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General
Information
Known to Arab navigators,“discovered”
by the Portuguese, named by the Dutch after Prince Maurice of Nassau,
colonised by the French and thereafter by the British, Mauritius subsequently
became an independent nation in 1968 and acceded to a Republic status
within the British Commonwealth in 1992.
Early travellers referred
to Mauritius as the "Star and Key of the Indian Ocean" since the island
was an essential port of call for ships travelling from Europe to India
and the Far East. Nowadays, it is its strategic time zone, midway between
Europe and the Far East that retains the attention of international businesses
(+4 hrs from GMT, -4hrs from Singapore).
Political
System
The Mauritius constitution
is derived from the British system, with a clear separation of legislative,
executive and judicial powers. Parliamentary Elections are held freely
and regularly. Government and opposition parties alike display a positive
attitude towards industrial development and foreign investments. It is
a pro business pro growth country.
The population is
generally multilingual (English, French, Mauritian Creole and a number
of oriental languages). One of the key elements of Government policy has
been the establishment of free education at all levels. As such Mauritius
enjoys a very high literacy rate. The official language is English.
Banks
Mauritius has a history
of banking tradition of almost two centuries. A number of major foreign
banks such as Barclays, Hong Kong Shanghai, Deutsche Bank, Crédit Lyonnais,
Crédit Suisse First Boston, State Bank of India and BNP operate
in Mauritius
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Economic
Outlook
Liberal government
policies together with an eagerness by local entrepreneurs to develop
businesses have resulted in a very successful economic situation.
Over the past decade,
Mauritius has consistently achieved high rates of growth and significantly
increased its per capita income. It has also considerably reduced unemployment
and inflation.
The internationalisation
of the Stock Exchange and removal of controls on foreign exchange transactions
have boosted activity in the Mauritius International Financial Services
Centre, a fast expanding sector of the economy.
Mauritius has adhered
to Article 7 of the Articles of Agreement of the International Monetary
Fund. This irreversible shift from Article 14 means that Mauritius cannot
re-impose restrictions on payments and transfer for international transactions.
In 1999, Mauritius
was awarded the "Number one Credit Rating in Africa" by Euromoney
magazine.
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