Foreign delegates and their Mauritian counterparts have taken part in the symposium, which aimed to act as a platform for discussions on how best Mauritius can carve a niche as an international financial centre of substance. It was also designed to help identify constraints and opportunities, as Mauritius moves forward in its ambition for the financial services sector to eventually become a major platform for the export of financial sectors.

The conference was an initiative of the Mauritius Board of Investment, in collaboration with the Commonwealth Secretariat.

In a speech at the opening ceremony, the Deputy Prime Minister and Minister of Finance and Economic Development, Rama Sithanen, pointed out that the symposium could pave the way for a major breakthrough in the creation of appropriate products and instruments in areas where Mauritius can confidently develop competitive advantages.

Sithanen told the audience that the government has steered through a number of initiatives designed to build a more diversified and resilient economy, and to make Mauritius a global player in a wider spectrum of activities.

“Indeed, diversifying our economic base has been a core objective of our development strategies throughout the past four decades”, Mr Sithanen recalled. He added that the success of economic diversification has enabled Mauritius to raise its standard of living from per capita of USD200 in the early 1970s to the current level of USD5,500.

The Deputy Prime Minister also underlined the need for Mauritius to shift its resources from low to high value added activities and sectors, adding that the highest productivity is in the financial services sector.

He explained that the government has set four priority areas of reform to achieve a higher growth path. Firstly, the 'doing business' environment, where Mauritius has been placed among the top ten countries in the doing business index. The second plank of the reform measures is the consolidation of the four pillars of the economy, namely sugar, textiles, tourism, financial services, in addition to looking after emerging pillars and looking to the creation of new ones. The third area of reform concerns public finances, where the tax system and tax policy have been re-engineered. The fourth plank of reforms aims at striking the right balance between economic growth and social development.