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Mauritius Economy

Published on by mori

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Mauritius is so called the Francophone Hong Kong and maybe this is why the Mauritius economy has been growing, form the independence’s getting, in an annual rhythm of 5-6%, a fact that allowed it to be part of the world’s sates with medium development.

The success of the Mauritius economy has as basics the promotion of the foreign investments in the ’free areas’ (over 550 small factories, placed all over the territory, which make textiles, clocks, optics, confections) the expansion of the financial services (over 9000 firms have their branches or offices in Mauritius) ‘expressed’ in bank investments of about $1 billiard as well as the tourism promotion.

In agriculture, the sugar cane is the dominant and there are also palms plantations, coconut plantations in the coast regions, of tobacco and vanilla along the main valleys, tea and cafe on plateaus. The ‘traditional’ vendor industry includes the sugar factories, beer, cigars, soap, meat and fruits cans, the main centres being the capital Flacq, Grand-Port. A petroleum refinery and a fertilizers one are also in Port-Louis.

An extremely dynamic sector of the Mauritius economy is the one of the confections which contributes with 50% to the country’s exports and one sector of great future is the one of the software. The balance of trade is easily in the red, the exports covering 92% of the imports’ value. The main partners of Mauritius are France, USA, South Africa and the United Kingdom.

The tourism has a high natural potential and a modern infrastructure, the annual incomes being around $600 million. The Mauritius economy is one of the most competitive and successful in Africa, with a $9.5 billion GDP in 2010. The healthcare, training, education, seafood, property development, renewable energy, communication and information technology, have developed becoming important sectors and bringing big investments from foreign and local investors.

Mauritius economy had some problems at the millennium’s turn because of the sugar and textiles sectors phasing out. The country’s government appealed to an economic program with the goal of opening up the Mauritius economy, improving the climate for investments, business with the mobilization of the foreign expertise and direct investment.

The unemployment was reduced, the growth’s rate was accelerated and the Mauritius economy’s diversification pace sped up through the new sectors’ development, and all due to the reforms. All these things had a contribution to the absorption of the world economic recession’s shock and helped the country to have 4.2% GDP in 2010.

Mauritius economy is also known for its private entrepreneurship which has a long tradition and which consists in a dynamic and strong private sector. The firms that will enter the country’s market will find a commercial, legal and digital infrastructure, robust and very well developed with highest facilities in communications that include the internet access of high speed and international lines.

Mauritius economy is helped by the government that facilitates the business and leaves the production to the private sector. It controls the water, postal services, TV broadcasting, waste water and different imports.