The achievements in the sectors of Financial Services and Good Governance were presented, today, by the Minister of Financial Services and Good Governance, Mr Soomilduth Bholah, during a press conference held in Ebène. The Minister moreover elaborated on the Concept Paper for Financial Services which will serve as base to review the Blueprint for the sector for the next five years. He recalled that the Mauritius International Financial Centre (IFC) has over 30 years of experience in cross-border investment, with a contribution of 14% (USD 1,7 billion) to the Gross Domestic Product (GDP). The sector, he said, grew by 4% in 2023 and provided some 11,020 individuals with direct employment as at December 2023. He also noted that the Mauritius IFC is in the top 15 on the list of countries that will become more significant in the next two to three years according to the Global Financial Centres Index. Minister Bholah indicated that as at September 2024, the number of Global Business Companies stood at 13,463 add ing that Foreign Direct Investment (FDI) in Mauritius that transited through the Financial Services sector was USD 379 million (Rs 18.5 billion) in 2023. He also noted that 50,2% of total FDI in Mauritius comes from Financial Services. According to him, the main assets of the Mauritius IFC are its geographical position, qualified human resources, robust banking system, telecommunications, air connectivity, a secure tax environment, a bilingual workforce, a financial centre with over 30 years' experience, as well as political, legal and social stability. He added that another advantage is that the country has various multilateral bilateral agreements giving access to 70% of the world's population, Free Trade Agreement with India, China and Africa, and is a member of regional blocs such as SADC and COMESA. Main achievements Minister Bholah highlighted that the Financial Services Master Plan was launched in 2018 and is spread over 10 years. Its objective, he said, is to increase the contribution of financial services to the GDP from USD 1.0 billion to USD 2.0 billion by 2030. He also recalled that 71% of its recommendations have been implemented. As regards stepping up the fight against money laundering and terrorist financing (AML/CFT), he said that Mauritius was removed from the Financial Action Task Force (FATF) grey list in October 2021. FATF, he said, concluded that Mauritius has a sufficiently robust legal framework to combat money laundering and terrorist financing. He insisted that the integrity of our financial system must be preserved and as such recalled that the Ministry has moved forward with the Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (AML/CFT/CPF) Bill, passed by Parliament in July this year. Minister Bholah pointed out that the next evaluation of Mauritius by FATF will take place in 2027 adding that the Ministry has retained the services of an independent consultant for a national assessment exercise, which is currently underway. Speaking about promotio nal campaigns, the Financial Services Minister stated that the Ministry and the Economic Development Board (EDB) is conducting several promotional campaigns to continue attract investors and promote Mauritius as an IFC of repute. He added that in 2023, campaigns were conducted in South Africa, India, Great Britain, Europe, Egypt, China and the United States. Other achievements of the Ministry from 2015 to 2024, include: the promulgation of the Asset Recovery (Amendment) Act, the Good Governance and Integrity Reporting Act, the Captive Insurance Act, the Insurance (Industry) Compensation Fund Regulations and the Securities Compensation Fund Regulations; the launching of the National Committee on Corporate Governance; introduction of an Investment Banking Licence; consolidation of the Financial Intelligence and Anti-Money Laundering Act; and development of a Sustainable Finance Framework; setting up of the Financial Services Law Advisory Committee. Concept Paper Minister Bholah also dwelt on the elaboration of a Concept Paper which aims at preparing Mauritius to face several challenges such as the emergence of Financial Centres on the African continent, the growing demand for compliance, and the creation of the Gujarat International Finance Tec-City in India. The Concept Paper, he underlined, will focus on several key points, namely: Enhancing the image of Mauritius as an IFC; Provision of a Single Window for permits and schemes; Assessing skills required for the sector; Setting up of a Unit to oversee the Africa Strategy; Improving the Ease of Doing Business in Mauritius; Improving the range of financial services and products; Developing an environment conducive to the establishment of fintech start-ups in Mauritius; Diversifying the human capital; Democratising the capital market sector in Mauritius; and Reinforcing the role of the Financial Services Fund. Government Information Service, Prime Minister's Office, Level 6, New Government Centre, Port Louis, Mauritius. Email: [email protected] Website: https://gis. govmu.org Mobile App: Search Gov Source: Government of Mauritius
- June 11, 2026