure10: top 5 Country of origin

Source: BOI/ PIO

France and India remain an important source of investment, talent and skills for our economy. For the retirement market, France and UK are the most important market followed by South Africa and Switzerland which are emerging as high po-tential markets.

SEttINg uP oF tHE oCCuPAtIoN PERMIt uNIt

Pursuant to the provisions of the Business Facilitation (Miscellaneous Provisions) Act 2006, BOI in partnership with the Passport and Immigration Office established the Occupation Permit (OP) Unit, which is housed within the premises of the Passport and Immigration Office (PIO) but is staffed by BOI personnel. This strategic partnership has enabled the issue of an Occupation Permit to foreign investors, self-employed and professionals within the legally prescribed timeframe of 3 working days.

The OP Unit also processes the grant of Resident Permit to Non-Citizen Retirees willing to take up residence on the island.

The main functions of the OP Unit are:

to provide counseling to foreign nationals on Occupation and Residence Permits;•to screen applications for Occupation Permits and Residence Permits from non-citizens;•to hold an updated database of Occupation and Residence Permit holders;•to transmit all applications to the Passport and Immigration Office for processing;•to register investors, self-employed non-citizens, professionals and retired non-citizens as per •Section 12 of the amended Investment Promotion Actto provide investors aftercare services•to conduct, in collaboration with PIO, monitoring exercise on permit holders to ensure compliance •with the purpose of permits

The decision to open the economy to foreign talents and investors has had a favourable impact. Since the implementation of the Business Facilitation measures in October 2006, more than 300 occupation permits have been delivered to investors and self-employed professionals and 76 residence permits to retired non-citizens. New talents have also been attracted, with more than 649 permits delivered to foreign professionals.

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overseas offices and Mauritius High Commissions/Embassies.

Organization of high profile workshops and seminars 7) on the Business Facilitation (Miscellaneous) Act to better explain the provisions of the new legislation to the stakeholders and clients and to totally engage all concerned in the process.

The promotion strategy aims at establishing the brand “Destination Mauritius” in new markets, identified after careful study of the geographic breakdown of global FDI flows in the target sectors. The following new markets have been identified:

South Africa1.

North America (Canada and U.S.A)2.

Middle East3.

Far East (Malaysia, Singapore, Hong Kong and 4. China)

Scandinavia5.

Investment promotion missions, at the highest levels, have been mounted in these countries during the period under review, namely:

The Prime Minister led the delegation to China and 1. Hong Kong.

The Deputy Prime Minister and Minister of Finance 2. and Economic Development led the missions to South Africa and U.S.A and Finland.

The response has been very encouraging and more industry specific promotion campaigns are now being planned to follow-up on contacts established.

As a follow-up to our investment promotion campaigns several inward investment promotion missions have been received from the following countries:

U.K1.

South Africa2.

Italy3.

Malaysi4. a

The search for new sources of FDI and innovative communication strategy to better reach out to the global investor community remain the main focus of overall investment promotion strategy of BOI.

From left to right: Praveen Dassoruth, Shamima Mallam Hassam, Francois Mark, Kevin Ramkaloan, Rhadakrishna Neelayya, Dev Chamroo, Kavita Choychoo, Deujeun Mungur.

FDI plays a decisive role in the economic development of Mauritius with regards to raising the overall standard of living of Mauritians by financing the capital needs of our industries, creating meaningful jobs, generating export earnings, strengthening transfer of technology and know-how, improving access to overseas markets, sharpening the entrepreneurial mindset of our people and diversifying the economic base of the island.

In this respect Mauritius is one of the few countries in the developing economies category in the world to have been successful in attracting productive investments in selected priority industries. FDI inflow into Mauritius increased by 56% and 157% in 2005 and 2006 respectively. The sources of FDI as well as the directed industries are very diversified. New sources like the U.K and Switzerland have sustained their investments on the island and new industries like hospitality and ICT are now the major recipients of foreign capital.

Mauritius has been very active at the international front in attracting FDI, in carefully selected industries, not just in any sectors. Hence a coordinated two-pronged strategy to promoting Mauritius as an investment destination and the policy of attracting FDI deliberately and consistently in targeting specific industry sectors.

The first part entails developing a communication and marketing strategy to effectively promote the brand equity of Mauritius as “The destination for investment” based on clear and tangible attributes and comparative advantages of Mauritius. The

implementation of the strategy is based on using an influential and consistent message about Mauritius. “Mauritius Opens to the World” is the catch phrase. We use an exhaustive range of mediums to promote the brand “Destination Mauritius” which include interalia:

Publication of a new generation of Investment 1) promotional materials, namely an Investment Guide and ten sector-specific brochures in English and French. The Investment Guide is also produced in Chinese.

Hosting of a new interactive Investment Portal, in the 2) style of www.investmauritius.com which acts as an information clearing-house on investing in Mauritius and is widely visited. The Portal receives over 12,000 hits per month from the world over.

Updating of the BOI promotional film, and the making 3) of several industry-specific promotional films.

Production of a complete family of communication 4) tools comprising posters, banners and pop-ups.

Targeted advertising campaigns in selected press 5) overseas as well as in the local press. The highlight was a country feature in The Financial Times in March 2006.

Launching of a network of digital signage and 6) interactive information kiosk in carefully selected strategic tourist traffic location. The next phase of the project will include extending the network to all BOI’s

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investment PROMOTION

HOspitality and prOperty develOpment

Financial services

inFOrmatiOn and cOmmunicatiOn tecHnOlOGy

seaFOOd and marine industry

KnOwledGe industry

BiOmedical and HealtH services industry

lOGistics and distriButiOn

manuFacturinGFashion,• accessoriesandtextileliGHtPro• cessinG

In lIne wIth the Government’s polIcIes to further deepen the lIberalIzatIon of the maurItIan economy to foreIGn Investment, skIlls, talents, Ideas and technoloGy, boI has IdentIfIed new Growth IndustrIes that wIll best meet the aspIratIon of a modern maurItIus.

sectOr status

an Ict strateGIc plan, “towards a dIGItal orGanIzatIon”, was developped Internally to optImIse usaGe of It to support all operatIonal processes of the boI.

The main projects implemented include

Development of a federation of Information Systems namely :•The Investment Management Information System (IMS) •

which comprise of six Modules to assist BOI in managing pipelines and customer relationships among others.

IMS Modules include:- Contact Management System with an automated

business card reading system- Lead Management System - Investment Tracking System - Visitor’s Tracking System - Registration Tracking System - Investor Relationship Management System

A Hospitality & Property Development Management •

System and integration with existing systems such as the Registration and Permit Management System, The Freeport Licensing Management System, Goods •

Declaration System and Preferential Charges and Handling system.

Implementation of an Enterprise Resource Planning System •for the effective management of human capital and finance.Full upgrade of the ICT infrastructure to provide optimum •performance and security and implementation of state-of-the-art facilities such as IP Telephony, video conferencing and Wireless Local Area Networks.Enhancement in the dissemination of investment information •through kiosks and valued-added services on the portal.Implementation of processes to maintain information security.•

InFOrmAtIOn sYstem

From left to right: Samantha Mahadawoo, Johan Thirapathi, Mahen Govinda, Azagen Ramasamy, Siven Muhem.

20 21

the hospitality industry in mauritius represents a potential market of •2 million high-end tourists per annum

mauritius, marketed as an exclusive brand name in hospitality sector: people, •scenery, luxury hotels

5% registration duty on acquisition of immovable property•

mauritiusVALUE PROPOsITION

“the vIsIon of the Irs scheme Is Good for both the promoters and the Government, but of even Greater benefIt for the local communIty and lIves of those touched by It.”

andrew smIth, dolphIn coast marIna estate ltd

hospitality anD property Development

maurItIus offers an unrIvalled wealth of choIce and Investment opportunItIes In property development

“maurItIus Is a unIque opportunIty In terms of real estate ownershIp. It capItalIses on a unIque offerInG of Good Infrastructure, a buoyant economy, Great weather combIned wIth beautIful laGoons and beaches but above all, the GenuIne hospItalIty of Its people, thus makInG It Incomparable to any other destInatIon. real estate Investors look towards IncreasInG lonG term value. so lonG as maurItIus retaIns Its exclusIvIty and rare offerInG, It wIll be able to retaIn hIGh value even when other destInatIons are seeInG real estate valuatIons decreasInG.”

nIcolas vaudIn, ceo cIel propertIes.

22 23

hospitality anD property Development team

Back from left to right: Sachin Mohabeer, Don Heerah, Jaysen Arunachelam. Front from left to right: Belinda Henri, Vijayal Sunnassee, Anjali Narrainen.

the Industry In fIGures

hotel and tourIsm sectortotal Investment: 4,653 mur mIllIon (2006/2007)Jobs created: 1,877

Irstotal Investment: 3,715 mur mIllIon (2006/2007)Jobs created: 3,150

The Hospitality & Property Development (HPD) team is responsible for the promotion and facilitation of investment in tourism related activities. The HPD team is also responsible for the delivery of Integrated Resort Scheme (IRS) Investment Certificate. The IRS certificate is conclusive evidence that all the requirements of the IRS scheme as to an investment project submitted to the Board of Investment have been complied with and; on and from the date of issue of the certifi-cate stated in the certificate, the company is responsible for the development, implementation and management of the IRS project in accordance with the approval granted by the Board of Investment. The Company issued with an IRS Certificate can start to sell residential properties to non-citizens.

The IRS is a program designed to facilitate the acquisition of resort and residential property by non-citizens on the island. Through the IRS, property developers can engage in comprehensive development of luxury villas and outstanding residential properties to the highest international standards as well as extensive and high-class leisure and recreational facilities which may include golf course, marina, individual swimming pool, catering, nautical activities and wellness centres. High net worth non-citizens are welcomed to become

a resident of Mauritius by acquisition of a luxury property at the unit cost of at least US$500,000.

With a flexible air access policy and as objective to attract more than 2 million tourists per year by 2015, government has set the scene for offering opportunities to promoters interested to invest in hospitality.

A legal framework will soon be implemented to allow business development on the sea. This will lead to a major change in the property scenario as large marinas, floating hotel structures and major developments on reclaimed land or creation of an artificial island will become a reality.

The demand for developing business hotels, office spaces, intelligent buildings, conference centres, specialised business parks or industrial warehouses is becoming increasingly important. Residency for foreigners has also been streamlined as both professionals and investors have the possibility to acquire a property in Mauritius subject to certain conditions.

The development of high rise buildings and rejuvenation of the old buildings in the cities are expected soon and this will project a modern, strong and positive image of Mauritius.

Investment realIzed 2006-2007: 8,736 mur mIllIon Investment opportunItIes: InteGrated resort scheme, shoppInG malls and duty free shops, offIce buIldInGs, busIness and IndustrIal parks, hotel development, hIGh-class busIness hotels, GamInG resorts, health tourIsm, eco-tourIsm proJects, herItaGe and cultural tourIsm, amusement parks, leIsure actIvItIes, marInas

24 25

From left to right: Manisha Dookonee, Assad Abdulatiff, Jaya Doomun.

FinanCial serviCes


mauritius, Carving a niChe as an international FinanCial Centre oF substanCe

the Industry In fIGures as at June 2007

no of banks: 19 Global busIness Gbc 1 lIcensees (cum) 1: 9,693 Gbc 2 lIcensess (cum) 1: 22,765 total Gbc’s reGIstered: 32,458 manaGement companIes: 82 Global funds: 514securItIes (offIcIal market): 43 lIsted companIesdevelopment and enterprIse market: 56 lIsted companIes other non bankInG corporate trustee and custodIan: 25 captIve Insurance: 6 Insurance brokers: 19 Insurance companIes: 19 leasInG companIes: 10 money chanGer and foreIGn exchanGe dealers: 8

contrIbutIon to Gdp 2006: 10.4%

Investment opportunItIes: bankInG, securItIes, Insurance, Global busIness

Mauritius has throughout the last decade forged a strong repu-tation as a premier International Financial Centre. The Mauri-tian authorities have been extremely prudent in adopting world class law and regulations with a touch of innovation and this has resulted in a financial services industry that has quickly matured and embraced the highest standards of international practice. Additionally, the centre benefits from low taxation, an extensive tax treaty network, market access, innovative finan-cial products and a pool of skilled professionals.

overview for the sector 2006-2007

The Financial Services Sector has witnessed a growth of 7.0% on the overall for the sector. Insurance grew by 5.0% while banks 7.1% and other financial intermediation 11.0%.

Financial intermediation accounted for 10.3% of total GDP. In 2007, it is expected to grow to 10.8% of GDP, making the sec-tor one of the major elements of GDP.

Main objective for the sector 2007-2008

Our mid-term objective is to consolidate the financial architec-ture of Mauritius by:

Attracting investors in new service areas: sharia compliant •financial products, foundations, Real Estate Investment TrustAttracting international banks with potential to use Mauri-•tius to invest in AfricaDeveloping market share for value-added global business •in Mauritius

This would result in an increase of the Financial Services contri-butions as a share of GDP.

the global business Platform

As a global business platform, Mauritius offers investors with a diverse product base for planning and optimization of benefits including private and public companies, protected cell compa-nies (PCC), private trust companies (PTC), all forms of trusts and sociétés (partnerships) which benefit from a low to nil taxation through the issuance of a Global Business Category 1 or Cat-egory 2 License. An entity holding a Global Business Category 1 license can additionally access the benefits of the 33 bilateral Double Taxation Avoidance Treaties (DTA) that Mauritius has ratified with other countries. There are presently around 33,000 entities engaged in Global Business in Mauritius and 514 regis-tered as funds with US$ 43.04 Billion (as at June 2007).

Regulatory framework

Mauritius fully supports international initiatives (FATF, Basel, IOSCO, IAIS) aimed at preventing the jurisdiction from being used for money laundering and terrorist financing. It is worth noting that Mauritius has never been blacklisted.

Future Prospects

The Financial Services cluster team will increase its promotional targets to expand the pool of existing providers of services and to attract providers of new services.

The New Securities Act, Islamic Finance, laws on Foundation, reinforcing our jurisdiction as a trust, wealth management and family office centre will only help consolidate the offerings of our financial centre and better position Mauritius as a centre of substance and of excellence.

a financial services centre of •substance

sophisticated products•booming securities market (sem/dem)•Global business, a bridge between •continents: us – eu – asia - africa

mauritius, soft infrastructure and •competitive cost base

professional talents•

26 27


inFormation anD CommuniCation teChnology

maurItIus, the connectInG Islanda bIlInGual, customer-focused and stable platform for Global outsourcInG actIvItIes

oRANgE buSINESS SERVICES

“oranGe busIness servIce Is evolvInG In a very competItIve Global market. converGence of hIGh speed/mobIle/ applIcatIons Is nowadays a realIty for end users of our busIness clIents’ portfolIo. wIth the companIes GrowInG Globally and employees travellInG more and more, our clIents are expectInG to Get, anywhere In the world, the same servIces as what Is offered In offIce space. In a context of Global customer care expansIon, technIcal support provIders must adapt and provIde the same amenItIes wIthIn a Global framework.

the state of the art Infrastructure, economIc and polItIcal stabIlIty, avaIlabIlIty of workforce as well as Government support have been an Instrumental factor In Its decIsIon of settInG up a technIcal help desk. moreover throuGh Its bIlInGual workforce and preferentIal tIme zone, maurItIus remaIns an Ideal platform to develop thIs actIvIty In complement of oranGe exIstInG busIness solutIons centres”.

patrIce despax, dIrector of oranGe maJor servIce centre - maurItIus

political and economic stability•bilingual and competitive workforce•strong business environment•state of the art infrastructure through the safe optical cable•convenient time zone difference•quality of life & cultural compatibility•

28 29


no of operatIonal companIes: 190 of whIch 45% are bpos 20% software development 18% call centres 8% multI-medIa 3% websIte development 2% data dIGItalIsatIon 2% dIsaster recovery 1% traInInG employment: 7,610

“a.t kearney Global servIces locatIon Index 2007 places maurItIus In the 25th posItIon, well ahead of Its maIn off shorInG competItors”

Over the last year, the country has shown an exceptional dynamism in the area of ITES BPO and today around 190 companies contribute to an overall employment level of 7,610 people in the country.

The liberalisation of the telecommunication market coupled with a continued reduction in internet prices has encouraged an increased number of telecoms services providers to be based in the country.

• Throughavaluepropositionfocusingonquality,stabilityandbilingual workforce, Mauritius is truly perceived as a strategic offshore location for outsourcing.

• The activities of the companies operating in the ITESBPO industry span from BPOs, technical support, shared services, regional headquarters and software development services.

• Business Process Outsourcing (BPO) is by far the bestperformer in the sector with 45% of the total number of

companies, followed by software development (20%) and call centres (18%).

• The workforce in the ITES BPO sector has recorded anincrease of 34% over the last year with the call centre industry being the highest generator of employment.

Prospects for the industry

With the current development taking place in the ITES landscape in Mauritius, the coming year will be characterised by the entry of major international players into the country.

Mauritius has the flexibility and multicultural understanding to be a global strategic location, bridging the gap between Asia, Europe and Africa. In that respect, an increased interest has been noted from emerging markets like South Africa, India and China for the setting up of regional entities, disaster recovery, shared financial and accounting services and bilingual customer centre. In parallel, new models of regional cooperation have started to materialize, confirming a new world order for Mauritius.

Investment realIzed 2006-2007: mur 867 mIllIon

Investment opportunItIes: It enabled servIces, It servIces, dIsaster recovery, telecommunIcatIon and InformatIon manaGement solutIons, Ict habItats, leGal process outsourcInG

From left to right: Pratima Sewpal, Reshma Baichoo, Asheila Chiniah, Lillka Cuttaree-Gujjalu, Nausheen Oozeer.

30 31

ACCENtuRE“accenture has started Its operatIon In maurItIus In January 2002. maurItIus centre Is part of our Global delIvery network. we provIde servIces to europe and us clIent for It development and bpo wIth a team of 600 people. we are contInuously GrowInG our operatIons. we choose maurItIus based maInly around 3 areas whIch demonstrate the abIlIty of maurItIus to delIver hIGh value bpo and It as an offshore locatIon: people (hIGh skIlled professIonals, bI-lInGual french and enGlIsh and flexIble workforce), telecommunIcatIon (relIable and low cost telecommunIcatIon Infrastructure, local competencIes), envIronment (stable and flexIble leGal envIronment, state of the art traInInG and educatIon framework)”

yves bernaert - accenture senIor executIve-maurItIus centre lead


prevalence of public-private sector synergy to better promote and facilitate •the seafood industry

competitive policy towards the delivery of fishing licenses and vessel •registration

preferential market access to eu, usa and southern and eastern african •countries

access to the entire value chain of the mauritius seafood hub•i. port

ii. logistics

iii. ancillary facilities

iv. dry docking, ship handling, bunkering, ship& net repairs

an exclusive economic zone of 1.9 million square km•

seaFooD anD marine inDustry“maurItIus, a prIme locatIon to extract more value from the IndIan ocean”

PRINCES tuNA (MAuRItIuS) LtD

prInces tuna (maurItIus) 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 labor 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 the 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, adds to the convenIence of doInG busIness In maurItIus.”

evert lIewes, manaGInG dIrector, prInces tuna (mtIus) ltd

tHoN DES MASCAREIgNES

“…rIsInG productIon costs In europe, more specIfIcally labour costs, are promptInG IndustrIalIsts In thIs part of the world to delocalIse theIr actIvItIes to countrIes nearer to the maIn tuna fIshInG Grounds, where productIon costs are also sIGnIfIcantly lower… Ibl has been prompt to seIze thIs opportunIty”

patrIce d’hotman de vIllIers, ceo of Ibl Group anddIrector of seafood hub ltd

32 33


seafood sector no of companIes: 150

employment: 11,900

exports: mur 7,566 mIllIon

A third large processing Seafood Company is expected to invest in Mauritius before the end of this year and five smaller projects under implementation are forecasted to start operation in the months to come.

The cluster is also actively developing the emerging aquaculture segment. It is forecasted that by 2010, the increase in the production of farmed fish in the world would surpass that of capture fisheries especially as more emphasis is laid on the sustainability of this industry in the world. The successful implementation and expansion of the first industrial cage culture in Mauritius indicates that there is scope for further investment, job creation and value-creation in this activity. BOI has commissionned a study on the development of aquaculture in Mauritius which has been undertaken by Ichtyo - Developpement - Eau - Environnement (IDEE). The Master Plan has identified some 20 sites ideal for the development of aqua-farming in and around Mauritius.

the Land based oceanic Industry (LboI)

The Land-Based Oceanic Industry aims at tapping five century old seawater rich in nutrient and mineral contents to support a whole range of industry clusters from desalinated mineral water, aquaculture, pharmaceutical and cosmetics, thalassotherapy to renewable energy.

LBOI has the potential of becoming an economic pillar that will broaden the asset base of the Mauritian Economy, open a new window of industrial development opportunity and enable Mauritius to venture into lucrative health conscious markets. It

is expected that this industry will generate substantial foreign exchange as this high value-added industry will target mostly foreign markets and will also serve the tourism industry through derivative and related products.

BOI is promoting this new industry among both local and foreign investors. Local major groups have been targeted to invest in this new industry. Companies, fund managers and banks seeking to diversify their investment portfolios have been targeted to invest in this sector. As part of this campaign to arouse the interest of potential investors in this industry, a half day presentation on the LBOI to Mauritian private sector and embassies was organized in December 2006. A Preliminary Information Memorandum leaflet was prepared and sent to potential foreign international companies. These two campaigns resulted in firm formal expressions of interest to invest both in the upstream and downstream activities of the LBOI. The response has thus been very encouraging, especially on the local front.

With the support of the Board of Investment, the Mauritius Land-Based Oceanic Park Co. Ltd- a company set up by the State Investment Corporation- has launched expressions of interests to select a strategic/technology partner to invest in upstream activities. The Board of Investment with the assistance of other stakeholders will shortly select a transaction adviser who will assist in the selection process for the strategic/technology partner. The enlistment of the strategic/technology partner will contribute to move in the next implementation phase with the pipe laying and development of the Oceanic Park that will shelter the different companies exploiting the deep sea water.

The seafood and marine cluster is responsible for promoting the development of our Ocean into a blue industry and extracting value from the Mauritian Exclusive Economic Zone of 1.9 million km2, equivalent to four times the size of France.

the Seafood Hub

The Seafood Hub is a relatively new economic sector that is increasingly contributing to the development of Mauritius. Recent years have seen increasing investment in the Mauritian Seafood Hub from both foreign and local investors. Some MUR 4 billion have been invested in the sector since 2003. It must be highlighted that reinvestment through expansion plans and diversification of existing seafood and seafood-related companies accounted for over MUR 450 million during the 2006 and 2007 (January – May) period.

Prospects

Seafood

With the enactment of the new Fisheries and Marine Resources Act, it is expected that the Mauritian fishing fleet will be consolidated as the new Act has relaxed the 50% Mauritian ownership rule imposed on foreign fishing vessels. However, at the same time, this new piece of legislation imposed conditions to prevent Illegal Unreported and Unregulated (IUU) fishing.

The new fishing agreement signed with the Federation of Japan Tuna Fisheries Cooperative Associations will also contribute to increase transhipment in Mauritius and create new investment opportunities in the provision of services for the sashimi market.


Investment opportunItIes: fIshInG, tuna transshIpment, value-added processInG, export of chIlled seafood products, aquaculture, ancIllary servIces IncludInG shIp chandlInG, bunkerInG, vessel husbandry, shIp aGency, shIp buIldInG and repaIr and net assembly and repaIr.

From left to right: Arvind Nilmadhub, Ken Poonoosamy, Doris Man Seng, Hema Aubeeluck.

34 35

KnowleDge inDustry maurItIus, a centre of excellence for world-class educatIon

According to the UNESCO, the present 2.5 million students seeking education outside their home countries will increase to 7.5 million in 2025. The overseas education market is ex-pected to be worth US$ 30 billion, with universities and higher education providers competing to attract the best, brightest and richest students.

Emergence of new modes of operation and delivery and the availability of new technology to support these opportunities have resulted into a global knowledge industry. What used to be a cost-centre for the nation has become a service industry for the world.

The Government of Mauritius is determined to transform the country into a knowledge hub. Last year’s budget set the tone: “Offering quality education and work based education in Mau-ritius is the building block for a successful services platform and for serving as a Regional Multi-Disciplinary Centre of Ex-cellence”.

BOI has been intensely involved in making proposals to the relevant authorities to make the sector more investor friendly.

The cluster has been engaged in consultative meetings with the Tertiary Education Commission (TEC) and the Ministry of

Education to revisit the National Policy Framework. The existing framework is actually being reviewed at the level of TEC and the Ministry of Education with inputs from the BOI.

To streamline lengthy procedures and to facilitate investment in the Tertiary Education Sector, the Education Act has been amended to allow approval by TEC as the regulatory body.

With the setting up of medical and nursing schools, an enabling framework for clinical training and placements of medical and nursing students in public, private, as well as overseas hospi-tals is important. The BOI has made recommendations to the Ministry of Health and Quality of Life to work on a framework for conducting clinical training, thus clearly defining among others the modus operandi of hospitals to be characterized teaching hospitals. The Ministry of Health and Quality of Life with the collaboration of TEC has been working on the framework which will be operational very soon.

The BOI has proposed that a fast track process, to issue visa to foreign students pursuing full time studies in Mauritius, be worked out to make it easier for universities and training insti-tutions setting up in Mauritius be able to provide cross border education and can attract students from all over to come and acquire a good quality education.

investment realizeD 2006-2007:

mur 158 mIllIon

investment opportunities:

unIversItIes and offshore campuses, dIstance educatIon, e-learnInG and vIrtual unIversItIes, vocatIonal and technIcal traInInG, executIve proGrammes and corporate traInInG, contInuous professIonal development, research scIence and technoloGy , enGIneerInG, busIness manaGement, fInancIal servIces and tourIsm, aGrIculture and bIotechnoloGy

the inDustry in Figures:

medIcal schools awardInG mbbs: 2dental school awardInG bds: 1full-fledGed unIversItIes: 2

training institutions:

around 300 traInInG InstItutIons are reGIstered wIth the maurItIus qualIfIcatIons authorIty

mauritius, a global education hub •strategic location for education players to service the asia and africa region•operational and fiscal incentives for the setting up of offshore campuses•cultural compatibility with europe, africa and asia making it easy to target students •from these continents

an enabling legal and regulatory framework•the soft infrastructure in mauritius•a cosmopolitan and unique lifestyle for students in mauritius•


36 37


APoLLo HoSPItALS ENtERPRISE LtD

“our Group, apollo hospItals enterprIse ltd Is presently settInG up a state-of-the-art 200-bed multIspecIalIty hospItal In collaboratIon wIth the brItIsh amerIcan Investment co ltd In maurItIus. factors lIke ease of doInG busIness, Investment-frIendly clImate, qualIty Infrastructure and the extremely safe and pleasant envIronment prevaIlInG In maurItIus have encouraGed us to Invest In thIs paradIse Island. our facIlIty In maurItIus wIll provIde advanced healthcare servIces In dIfferent specIalty areas to patIents comInG from dIfferent parts of the world.”

dr. prathap c reddy, chaIrman, apollo hospItals enterprIse lImIted

NAtEC MEDICAL LtD

« natec medIcal ltd Is In the desIGn and manufacture of complex medIcal devIces – cardIovascular balloons (one of the very few around the world) and catheters. establIshed In maurItIus sInce 2000, the company has selected maurItIus as the most suItable destInatIon for the manufacture of medIcal devIces and the Ideal platform for connectInG to the world, by relocatInG Its processInG actIvItIes from boston (usa) to maurItIus. we actIvely partIcIpate In InternatIonal events IncludInG medtec In stuttGart and europcr In parIs. over and above beInG Iso 9001 and Iso 13485 certIfIed, we are also complIant to the ce and us fda requIrements whIch enable commercIalIzatIon of our products across the Globe.combInInG a pleasant lIvInG and workInG envIronment, stable polItIcal and socIo-economIc envIronment, ease of doInG busIness and a bIlInGual workforce, maurItIus offers the Ideal platform for medIcal devIces manufacturInG and supply.”

vIncent laGarde, dIrector, natec medIcal lImIted

From left to right: Nitin Pandea, Hema Naeck, Jasbheen Toonah, Zakir Caunhye.

mauritius is an annual destination for 1 million up-market tourists and the industry •is expected to grow to 2 million by 2015. opportunities exist for investors to promote

medical tourism and offer medical, surgical and diagnostic packages to english and

french speaking tourists. these include elective and reconstructive surgeries as

well.

opportunities exist for the setting up of multi-specialty and super-specialty hospitals •to service medical patients from the region and the residents. mauritius has one of

the best doctor/population ratios in the region, and a pool of bilingual medical and

nursing professionals.

opportunities to attract retired non-citizens in luxurious retirement villages.•mauritius has a very good manufacturing base and sound preferential market access •to africa, europe and usa; conducive for the manufacture of medical devices.

the diversity of the mauritian population, originating from various parts of the globe, •as well as the tropical climate and the fauna and flora of the country are fundamental

assets for biomedical and pharmaceutical research.


38 39

bio-meDiCal & health serviCes inDustryforGInG our way towards a bIomedIcal and health servIces hub


Investment opportunItIes: bIomedIcal research, medIcal tourIsm, retIrement vIllaGes,

pharmaceutIcal, medIcal devIces manufacturInG, health care & wellness.

biomedical & Healthcare Services

Recent developments in the global healthcare and biomedical industry have demonstrated the potential for economic devel-opment that the industry provides. Mauritius is firmly position-ing itself in the global race to be among the most attractive destination for private healthcare as well as biomedical and pharmaceutical research. The need for high-tech healthcare has transformed the biomedical and health service sector into a multi-billion industry.

The Board of Investment has identified 4 main areas of focus for the development of this sector and lot of efforts are being put together to simultaneously promote and develop a tailor-made package for marketing the different sub sectors.

Medical tourism

The Government is highly encouraging investment in medical tourism and in order to attract investment in that sector, the BOI team has put a lot of efforts in developing a product that will suit the need of the investors. The cluster has also provided support in terms of investment facilitation as well as business incentives. Targeted promotional campaigns have been undertaken in order to create the awareness on Mauritius as an ideal destination for medical tourism. At the same time, the cluster is actively targeting investors who will bring a new dimension and brand to the country for its healthcare services. The outcome has so far been very positive.

The increase in the number of tourists and the expectation of hosting 2 million tourists by 2015 has also been major contributors to the development of medical tourism. It has led, not only to surgical and medical treatments for medical tourism, but has inspired many companies to set up wellness centres, spas, therapy centres and similar sorts of relaxation facilities.

Retirement Villages

This product is among the newest added to the list of areas promoted by the cluster and is in line with the Government’s decision to open up the economy and allow eligible non-citizen retirees to live in Mauritius.

Investors are being attracted to set up integrated retirement villages offering luxurious accommodations to local and non-citizen retirees. Promotion of integrated development which includes residential care home, healthcare facilities, leisure amenities, catering services and other support services like assisted livings and commercial, legal and financial services, are being conducted.

biomedical and Pharmaceutical

Studies have shown that Mauritius has most of the attributes to be transformed as a centre for biomedical and pharmaceutical research; lest for some changes in legislations. In this context and with the support of the Government, BOI has just started prospecting interests for setting up research laboratories and clinical research organizations for biomedical research, clinical research studies and pre-clinical and clinical trials. Several investors and CROs have expressed interests to set up in Mauritius.

Medical Devices Manufacturing

Mauritius is presently home to some 7 companies, representing international brand names, engaged in the manufacture of medical devices. Mauritius has a well developed manufacturing sector and an environment conducive for clean room manufacture of medical devices.

BOI is actively attracting investors to set up their manufac-turing units in Mauritius and so far the response has been encouraging.

the biomeDiCal anD health serviCes inDustry

the sector In fIGures:bIo-medIcal & healthcare servIcesexIstInG: 12 prIvate hospItals

under ImplementatIon: 200 bedded multI-specIalIty hospItal

1 fertIlIty centre 2 new prIvate clInIcs

centres of excellence for plastIc, aesthetIc, cosmetIc and

reconstructIve surGerIes

medIcal devIces manufacturInG:number of companIes: 3 Independent companIes

4 contract manufacturers

products: catheters, ophthalmIc devIces, cardIo-vascular devIces, artIfIcIal tubInG,

optIcal devIces, medIcal dIsposables.

40 41


frequent and reliable sea and air connections •preferential market access to sadc and comesa•reliable and modern infrastructure•a strong freeport sector •

logistiCs & Distribution

“rapId Growth In the afrIcan market Is creatInG an IncreasInG need for seamless and effIcIent loGIstIcs solutIons from maurItIus to reach afrIca. use maurItIus as a loGIstIcs and dIstrIbutIon hub to brIdGe the Gap between your supplIers and customers In afrIca.”

The Mauritius Freeport is a strong and vibrant logistics business platform with modern infrastructural facilities totalling 120 000 m² comprising dry warehouses, cold room facilities, processing centres, offices and an international Trade and Exhibition centre.

With over 400 trading companies operating in the Freeport and generating a total trade turnover of MUR 33 billion for the financial year 2006/2007, it is without doubt that the development of the Mauritius Freeport has contributed substantially towards the growth of the national economy.

The Freeport sector is a regulated business and Freeport companies requires a Freeport Certificate and a Freeport Licence before starting its operations. The issue of a Freeport Certificate implies that the Freeport Operator satisfies all the criteria of a Freeport business as per the Freeport Act 2004. The Board of Investment is the institution responsible for the issue of the Freeport Certificate upon receipt of the application form from the third-party Freeport developer. The Freeport Licence is issued by the Mauritius Revenue Authority and the annual licence fee amounts to MUR 10,000.

Investment Infrastructure

The Mauritius Freeport is one of the largest logistics centre in the Indian Ocean to provide Freeport operators with fully integrated supply chain solutions in accordance with inter-national standards.

Investment in new infrastructural facilities at the Freeport has transformed 52.4 hectares of bare reclaimed land into highly developed zones for trade development. Infrastructural investment comprise of capital investment in warehouse and office facilities, equipment including handling equipment and specialised machinery for refrigerated warehouses, office furniture and fittings, offsite facilities namely storm drainage system, lighting and road works.

The development of superior and modern logistics infrastructures is a major element in choosing Mauritius as a value addition and distribution platform.

42 43

the inDustry in Figures as at June 2007

Freeport Companies:no of companIes: 378Job creatIon: 217

logistiCs support serviCes: freIGht forwardInG aGents: 65 customs house brokers: 89

no oF Freeport zones: 11

aCtive liCenses: 344

area oF Freeport zones: 52.4 hectares

inFrastruCture Dry: 113,000 square meters

inFrastruCture ColD: 133,500 cubIc meters

Future prospects

Freeport Diversification Strategy

In order to further enhance the attractiveness and competitiveness of the Freeport sector, the following projects will be undertaken:

1. Development of Mauritius as a value addition platform for the repairs of damaged imported second-hand vehicle.

Sourcing will be done from South East Asian countries such as Japan, Singapore and Thailand, which are the world leaders in the supply of second-hand automobile, repairs will be done in Mauritius for export to the African countries.

2.Development of a Jewellery Cluster in Mauritius.

The project aims at developing a Diamond Exchange Centre in the Air Cargo Logistics Centre, at the airport. The project shall be partly developed over 23 ha of land allocated for Freeport and logistics development. The Diamond Exchange Centre will house a Diamond bourse and will provide facilities for exchanges for rough, cut and polished and uncut diamonds. Such business activity will boost the trading and logistics of high value-low volume products at the airport. The centre will attract key players in the diamond sector, together with relevant support industries such as finance, logistics and insurance.

These projects will also attract foreign direct investment in terms of new companies setting up to take advantage of the facilities.


Investment opportunItIes: warehousInG and storaGe / breakInG bulk / sortInG, GradInG, cleanInG and mIxInG / labelInG, packInG & repackaGInG, lIGht assembly and mInor processInG, shIp buIldInG, repaIr and maIntenance of shIps and aIrcrafts, storaGe, maIntenance and repaIr of empty contaIners , qualIty control and InspectIon servIces, export and re-export-orIented aIrport and seaport based actIvItIes / freIGht forwardInG servIces for export-orIented busInesses

From left to right: Nanda Narrainen, Yannick Matadeen, Vinaye Aubeeluck, Ashvine Budloo.

44 45

During the last five years, the textile and apparel industry has witnessed tremendous changes in order to compete on the global market. The industry has gone through a consolidation phase and today the sector is mainly dominated by local investment.

The industry has been re-engineered and re-structured. Mauritian operators have been quick to innovate and to adapt to rapidly changing market requirements. Today, they manufacture higher value-added and higher quality garments. They also propose their own designs and collections to key sourcing professionals.

Huge investment in state-of-the-art production techniques has resulted in higher and enhanced competitiveness. In order to face the challenges of trade liberalization and globalization, companies have placed strong emphasis on technology upgrading, process re-engineering, development of clusters and linkages, skills and human resource development, product and market diversification and regional integration.

Mauritian manufacturers have earned a reputation for their professionalism, particularly for being able to provide:•Shortleadtimes•Quickresponsetochangesinfashiontrends•Just-in-timedelivery•Smallruns

After a period of recession, the textile and apparel industry is picking up and is doing well. For the period under review, investment of MUR 803 million has been realized of which MUR 601 million is from local investors and MUR 202 million is FDI. This shows that the local investors are consolidating their position on the local market. The large group of companies is continuing their expansion and huge investment is being made in technology, fabric and product development.

Exports of textile and apparel for the FY 06-07 amounted to MUR 26,037 million, which represented a growth of 20% compared to exports for the FY 05-06. Employment on its side increased by 2% and stood at 54,862 as at June 2007 compared to 53,805 as at June 2006.

For the period under review, exports of the jewellery and accessories sector stood at MUR 2,775 million, representing an increase of about 7% compared to exports for the FY 05-06. As at June 2007, the sector employed about 2,879 people.

Our singular location in the Indian Ocean has a distinctive unified design originating from the Asian and African continent. This makes the environment highly appropriate for creativity, originality, inspiration and design. The move is towards attracting design institutes and designers that will ultimately add value to the already existing knowledge of the workforce and develop a strong, native brand.

manuFaCturing

maurItIus, a harmonIous fashIon solutIon

Fashion, aCCessories anD textiles


market access•harmonious business relations•competitive business costs•reliable modern infrastructure •cultural adaptability and quality of life•mature financial services sector•supportive government policies•producer of branded goods•bilingual and highly literate population•skilled resources•

46 47

the inDustry in Figures as at June 2007

no of companIes: textIle and apparel: 211 accessorIes (Jewellery, dIamonds, watches): 41

employment: textIle and apparel: 54,862 accessorIes: 2,879

export: textIle and apparel: mur 26,037 mIllIon accessorIes (Jewellery, dIamond, watches): mur 2,775 mIllIon

PRoSPECtS FoR tHE tEXtILE, FASHIoN AND CLotHINg CLuStER

The sector is now geared to compete in a global market where the traditional preferences to markets have been eroded or are being phased out. The sector, will explore opportunities offered by the Free Trade Agreement which has been signed by Pakistan and the one under negotiations with India.

Investment realIzed 2006-2007: mur 803 mIllIon investment opportunities:

fashIon and desIGn:desIGn and fashIon InstItutes, technIcal textIles, apparel and Garment accessorIes, testInG and certIfyInG laboratorIes, spInnInG mIlls, weavInG, knIttInG and dyeInG, manufacturInG of value added woven and knItted Garments, servIce IndustrIes to textIle sector, buyInG offIcesJewellery and dIamonds:cuttInG and polIshInG of dIamonds and precIous stones, Jewellery , semI-fInIshed Jewellery, costume Jewellery, IndustrIal dIamonds, supply tools and equIpments, Jewellery and GemoloGy, laboratorIes, refInerIes, dIamond recovery and re-concentratIon machInes, hIGh end retaIl outlets

From left to right: Carole Réhaut, Diya Guttoo.

48 49

manuFaCturing & light proCessing


maurItIus, your competItIve busIness/Investment destInatIon for hIGh qualIty and value-added manufacturInG

The manufacturing and light processing sector is a promising one. In 2006, the manufacturing sector, outside the traditional EPZ contributed 11.6% to the GDP with a growth rate of nearly 4%.

The Manufacturing and Light Processing Cluster attracts in-vestment in the manufacturing of specialised high value-added products in the country. During the period under review, invest-ment has materialized in some new activities that have thus broadened the range of operations taking place in this sector in Mauritius.

The new range of operations taking place in this sector in Mauritius include:

•Precisionengineeringfortheaerospaceindustry•PVCextrusion•Technologybasedfurnituremakingandglassmaking

New projects are being finalized by the BOI in light processing, plastic injection molding, watch making, electronic components manufacturing and assembly and furniture making.

From left to right: Seewraj Nundlall, Manisha Hujoory

preferential market access•strategic location to the regional african market•qualified and trained labour force•competitive business costs•response to market•

Investment realIsed 2006-2007: mur 453 mIllIon

Investment opportunItIes: clock and watch-makInG Industry, electronIcs Industry, mIcro-mechanIcs & precIsIon plastIcs

the Industry In fIGure as at June 2007:

no of companIes: 256

employment: 7,795

exports: mur 1,267 mIllIon

50 51

boi overseas representation

The network of BOI overseas representative offices which comprised of Mumbai and Paris was extended last year to London. Thus BOI now has physical presence in its main investment target regions.

London office

FDI from the UK has been sustained and is on the rise over the last few years. Subsequently BOI has opened up a representative office which is physically based in the office of the Mauritius High Commission in London. Mr Anand Dulloo is the Officer in Charge of BOI London office.

emerging seCtorsThe Board of Investment is working towards sustaining foreign investment inflows through a targeted sector and country approach. New investment opportunities are being promoted within established sectors, including

Transforming the sugar industry to a renewable energy •industry to ensure the security of supply of energy of the country. New poles of economic development in environment engineering services in water and energy sectors will be created.

Re-engineering the services sector to develop Mauritius •into a platform for providers of global services: financial, legal, international trading and consultancy,

Marketing the new IRS regulations in property •development, in line with government policy, with emphasis on the development of eco – cities that will encompass hotels, recreation, commercial and residential real estate properties,

Attracting investments into a Creative Arts and Multimedia •cluster that will provide additional growth to the Fashion, Apparel and Accessories manufacturing sector and give birth to a vibrant multimedia, art and culture sector,

Encouraging local business champions to have a regional •footprint, and

Fostering the development of local brands with potential •and ambition to dominate the regional market.

In addition, BOI is increasing the range of opportunities offered to investors and have highlighted for high priority development emerging activities that will be the engines of future economic growth, including

Marina development,•

Aquaculture, healthcare products and inland tourism •opportunities linked to the Land Based Oceanic Industry, planned to be operational by end 2008, and

Manufacturing, including the application of nano-•technology, of medical devices, electronics and technical textiles.

We believe that a targeted and structured approach to acquire investors with the required expertise, funds and skills in the above activities will succeed in bringing Mauritius to a new high-growth path.

Paris office

The operation of BOI Paris office has been restructured in line with the new organizational design of BOI. Mr Nitin Pandea spent six months in Paris in order to complete the administrative changes in view of making the Paris Office a Regional Office for Central Europe.With the Government decision to close down the MTPA Office, the BOI Paris office is now looking for new premises. Mr Heerun Ghurburrun has now taken up appointment as Regional Director for Central Europe.

Mumbai office

The Mumbai office was refurbished to meet BOI standard and a representative from Mauritius has now been appointed to head the operation. Mr Rajiv Servasingh replaces the Indian Mahesh Ratod. The Mumbai office has worked out a very extensive action plan to promote “Destination Mauritius”.

52 53

Development as well as a delegation from the private sector. In China, the delegation visited three cities namely Beijing, Shanghai and Qingdao and organized plenary sessions which were attended by over 350 Chinese businessmen. The purpose of the meeting was to apprise Chinese businessmen of the opportunities for doing business in Mauritius.

The Deputy Prime Minister and Minister of Finance and Economic Development, who is the parent Minister for BOI, has been fully engaged in the investment promotion campaigns of BOI to promote Destination Mauritius. He has led several high level investment promotion missions organized by BOI during the period under review. These were:

1. Mission to South Africa- August 2006

The mission to South Africa was organized just after the presentation of the 2006-2007 Budget and this was an opportunity to present to the business community the new business environment. The mission covered three cities and targeted about 400 businessmen.

MIPIM 2006 March 2006 Cannes- France

Minister E.Sinatambou Mission’s April 2006 Paris- France

European Seafood Exposition May 2006 Brussels- Belgium

NASCOM BPO Conference June 2006 Bangalore- India

World Health Tourism Congress June 2006 Germany

Tourism 2006 (ESIPP) October 2006 Windhoek- Namibia

CityScape Dubai 2006 December 2006 Dubai- UAE

Air Cargo India November 2006 Mumbai- India

African Commodities Exhibition November 2006 Beijing- China

NASCOM Leadership Forum February 2007 Mumbai- India

SME Global Expo February 2007 Mumbai-India

MIPIM 2007 March 2007 Cannes- France

CIBA Conference March 2007 Cape Town- South Africa

CityScape Waterfront Development May 2007 Abu Dhabi- UAE

Investment Missions in which boI participated during the period under review

2. Mission to Europe- November 2006

The Deputy Prime Minister and Minister of Finance and Economic Development led a strong public-private sector delegation to Europe in November 2006 to promote the new reform programme and the emerging sectors. This mission focused on the Financial Services sector.

3. Mission to Malaysia -September 2006

This was the first investment promotion mission organized in Malaysia and this was an opportunity to present the investment opportunities and the new business environment to the Malaysian businessmen.

4. Visit to New York – April 2007

The Deputy Prime Minister and Minister of Finance and Economic Development also participated in a one-day intensive Investment Promotion campaign in New York targeting primarily the Financial Services and the ICT sectors.

High-Level Investment Missions

Given the high priority of Government to attract FDI, Senior Members of Cabinet have participated in many investment promotion missions whenever they are travelling overseas.

During the period under review, the Prime Minister coupled three investment promotion missions with his official visits in order to promote Destination Mauritius. These missions were:

1. Prime Minister’s Visit to France

The Prime Minister was accompanied by the Deputy Prime Minister and Minister of Finance and Economic Development Hon. R Sithanen, the Minister of Foreign Affairs, International Trade & Cooperation Hon. M Dulloo and key public sector representatives.

During his visit, the Prime Minister had a Breakfast Meeting which was organised by MEDEF (Mouvement des Entreprises Françaises) with some 50 leading French businessmen.

2. Prime Minister’s Visit to uK

The Prime Minister was the official guest of the Hull and Humber Chamber of Commerce, where he addressed the business community of the region inviting them to explore investment opportunities in Mauritius. The BOI Representative in London attended the meeting and organized the Mauritian National Booth together with the MTPA.

3. Prime Minister’s Visit to China and Hong-Kong

The Prime Minister was accompanied during his visit by the Deputy Prime Minister, Minister of Finance and Economic

investment promotion missions

New York Stock Exchange

From left to right: Uday Gujadhur, Milan Meetarbhan, Hon. Rama Sithanen (Deputy Prime Minister, Minister of Finance and Economic Development), Raju Jaddoo, Sunil Benimadhu, Assad Abdulatif.

54 55

Human capital is the most important asset in the development and growth of an organisation. BOI needs to invest in its human resources and to develop organizational processes and systems to enhance its ability to achieve its objectives. First and foremost it needs to be able to attract the best talent and put in place a system that will allow it to do so. Today Mauritius is facing a shortage of knowledge workers. In fact, in such situation, business shifts its emphasis from return on capital to return per employee as capital is a more abundant resource compared to human resource. BOI recognizes the importance of quality people with the necessary intelligence and skills for the knowledge and global world who are motivated, committed to high standard of ethics and can make a difference in the world. BOI is strongly committed to provide an environment that

vAlUIng PeOPle, BUIldIng A teAm

provides the opportunity to each individual in the organisation to develop intelligence, skills and acquire knowledge so that the individual can develop his/her full potential. On the other hand, BOI encourages its staff to take ownership for their personal growth as well as the professional development of their colleagues and teams.

During the year under review some 5 senior level staff joined BOI. The organisation has also started a training program starting with 10 Management Trainees and is implementing a number of initiatives with the aim of creating an organizational culture that is conducive to staff commitment and development. This is critical in ensuring that the success of BOI is sustainable.

The new policy orientation upgrades the economy from a preference dependent nation to one achieving global competitiveness. Mauritius has to quickly integrate the mainstream of globally competitive economies.

In consequence, and with premeditated pro-activeness, BOI re-visited its organization design with a view to creating an organization able to meet current challenges and be able to adapt and change as its external environment evolves. The Board and management of BOI, with the support of the Deputy Prime Minister, Minister of Finance and Economic Development, focused on creating a market-facing organi-sation, with performance management objectives. The new structure has allowed the team members to realize their full potential and has empowered them with decision making power as well as the tools needed to instill SELF CoNFIDENCE and tRuSt in them.

The objective was to continuously enhance the level of service delivery of the organization in order to consistently offer professional service to the investor-client.

The re-design of the organization structure, moving away from a traditional process-based rigid structure to a more flexible one styled along the line of customer facing cluster-based (business - unit type) approach, has been introduced so as to ensure effectiveness in service delivery, namely:

focused investor targeting•effective investment promotion•effective investment facilitation•effective investment monitoring•effective investor after-care•effective policy advocacy•

It was crucial and important to re-design the organisation in order to adapt to the major changes brought about by the Government to investment promotion where there has been a major shift of emphasis from an incentive driven approach to an economy opened to the world based on the ease of doing business within a level playing field.

The new design provides a holistic approach to investor targeting, promotion, facilitation and after-care in each identified priority industry cluster, based on the unique locational advantages that Mauritius offers.

BOI, now joins the select league of Investment Promotion Agencies worldwide that deliberately and consistently targets specific industry sectors and selects potential foreign investors in the light of their country’s developmental needs and opportunities, a practice defined by UNCTAD as Third Generation Investment Promotion.

boi teamorganisation Design

In these changing times, BOI will keep on evolving to adapt to the changing business landscape.

56 57

RESPECt FoR PEoPLEOur people are of diverse origin and life experiences. As such each individual is unique and deserves to be treated with respect. Our people is our most valuable asset, and we value the unique contributions of each and every one of them

INtEgRItYWe maintain our reputation as professionals through our ethics, confidentiality and trustworthiness, both as individuals and as an organisation

tEAMwoRKWe are teams of individuals with diverse strengths working together to achieve a common goal

MERItoCRACYWe recognize and reward people based on their contributions and achievements

EXCELLENCEWe are passionate about delivering results, and are committed to continually improve and succeed in everything we do

OUr vAlUes

From left to right: Nirmala Jeetah, Aisha Choonarah, Aarti Dwarka-Deeljore, Khoudijah Boodoo, Anouksha Raghu, Natacha Lai-Kit, Hemraj Pallut.

From left to right: Avinash Roy, Agnes Luxe, Vikash Beelur, Sanjeev Moochooram, Mary Mootoosamy, Varousha Lutchman, Dayanand Fowdar, Ravi Bissoondyal, Oriana Cotega, Gérard Seetal, Nadine Seejuguth.

boi team

58 59

KEN POONOOSAMY Senior Manager

“The global exposure that BOI offers as well as the trust and job empowerment given by top management are most enriching and provide great job satisfaction. The ability to influence and contribute to policy decisions and shape positively the socio economic landscape of my country is invaluable opportunities for me.”

ASSAD ABDULATIFFHead Financial Services Cluster

“When I joined the BOI, I wondered whether the new job would give me the same kick and adrenaline that the frenzy private sector environment provided. I have found that working in the public sector can also be extremely rewarding and provides opportunities to develop but most importantly to bring about positive changes to the social landscape! Working in the public sector allows you to make a real difference to people’s lives. Also, it allows the freedom to drive forward new ideas.”

LILLKA CUTTAREE-GUJJALUSenior Manager

“I work by challenges and enjoy the global exposure that my job provides. BOI is an amazing experience of high level network, powerful intellectual stimulus and tolerance. What I like the most is the smile of my team when we win a lead. You really feel as being part of the global village while giving the best of yourself for your country.”

SEEWRAJ NUNDLALLManager

“I take pride in my job at the BOI. I take each day as a new chal-lenge to make a positive contribution to the mission of the BOI at increasing the level of FDI in the country. Being a firm believer in teamwork, I find the BOI as the ideal workplace to share my knowledge and experience. Satisfaction comes when people from outside the organization tell you that you are doing a great job. I feel proud to be part of the BOI Team.”

LEFt: LILLKA CuttAREE guJJALu

RIgHt: ASSAD AbDuLAtIFF

NANDA NARRAINENManager- Logistics and Distribution Cluster

“Working at BOI is both passionate and challenging. We work in a fast paced environment and get to work with the latest technologies at our disposal. For me, working for one’s own country and contributing directly towards its GDP is the most exhilarating experience I ever had in my career.’’

StANDINg: NANDA NARRAINEN

LEFt: KEN PooNooSAMY

strategiC team

60 61

The Board is responsible for the overall direction, strategy, performance and management of the organisation. Authority for implementing the Board’s policies is delegated to the Managing Director within certain limits authorized by the Board.

The composition of the Board is as follows:

MAuRICE LAM Chairman, as from 19th November 2005 - todate

RADHAKRISHNA CHELLAPERMAL Board Member, as from 19th January 2006 - todate

JEAN MAXY SIMoNEt Board Member, as from 25th July 2005 - todate

PREMILA AubEELuCK Board Member, as from 15th May 2007 - todate

RAJ MAKooND Board Member, as from 8th November 2000 - todate

FRANçoIS woo Board Member, as from 19th January 2006 - todate

PAuL HALPIN Board Member, as from 19th January 2006 - todate

PRoFESSoR INDuRLALL FAgooNEE Board Member, as from 3rd June 2005 - todate

YuSuF SooKLALL Board Member, as from 8th November 2000 - todate

AbDooL NooRANEE oozEER Board Member as from 19th January 2006 - to date

CHRIStIAN MoNtAgARD Board Member as from 19th January 2006 - 19th June 2007

RAM PRAKASH RAMLuguN Board Member as from 26th February 2004 - 08th May 2007

RAJENDRA tAgoRE SERVANSINgH Board Member as from 19th January 2006 - 14th October 2007

KAILASH RuHEE Board Member as from 26th June 2006 - 22nd January 2007

board Committees

For the year under review, the following Board committee was set-up:Human Resources Committee•

Its composition is:Professor Indurlall Fagoonee•Mr. Yusuf Sooklall•

The mandate of the HR Committee is:To approve recommendations for salary review and promotion exercise•To approve the recruitment of high-caliber professionals, who do not report directly to the Managing Director•To adapt the organisation structure to dynamic and changing business environment•

PRoFILE oF ouR boARD MEMbERSMAuRICE LAM

Chairman

Maurice Lam is the founding partner of Stewardship Consulting, a strategy-consulting firm with offices in Paris and Singapore.

Prior to Stewardship Consulting, Maurice Lam was in investment banking with responsibilities in advisory services in money management, treasury and risk management. He has worked in the major financial centers: London, New York, Singapore and Tokyo advising multinational companies, fund management companies and government agencies.

He has been a board director of companies in Mauritius and Singapore and is currently a member of the board of directors of two financial institutions.

He also acts as a mentor to a group of young entrepreneurs at Stewardship Technologies.

He holds an MBA degree of the Graduate School of Business of Columbia University, New York, N.Y., USA.

A regular visitor to Mauritius, Maurice Lam and his wife live in Singapore and New York.

E From left to right: Maurice Lam (Chairman), Raju Jaddoo (Managing Director).

leAdershIPteAm

62 63

YuSuF SooKLALLBoard Member

Yusuf Sooklall is a full time and active trade unionist with more than 22 years experience.

He is also a Consultant in Industrial relations and labour laws.

Mr Sooklall has been a Board Director of the Board of Investment since November 2000 and is also a Board Director of various parastatal bodies namely Human Resource Development Council and the National Productivity and Competitiveness Council.

He is also the President of the Millennium Development Goal Committee and a member of the steering committee on Empowerment Program.

RADHAKRISHNA CHELLAPERMALBoard Member

Radhakrishna Chellapermal is currently the Director, Financial Policy Analysis, Ministry of Finance and Economic Development.

After working in the private sector for 6 years, Mr. Chellapermal joined the Ministry of Finance in 1983, where he has been involved in various projects relating to the improvement of business and investment climate sector including the establishment of the Stock Exchange, the Board of Investment, the review of company legislation and the regulatory framework governing the global business sector. He also served on various committees, including the Company Law Advisory Committee and the Mauritius Accounting and Auditory Standards Committee.

Radhakrishna Chellapermal was admit-ted as a member of the Association of Chartered Certified Accountants in 1980.

PAuL HALPINBoard Member

Paul Halpin is a private investor and a transaction intermediary in the international Business Process Outsourcing (BPO) sector.

An Irish citizen, and a Chartered Accountant, he has had an extensive international career as an advisory services partner with PricewaterhouseCoopers, in Dublin, London and Johannesburg, advising global clients in the insurance, banking and ICT industries.

Resident in Mauritius since 2004, he is a non-executive director and shareholder of a leading healthcare administration and medical claims BPO Company, and a number of other private investment companies.

Paul Halpin holds a B.Comm. from University College Dublin and is a Fellow of The Institute of Chartered Accountants in Ireland.

PRoFESSoR (DR) INDuRLALL FAgooNEEBoard Member

RAJ MAKooNDBoard Member

AbDooL NooRANEE oozEERBoard Member

Professor (Dr.) Indurlall Fagoonee is currently the Vice-Chancellor (Chief Executive) of the University of Mauritius. Professor Fagoonee’s academic and professional paths have been marked by noteworthy milestones. He studied in Paris and Miami, Fl., under French and US scholarships, respectively. He has published abundantly in learned journals. His current interests are Productivity and Competitivity, Information Technology, Knowledge Management and Sustaina-ble Development. He is a Consultant of national and international repute, namely for various UN organizations. He has also served as Adviser to the government.

He is currently Board Director of the Board of Investment (Mauritius); Chairman of the COMESA Regional Investment Agency, Chairman of Mauritius Oceanography Institute and UN Commissioner for Legal Continental Shelf; he has also been Visiting Professor overseas. He was elevated to the rank of Chevalier des Palmes Académiques for promoting Franco-Mauritian higher education.

Abdool Nooranee Oozeer is currently the Permanent Secretary at the Ministry of Information Technology & Telecommunications.

He joined the Public service in 1983 as Education Officer and shifted to the Administrative Cadre in 1985. In 1996, he was promoted to the post of Principal Assistant Secretary and in March 2005, he was appointed Permanent Secretary.

He has served in different ministries including the Ministry of Social Security, the Ministry of Agriculture, and the Ministry of Housing & Lands.

He holds a Honours degree in Commerce from the University of Delhi, India, a Diploma in Public Administration and Management at the University of Mauritius and an MBA, with specialization in Finance from the University of Technology Mauritius.

He has in the past served as Director in the MHC, the SLDC and the SPDC. He is currently a director on the Board of Mauritius Telecom.

Raj Makoond is the Director of the Joint Economic Council.

64 65

The Board meets at least once every three months, and when the need arises.

Attendance to meetings of the Board for the period under review was as follows:

Attendance of board Members ( 01/07/06 - 30/06/07)

BoardMembersdate

appointed138BM-26/07/06

139BM-17/08/06

140BM-05/09/06

141BM-12/10/06

142BM-30/11/06

143BM-12/02/07

144BM-23/04/07

%attendance

Maurice Lam 19/11/00 86%

Raj Makoond 08/11/00 43%

Yusuf Sooklall 08/11/00 100%

Ram Prakash Ramlugun 26/02/04 14%

Prof. Indurlall Fagoonee 03/06/05 86%

Jean Maxy Simonet 25/07/05 100%

Abdool Nooranee Oozeer 19/01/06 71%

Rajendra Tagore Servansingh 19/01/06 50%

François Woo 19/01/06 0%

Paul Halpin 19/01/06 86%

Christian Montagard 19/01/06 71%

Radhakrishna Chellapermal 19/01/06 86%

Kailash Ruhee 26/06/06 40%

Premila Aubeeluck 15/05/07 NA

Present

Apologies

Not memberof the board

FRANçoIS wooBoard Member

Francois Woo is the Managing Director of the Compagnie Mauricienne de Textile (CMT), leading textile and apparel company.

RAM PRAKASH RAMLuguNBoard Member

Ram Prakash Ramlugun was previously the Permanent Secretary at the Ministry of Information Technology & Telecommunications.

He has worked in the private education sector prior to joining the Public Service as Administrative Officer in 1985. He has served in various Ministries before acceding to the present position as Permanent Secretary in 2004.

He has served as Board Director in various parastatal bodies and public companies.

He has received the Award of “Chevalier dans l’Ordre des Palmes Académiques” from the French Authorities in 2006.

Ram Prakash Ramlugun holds a Honours Degree in Administration of the University of Mauritius and a Post Graduate Certificate in Education of the Mauritius Institute of Education.

PREMILA AubEELuCKBoard Member

Premila Aubeeluck is the Permanent Secretary of the Ministry of Housing and Lands since 2 May 2007. She has previously served in that same capacity in other Ministries.

She joined the Administrative Cadre in June 1976 as Administrative Officer and was promoted Principal Assistant Secretary (PAS) in 1990. As PAS, she served in the Ministry of Agriculture, Natural Resources and Fisheries as well as in the Ministry of Trade & Shipping.

She has been a Board member on around 7 parastatal and as well as non-governmental bodies.

She was Chairperson of the National Women’s Council from March 2006 to May 2007. She has also served as Chairperson of the Sugar Planters Mechanical Pool Corporation in the early 1990s.

She has been closely associated with the elaboration of the Telecommunications Policy in 2004.

Premila Aubeeluck holds a BA (Hons) in English as well as a Diploma in Public Administration & Management.

CHRIStIAN MoNtAgARDBoard Member

Christian Montagard was the Director of Banque Internationale des Mascareignes.

JEAN MAXY SIMoNEtBoard Member

Jean Maxy Simonet is currently the Permanent Secretary at the Ministry of Tourism, Leisure and External Communication

KAILASH RuHEEBoard Member

Kailash Ruhee held the position of the Chief of Staff at the Prime Minister’s Office. Prior to taking up this position, he was a senior Partner at De Chazal Du Mée & Co. He was also the Chairman of the Advisory Committee on Public Sector Reform of Mauritius He has held the following ministerial portfolios: - Minister of Agriculture & Natural

Resources- Minister of Civil Service Affairs &

Employment- Minister of Economic, Planning and

Development He holds an MSc. degree in Agriculture with Statistics as a minor. He was educated in the US and Scotland.

66 67

68 69

Financial statements

Note 2007 2006

Rs Rs

ASSEtS

Non-current assets

Plant & Equipment 3 18,090,301 16,421,527

Investment 10,000 10,000

18,100,301 16,431,527

Current assets

Other Current Assets 4 3,995,000 3,784,900

Cash and Cash equivalent 1,700,794 8,514,013

5,695,794 12,298,913

total assets 23,796,095 28,730,440

FuNDS AND LIAbILItIESGeneral Fund 5 1,416,599 9,927,193

Grant 6 18,090,301 16,421,529

Current liabilities

Other Payables 9 4,289,195 2,381,718

23,796,095 28,730,440

Managing Director

balanCe sheetAS AT 30 JUNE 2007

report oF the DireCtor oF auDit TO THE CHAIRMAN OF THE BOI

I have audited the accompanying Balance Sheet of the Board of Investment as of 30 June 2007, and the related statements of income, and cash flows for the year then ended. These statements are the responsibility of management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with International Standards on Auditing. Those Standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

The Financial Services Promotion Agency (Transfer of Undertaking) Act 2006 came into operation on 22 September 2006. Section 3(1) of the Act provides that the undertaking of the Agency shall vest in the Board of Investment.

The transfer of assets and liabilities, including the cash at bank and in hand, to the Board of Investment has been completed in June 2007. Assets, liabilities and other balances of the Authority as of 30 September 2006 have been recorded at book values in the books of the Board of Investment during financial year 2006-07.

auditopinion

In my opinion, the financial statements give a true and fair view of the financial position of the Board of Investment as of 30 June 2007 and of the results of its operations and its cash flows for the year then ended in accordance with the Generally Accepted Accounting Principles and comply with the Statutory Bodies (Accounts and Audit) Act 1972.

dr.r.JUGUrnatHDirector of Audit

National Audit OfficeLevel 14, Air Mauritius CentrePORT LOUIS5 November 2007

70 71

Cash Flow statementFOR THE YEAR ENDING 30 JUNE 2007

Year Year

ended ended

30 June 2007 30 June 2006

Cash flow from operating activities Rs Rs

Surplus/(Deficit) for the period (10,716,541) 1,608,706

Adjustments for :

Depreciation 7,097,405 5,684,809

Income released from capital fund (7,097,405) (6,425,444)

Gain on disposal of assets (96,496) (1,069,631)

Interest received on car loan (189,357) (105,345)

operating deficit before working capital changes (11,002,394) (306,905)

Changes in working capital

Increase in receivables 448,954 29,691

Decrease in inventories - 57,058

Increase/(Decrease) in payables 1,242,171 (826,473)

Net cash used in operating activities (9,311,269) (1,046,629)

Cash flow from Investing activities

Payments for plant and equipment (7,530,457) (4,535,207)

Proceeds from disposal of plant and equipment 435,000 1,810,266

Refund of car loans 1,721,986 703,936

Interest received on car loan 189,357 105,345

Cash received from FSPA 151,709 -

Net cash used in investing activities (5,032,405) (1,915,660)

Cash flow from financing activities

Capital grants received 7,530,455 4,535,207

Net cash flow from financing activities 7,530,455 4,535,207

Net increase/(decrease) in cash and cash equivalents (6,813,219) 1,572,918

Cash and cash equivalents at beginning of year 8,514,013 6,941,095

Cash and cash equivalents at end of year 1,700,794 8,514,013

inCome statementFOR THE YEAR ENDING 30 JUNE 2007

Note 2006/2007 2005/2006

Rs Rs

Income

Government Grant 7 75,169,545 59,764,793

75,169,545 59,764,793

Released from Capital Fund 7,097,405 6,425,444

Other Income 8 10,843,586 3,907,910

93,110,536 70,098,147

Expenditure

Administrative Expenses 10 74,489,631 55,724,662

Investment Promotion 11 29,337,446 12,764,779

103,827,077 68,489,441

Excess of (expenditure over income)/

Income over expenditure (10,716,541) 1,608,706

72 73

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1. LEgAL FoRM AND ACtIVItY

The Board of Investment became operational on the 15 March 2001 after the proclamation of the Investment Promotion Act 2000. The Board was set up with a view to streamlining the legal framework and to make better provisions for the promotion and facilitation of investments in Mauritius. It acts as a facilitator and provides a one-stop service to both local and foreign investors ensuring a reliable and speedy processing of applications.

The Financial Services Promotion Agency (Transfer of Undertaking) Act 2006,came into operation on 22 September 2006. Persu-ant to section 3(1) of the Act which provides that the undertaking of the Agency be vested in the Board of Investment, provision has been made to transfer all its assets and liabilities to the Board of Investment and are included in the Financial Statements.

2. ACCouNtINg PoLICIES

The principal accounting policies adopted by the Authority are as follows:-

(a) Basis of accounting

The Financial Statements are prepared under the historical cost convention. (b) Depreciation

Depreciation is calculated to write off the cost of fixed assets on a straight line basis over their expected useful lives as fol-lows:-

Percentage

Motor vehicles 20% (5 years) Office equipment 14.285% (7 years) Computer equipment 20% (5 years) Furniture & Fittings 10% (10 years) Computerisation 20% (5 years)

The depreciation rate of the assets of the ex-FSPA for the year 2006-07 has been adjusted in line with the rate charged by BOI.

A full year’s depreciation is charged in the year of purchase of assets and none in the year of disposal.

notes to the FinanCial statementsFOR THE YEAR ENDING 30 JUNE 2007

74 75

notes to the FinanCial statementsFOR THE YEAR ENDING 30 JUNE 2007 (CONTINUED)

2006/2007 2005/2006Rs Rs

9 other PayablesCreditors 3,042,192 1,354,688

Accruals 4,100 -

Staff Passage Benefits 1,242,903 1,027,030

4,289,195 2,381,718

10 ADMINIStRAtIVE EXPENSESSalaries and related costs 41,794,350 30,126,300

Rent 11,696,948 8,724,243

Office supplies 1,913,796 1,390,807

Telephone, fax and internet 4,305,166 3,182,236

Motor Vehicle expenses 990,081 903,772

Cleaning charges 179,400 166,744

Advertising 208,043 263,544

Insurance 675,942 731,978

General expenses 1,451,526 1,810,495

Professional fees 804,753 288,125

Electricity and water charges 1,216,063 732,790

Newspapers and publications 43,419 94,954

Postage 261,986 412,823

Repairs and maintenance 203,392 301,993

Other receivables written off 1,323,521 -Training and seminars 220,336 909,049

Depreciation 7,097,405 5,684,809

Loss on disposal 103,504 -74,489,631 55,724,662

11 INVEStMENt PRoMotIoNMissions 21,717,670 6,581,149

Investment promotion tools 3,501,586 3,955,178

Promotional advertising 393,406 1,872,982

Aquaculture Study 3,120,527 -

Hospitality 604,257 355,470

29,337,446 12,764,779


2006/2007 2005/2006

Rs Rs

4 otHER CuRRENt ASSEtS

Staff Loan 1,143,858 978,074

Deposits 1,835,315 1,015,483

Prepayments 80,000 -

Other Receivables 935,827 1,791,343

3,995,000 3,784,900

5 gENERAL FuND

Balance at beginning of year 9,927,193 (32,000,346)

(Deficit)/Surplus for the period (10,716,541) 1,608,706

Amount transferred from FSPA 2,205,947 40,318,833

Balance at end of period 1,416,599 9,927,193

6 gRANtS - CAPItAL

Balance at beginning of year 16,421,529 58,630,599

Received during the year 8,766,177 4,535,207

Transfer to income and expenditure account (7,097,405) (6,425,444)

Adjustment - (40,318,833)

Balance at end of period 18,090,301 16,421,529

7 gRANtS - RECuRRENt

Amount received during the year 82,700,000 64,300,000

Less amount devoted to capital expenditure (7,530,455) (4,535,207)

75,169,545 59,764,793

8 otHER INCoME

Gain on disposal 200,000 1,069,631

Gain on exchange 275,190 32,408

Sundry Receipts 10,368,396 2,805,871

10,843,586 3,907,910

76 77

boarD members anD DireCtorsREMUNERATION

boARD MEMbERS REMuNERAtIoN

name oF DireCtors boarD members Fees other expenses (including travelling)

mur mur

Maurice LAM No Fees 135,855

Premila AUBEELUCK 15,000

Radhakrishna CHELLAPERMAL 120,000

Prof. Indurlall FAGOONEE 120,000

Raj MAKOOND 120,000

Christian MONTAGARD 120,000

Abdool Nooranee OOZEER 120,000

Ram Prakash RAMLUGUN 100,000

T SERVANSING 35,000

Jean Maxy SIMONET 120,000

Yusuf SOOKLALL 120,000

Paul Halpin No fees

Francois Woo No fees


12 StAFF PENSIoN FuNDThe staff pension fund is administered by State Insurance Company of Mauritius Ltd and is not reflected in the financial statement. The fund balance at 30 June 2007 is made up of the following figures:

2007 2006

Rs Rs

Fund balance as at beginning of year 6,881,712 4,997,247

Contributions 1,664,799 1,441,173

Unrealised Gain - 245,904

Actuarial reserves transferred 2,338,391 8,097

Investment income 1,044,579 499,934

11,929,481 7,192,355

Less:

Pension 85,966 266,756

Portable Benefits 458,640 -

Group temporary assurance premium 65,499 -

Management fees 33,296 43,887

643,401 310,643

Market value of fund as at end of year 11,286,080 6,881,712

13 The balance of loans granted by the Ministry of Finance and Economic Development to officers for the purchase of motor vehicles amounted to Rs 10,841,037 as at 30 June 2007

name title total emoluments (July 06 - June 07)

Raju JADDOO Managing Director MUR 2,626,073

Dev CHAMROO Director MUR 1,056,057

Heerun GHURBURRUN Director MUR 818,604

Rajiv SERVANSINGH Director MUR 1,137,965

DIRECtoR’S REMuNERAtIoN

78 79

tel: +230 203 3800fax: +230 208 2924

email: [email protected]/f, one cathedral square building

16, Jules koenig streetport louismauritius

www.investmauritius.com •

board of Investment - mauritiusparis - France

tel: +33 (0) 6 71 05 49 72email: [email protected]

• london office

board of Investment - mauritius32/33 elvaston place

london sw7 5nwunIted kInGdom

tel: +44 207 581 02 94 / 5fax: +44 207 823 84 37 / +44 207 584 98 59

email: [email protected] •

mumbai officeboard of Investment - mauritius

103 mittal tower ‘c’ winglevel 10, nariman point

mumbai 400 021IndIa

tel:+ 91 22 66 30 86 17/8fax: + 91 22 66 30 86 19

email: [email protected]

www.investmauritius.com

2007 - mauritius, opens to the world

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