4th Pension Funds and Alternative Investments Africa Conference - Afsar Azize Abdulla Ebrahim

Position Executive Director, Kick Advisory
Event PIAfrica 2021

Mauritius hosted the past editions of PIAfrica. Can you let us know how Mauritius is evolving in a currently competitive environment?

Mauritius is evolving as an international financial center of prestige and substance. There are headwinds regarding the verdict of the FATF and the EU, but Mauritius is largely compliant and there have been a number of amendments to the regulatory framework which have improved the reputation of the jurisdiction. Obviously, there is a transition phase and a delay before all the issues are resolved.

We must not lose sight of the ecosystem of the financial services landscape within the Mauritian economy. The solid regulatory framework, the quality of the professionals, the position of the banks, including the main international ones, the various multinationals that have made Mauritius their place of residence and, lastly, the independence of the judicial system, including recourse to the Council Private of the United Kingdom along with that of Mauritius. An international arbitration center joins in to make Mauritius a growing force.

Over the past two decades, we have witnessed how the Mauritius International Financial Center has built a worldwide reputation. Mauritius has lived up to expectations by ensuring good corporate governance, a wide variety of modern financial products and services, and global connectivity along with competitive operating costs.

Also, in terms of ease of doing business, Mauricio is doing well. The jurisdiction consistently ranked first among African countries in a number of indices such as the World Bank's Ease of Doing Business Index, the Global Competitiveness Report, among others.

We also note that Mauritius was previously largely perceived as a "treaty buying competition" and an administrative jurisdiction, but in recent years this is all changing rapidly. The IFC is moving forward with a strategy to demonstrate economic substance over and above existing legal substance. In addition, innovative value-added products and services have been developed that offer a new level of sophistication.

Why is Mauritius a unique springboard for the continental free trade area?

Mauritius is a market of 1.2 million, but aspires to be the gateway to a market of 1.2 billion, although not all countries are part of the CFTA. The Mauritius IFC is the capital attracting magnet implemented as Foreign Direct Investment in Africa. The CFTA will attract more investors to the continent, but because it is a fragmentation of 54 countries, 54 markets, 54 rules of law, it makes business sense to settle in Mauritius before taking a cohesive approach to 'go to market'. from here.

Mauritius is well positioned as a platform to finance the continent. Regarding relations with African countries, there has been very good progress.

In fact, investors are looking for ecosystems with stable, politically well-supported financial centers that have an affinity for Africa and offer world-class infrastructure. Mauritius meets all the requirements to serve the African region as the country has become an experienced IFC contributing to the flow of FDI into Africa from the rest of the world and continues to be a strategic development partner in and for the continent. 

Over the years, Mauritius has developed very good bilateral relations with many emerging markets on the African continent. For example, if you look at the number of bilateral investment treaties with Africa, Mauritius has signed 23 double taxation agreements with the continent. Mauritius is also well prepared to be the ideal risk mitigation platform that would provide security and peace of mind to investors, with 24 Investment Promotion and Protection Agreements (IPPA) signed with African states, including protection against expropriations, compensation for losses and free repatriation of capital gains.

Furthermore, Mauritius has been a member of the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, since December 28, 1990. Therefore, companies incorporated in Mauritius are eligible for MIGA guarantees that protect investors against the risks of transfer restrictions, expropriation, war and civil unrest, breach of contract and breach of sovereign financial obligations.

Furthermore, Mauritius's suitability as a business destination is reinforced by its membership of all the major African regional organizations. These include the African Union, the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA) and the Indian Ocean Basin Association for Regional Cooperation (IOR-ARC), making to Mauricio in the ideal platform to attract funds. required for African companies.

Is your company already doing business in Mauritius? If not, are you planning to invest in the country? Why? 

KICK has started on July 20 in Mauritius. There is no better place to run a boutique corporate finance firm in this part of the world as you can access both equity and debt from Mauritius.

What strategies should be taken to leverage Mauritius as an international finance centre?

The Mauritius Government's strategy to improve the regulatory framework is making the country attractive as an International Financial Center. The competitive advantages of this island nation lie in the growing pool of talents educated with experienced professionals available to serve the different requirements of international clients. Government investment in education is a strategy that is paying off. With the assistance of the Economic Development Board, Mauritius is attracting major operators to operate in the jurisdiction. However, more can be done to attract traders in Wealth Management and to attract reputable hedge funds and private banks.

Source: pensionfundsafrica.com

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