Details on Mauritius business: Mauritius is one of the major business hubs among African countries and the country has the highest living standards. Mauritius enjoys more than 6% growth in their GDP on a continuous basis and the GDP per capita in about $11287.
The major industries in Mauritius include the sugar, textiles and the tourism industry. Additionally, the country got diversifying financial services and the IT & computer services contribute to major parts.
The competitive economy in Mauritius ranked first in Africa and 23rd in the world. Also, the economic performance of the country ranked 65th among the globe. In this article, we are going to discuss the business in Mauritius and their aspects.
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| Top 5 business in Mauritius |
Sugar industry in Mauritius
The sugar is one of the major commodities of Mauritius and it was always the main pillar for the Mauritius economy. The sugar of Mauritius got preferential access to the European market, under the EU protocols.
By using this protocol, the country is exporting about 1.6 millions of tons of sugar to EU countries which is 2-3 times more than the sugar price in the world’s market.
Mauritius fulfills one-third of the quota and European countries are responsible for the 90 percent of sugar production in Mauritius.
However, in recent years, the EU countries are reducing the importing of sugar from Mauritius and the price goes down from 632 Euros to 400 Euros per ton. In that case, the sugar business in Mauritius is going to face a major challenge as the production price for sugar is higher in Mauritius compared to other ACP countries.
The price for producing sugar is also higher than the producing sugar in Brazil. For this reason, the government in Mauritius also takes preventive action which is known as the five years sugar sector strategic plan and the aim of the plan is to rationalize the sugar industry by decreasing the number of the sugar factory and thus cut the labor forces.
Luxury Villa in Mauritius
For diversify the business economy in Mauritius, the government has a plan to sell a number of integrated resort and villas to the foreigners.
The process for these villas easily can go more than half millions of dollars. These luxury buildings would be sold from a part of international standard buildings with high-class facilities such as the golf courses, marinas, individual’s swimming pools, nautical and other types of sports facilities, health and beauty centers and also the high-quality restaurants.
For the foreigners who are going to invest in these luxury villas, the IRS of the country is going to issue the residency status of the investor, their spouse and also to their dependents.
Seafood business in Mauritius
The government of Mauritius is investing and provides incentives to the seafood business and the aim is to convert the country into a major seafood producing hub in the world.
The Mauritius Freeport Development Corporation is expecting to invest an amount of 300 millions of rupees for the constructing of the fishing harbor.
Many other private companies have also the opportunity to invest in the project, special in the fishing of tuna and canning.
Textile business in Mauritius
Textile sector is one of the major future growing fields in Mauritius and this sector is getting the preferential access to the EU and also to the USA markets.
However, the major challenge is to make garments with lower labor costs with the competitor countries.
Mauritius produced sweaters, tee shirts and trousers are not regarded as the high-quality category and may also face very stiff competition from the China, India and Bangladeshi products. Also, the high quality and cheaper priced textile products (compare to Mauritius) are coming to EU and USA markets from these countries.
Tourism business in Mauritius
Tourism is the engine for the Mauritius economy for a long time since the 1980’s and the business-friendly government of the country is encouraging foreign investment into the field of tourism.
The country got very beautiful beaches, security and also the absence of tropical disease is making the country one of the attractive place for the tourists.
The tourism industry is booming now and the income from tourism is exceeding the income from the sugar industry.
More than 10, 00,000 tourist visits the country and the maximum numbers of tourist visit the country from October to December each year.
Tourism got a relation with the transportation industry and the government of Mauritius is now looking for the opening up direct shipping routes from the destination from China and Spain. However, there are some well developed placed are offering the same benefits such as Dubai and Singapore.
The government in Mauritius is looking for the innovative approach to build up the tourist sector of the country. The government is signing a contract for open-air access and also promoting Mauritius as a leisure, business, and shopping hubs.
Note: If anyone wants to start a small business in Mauritius or needed any help's on company registration Mauritius, We can assist them to begin a business.
S & F CONSULTING FIRM LIMITED - Mauritius
Office: Standard Chartered Tower, Cybercity, Ebene, Mauritius
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