 A leading role in this part of the world |
The economic success enables the Republic of Mauritius to play a
leading role in this part of the world. It is, on one side, a bridge between Asia and
Africa and, on the other, is firmly putting in practice an economic regional strategy.
The island has been a British colony since 1810, after the capitulation
of the French who themselves settled in the country in 1715 after the Arabs, followed by
the Portuguese and the Dutch, Mauritius owes its success to its own effort. After the
independence from the United Kingdom in 1968, Mauritius faced economic difficulties for
several years. With the structural adjustment programme from the World Bankand the International
Monetary Fund, as early as 1984 the Mauritian economy recovered and became even
a success story. Presently, Mauritius is putting all its efforts together for another
challenge, this time it is on a regional basis.
«We are an emerging market in the financial sector right now» says Dr
Navinchandra Ramgoolam, the modern visionary Prime Minister in his early fifties, who is
both a doctor of medicine and a lawyer and the son of late Sir Seewoosagur Ramgoolam who
struggled for the independence and was the Prime Minister for almost 14 years. Dr Navinchandra Ramgoolam, actual
Prime Minister said recently «Our offshore sector is doing very well and we see to it
that this sector adheres itself to strict international norms. We have existing
legislation to protect this particular sector of the economy and this will be reinforced
with the Money Laundering Bill. We are and we wish to stay a clean offshore centre»
A model of development for the 21st century
| The Mauritian Prime Minister is
optimistic about his country and even sees it as a model of development for the
twenty-first century. « We all came from different continents namely Africa, Europe and
Asia. We have managed in spite of our diversity to live side by side. I am proud to say
that we now, think of Mauritius, as a nation, and we are an example to the world. Our
diversity can in fact be a model of development for the twenty- first century on both the
economic and social point of view as to what can be achieved as a nation. Our people are
our resources and the emphasis to succeed in the third millennium would be on brain
intensive industry,» he said.
Concerning to the exceptional economic
success President Uteem thinks it is due «to our political
stability, to our economic pragmatism, to a strong leadership and a dynamic private
sector, as well as an educated and adaptable workforce which has been instrumental in
securing sustained growth in various sectors of our economy, and to the absence, over a
long time, of natural calamities.»
The Mauritian economy is so diversified that it has resisted until now
to the side effects of the financial crisis in the South East Asia and the financial
turmoil of the rest of the world. As the President of the Mauritius Employers’
Federation, Mr. Pierre Dinan stated in an opening speech on a seminar on Understanding
Emerging Financial Institutions, « Not long after independence in 1968, it became clear
that over-dependence on only one industry, namely sugar, as well as import substitution
were not viable strategies. The country’s promotion of the manufacturing sector and
tourism has proved to be successful. The move towards economic diversification did not
stop there. In the second half of the 1980s, the Stock Exchangeand Leasing operations were launched and in 1992 new legislation frameworks and
institutions were set in place for international financial activities and for Freeport
activities.» |
