Mauritius’ Financial Sector

Let’s take a look at what Mauritius’ financial sector and economy are made up of and what the country as a whole looks like.

Mauritius hosts several offshore banking facilities which cater to large organizations and wealthy individuals. In addition, there is a development bank and several commercial banks as well. The main bank is the Bank of Mauritius. The country’s stock exchange is based in Port Louis.

In terms of trade, the imported goods are mostly machinery and transport and transportation equipment. Petroleum is also an important asset. Exports are less than imports but are made up of sugar, the countrie’s most famous asset, as well as textiles, fish and seafood products. The partners in the trade of these items include the United Kingdom, France, South Africa, China and more recently, places in North America such as the United States.

Since trade isn’t prominent enough to stimulate and maintain the economy, Mauritius relies heavily on tourism which has been on the rise consistently since the 1970s. This is where a lot of the money and foreign exchange comes from. Tourism has become so prominent that in 2001 there was an agency created called the Information and Communication Technologies Authority to help manage and regulate the tourism and related sectors.

Despite tourism being an increasing economic force, almost 40% of the population are still employed in the finance, services and related sectors. 30% are employed by construction and manufacturing and only 10% remain employed or involved in agriculture.

In addition to tourism, taxation makes a lot of money for Mauritius. The government actually makes 90% of their money from taxes and tax related revenue, namely taxes on goods and services. Trade taxes are a significant source of income as well as is coporate income tax. Overall, the financial sector is complex and segmented.