The International Financial Centre (IFC) Blueprint was devised to further the goals of Mauritius as an IFC of high repute, a jurisdiction of substance and platform for channelling investments.
The Financial Services Commission (FSC) of Mauritius had engaged a reputed consultancy firm to make a SWOT analysis of the Mauritius jurisdiction and to propose a sustainable strategy. The report has been published in June 2018 and is entitled “Innovation and transforming the Mauritius IFC of 2030
In line with the Mauritian Government’s Vision 2030,
In line with the Government’s Vision for the Financial Services sector to double its size, grow its contribution to GDP to USD 1.9 Billion (currently, the IFC contributes almost USD 1 billion to GDP), increase employment by 1.5 times and boost tax revenue, the IFC Blueprint 2030 paves the way forward whilst addressing the challenges and barriers to growth in the sector.
The Mauritius IFC today is built upon three core pillars:
- Cross-border investment;
- Cross-border corporate banking and private banking; and
- Wealth management.
However, the Mauritius IFC faces lots of challenges such as growing international pressure, adverse press coverage and the changing international economic landscape.
The Future of Mauritius IFC
To achieve its full potential as an IFC, the blueprint highlighted key factors which would have to be developed:
1 – Business Enrolment
- Future-proof Mauritius’s regulatory and tax regimes
- Create simple, user-friendly processes to serve financial institutions, corporates and HNWIs
2 – Human Capital
- Attract, develop and retain world-class global talent
3 – Financial Sector Development
- Attract high-calibre corporates and financial institutions to create real depth and breadth in the IFC
4 – Infrastructure
- Enhance living and transport options
5 – Reputation and other
- Improve the nature and reach of Mauritius’ reputation by building and communicating its image
In order to overcome the challenges that the Mauritius IFC will face, the IFC Core Working Group is currently working on an implementation plan.
Click here for more information on the highlights of the Blueprint.