Mauritius has not had it easy in 2020. And that could be an understatement. Between the global health crisis which caused a three month complete paralysis of its economy and the oil spill caused by the MV Wakashio off its south-eastern coast, the island has struggled. As we step into 2021, 禁漫天堂 takes a look at the island鈥檚 attractiveness to expatriates after this difficult year.
The Mauritian economy, like the global economy, has taken a severe blow during the past year admits renowned Mauritian economist, Eric Ng. The report of a study carried out in 2020 by Business Mauritius, a conglomerate of entrepreneurs, found that 64% of the 2,707 companies that participated in the study had to cease operations during the lockdown. Only 18% of those surveyed said they had resumed their activities by September 2020.
However, despite the consequences of the COVID-19 crisis on the local economy, international indices remain positive. Indeed, Mauritius ranks 13th and first in Africa, on the Mo Ibrahim index, on the Ease of Doing Business. Mauritius was also classified as a high income country by the World Bank. Although, this conclusion was arrived at using data from 2019 and is subject to change in 2021.
鈥淎 potential foreign investor would not only look at international indices, they would also be interested in the political situation of the island and the local administration,鈥� suggests Eric Ng, the economist. Indeed, the oil spill resulting from the running aground of the MV Wakashio has caused citizens to take it to the streets twice during the later months of 2020 and the economist this could be a disadvantage for Mauritius as an expat destination. 鈥淭he protests could have adverse effects but it does not compare to the kind of civil unrest prevailing in other countries. Mauritius still offers great quality of life and an extremely enjoyable living environment,鈥� asserts Jean-Michel Pitot, president of the Association for Hotel and Restaurants owners of Mauritius. Lindsey Morvan, director of the Mauritius Tourism Authority, does not think that the protests could deter foreigners. 鈥淔rance has known the Yellow Vest movement, is it less of an expat destination?鈥� he asks.
Jean Michel Pitot also believes that Mauritius offers extremely attractive taxation options. Indeed, the island has always been incredibly attractive because of its taxation options. This, along with its strategic position and a bilingual and skilled population has caused the country to become an international financial centre.
Besides investment in the financial sector, it is real estate that attracts foreign investors to Mauritius. And in the age of COVID-19, that could be even more true. Indeed, three months after the first case detected on the island, Mauritius managed to completely eradicate the virus. Mauritian authorities introduced a strict lockdown in March 2020 which ended on June 1, nearly a month after no more cases were detected within the population. According to local press reports, the island immediately became more attractive to investors as it returned to normalcy. Indeed, while the whole world is once again under lockdown, Mauritian citizens and residents are enjoying the beaches and family outings again. And that too, while passengers arriving from abroad are still being forced to go through strict, paid quarantine in one of the island's quarantine centres.
In addition to existing sectors, the economist and economic observer Eric Ng offers new avenues for investment. 鈥淭he promising sectors in which it would be smart to invest are the manufacturing sector but also emerging niche sectors such as Information and Communication Technologies, Data Analytics, for example, is a rapidly evolving field,鈥� suggests Eric Ng. While difficult, it will also be a priority for the Tourism Authority to revive the tourist industry, one of the main economic pillars of the island.
