Mauritius is entering a defining phase in its economic evolution at a time when Africa’s growth story is gaining renewed global attention. With a strong financial services sector, a diversified tourism model, and growing ambitions in technology and sustainability, the island nation has carved out a distinctive position as both a gateway for investment flows and a laboratory for economic innovation. The UK’s decision to return the Chagos Islands adds a new dimension bringing both challenges and strategic opportunities that could reshape the country’s trajectory.
At this year’s FT Africa Summit which will be held on October 21 and 22, Dr Jyoti Jeetun, the Minister of Financial Services and Economic Planning will take part in a fireside chat on “Mauritius — a model for sustainable growth and innovation.” In this interview, she reflects on how Mauritius has built its reputation as a secure financial hub, the priorities driving its Digital Mauritius 2030 strategy, and the lessons its model of sustainable, diversified growth can offer the wider continent. Excerpts:
- What would you say are the key factors that distinguishes Mauritius, particularly amongst its peers regarding option jurisdiction, so within the African context, what distinguishes Mauritius from other places to have built this strong reputation?
Mauritius financial services sector has evolved over three decades, beginning in the 1980s. Today, it stands as the primary pillar of our economy, contributing approximately 14% to GDP and employing 19,000 highly skilled professionals. The sector’s economic significance extends beyond these figures: it generates 34% of our individual tax revenue and 68% of corporate tax revenue.
This thirty-year foundation has enabled us to develop a sophisticated ecosystem built on stringent regulation and comprehensive supervisory mechanisms. We have worked diligently to enhance substance, increase the depth and breadth of our services, and continually innovate to move up the value chain. In addition, regulation and supervisory mechanisms constitute critical pillars of our financial services sector. Compliance has become paramount in today’s global financial environment, and we maintain full compliance with international recommendations. We completed our second national risk assessment this year, and we are preparing for the mutual evaluation scheduled for 2027.
Our geographic position in the Indian Ocean provides strategic advantages. Though we are a small island surrounded by economic giants, we are uniquely positioned to serve as a bridge between Asia—including China and India—and Africa. India is projected to become the third-largest global economy within five years, while Africa demonstrates rapid growth and requires substantial foreign direct investment, estimated at hundreds of billions of dollars in coming years. Mauritius possesses the infrastructure, systems, and value propositions to facilitate this critical investment flow.
- At the upcoming FT Africa Summit, you will be speaking about how Mauritius is building a framework to secure its financial sector while expanding into tourism, digital, and innovative solutions under the Digital Mauritius 2030 plan. What are the country’s top priorities for strengthening these sectors, and how do you intend to maintain competitiveness?
Mauritius has built its financial services on several foundational strengths that make us distinctive. We maintain a stable democratic political system with elections every five years and consistent peaceful transitions of power. Since our independence in 1968, we have sustained continuous economic growth, achieving middle-high income country status through a persistent culture of investment and economic development.
Our independent judiciary operates under a hybrid legal system incorporating both English common law and French civil law. This legal duality is particularly significant in Africa, where you have Francophone and Anglophone countries. Mauritius bridges both legal traditions, providing unique advantages in serving the continent.
We also have a multilingual, highly skilled workforce and a robust banking system. This is evident in the fact that we have not experienced bank failures, even during global financial crises, our banking system has remained secure and resilient. We have established an extensive network of 54 double taxation agreements, including 22 with African countries, and 46 investment promotion agreements, 23 of which are with African nations.
For investors, free movement of capital represents a critical advantage. We maintain no foreign exchange controls, which can pose challenges in many countries. Foreigners can own property here, and there are no restrictions on repatriation of profits, dividends, or capital. Our time zone provides operational advantages for engaging with Western, Eastern, European, African, and Asian markets.
As members of SADC, the African Union, and COMESA, we offer investors from the West or Asia sophisticated platforms for structuring investments into Africa. I am particularly pleased to announce that the African Peer Review Mechanism has selected Mauritius to host the African Credit Rating Agency. This decision followed a competitive, independent, and objective evaluation process. While international agencies like Moody’s, S&P, and Fitch exist, the African Union recognized the need for an institution that understands African specificities. This selection validates our regulatory infrastructure and our role as a continental financial hub.
Our economic evolution reflects strategic planning and adaptation. Following independence, we focused on agriculture, then developed export processing zones and textile manufacturing. Tourism emerged as a major sector and remains strong. Financial services became our leading economic contributor, and now we are developing new sectors.
It is important to also recognize that while Mauritius is a small island, we are a very large ocean state, particularly following the recent resolution of Chagos sovereignty. This expanded maritime zone enables us to develop a blue economy. We are also advancing the green economy and Fintech. The United Nations Economic Commission for Africa is working with us to finalize a Fintech strategy for imminent release. This strategy will have significant implications for the continent, enabling us to expand Fintech capabilities across Africa.
As a small island and developing state, climate change presents existential challenges. We are prioritizing sustainability. We are developing ESG guidelines with support from the African Development Bank, guidelines that will benefit not only Mauritius but also investments across African countries. These initiatives position us to facilitate sustainable investment flows into the continent.
- One of the core themes of the FT Summit is Africa’s role in shaping the global economy. From your perspective, what are two or three key ways Mauritius is contributing to rewriting Africa’s economic narrative for instance, through initiatives like hosting the Africa Credit Rating System?
The African Credit Rating Agency represents a potential game changer for the continent. We need a credit agency that understands our specificities and the unique challenges facing African SMEs. This understanding translates into better access to finance. Improved credit ratings enable better financing terms, and when SMEs can obtain credit ratings, they can raise capital more easily. Access to cheaper finance—because good ratings yield lower rates—will enhance the capability for continental companies to develop and grow.
Africa stands at the dawn of economic recovery. Our population is expanding, economies are developing, and if we can facilitate access to affordable finance, we can accelerate this growth trajectory significantly.
Development finance institutions and investors increasingly focus on sustainability. They seek sustainable investment opportunities. Consider energy and power generation: African countries need substantial energy infrastructure, and many face power challenges. These represent massive capital infrastructure investments, but investors will not participate if projects rely on fossil fuels or coal. They require renewable and clean energy commitments.
Through our ESG guidelines and sustainable finance frameworks, Mauritius can help raise financing for these essential sectors and infrastructure development across Africa. The advanced nature of our financial services, combined with our strategic positioning, regulatory framework, and international networks, makes us uniquely suited to attract investors and channel investment into Africa.
- In your role as Minister of Financial Services and Economic Planning, what specific initiatives is your ministry driving to support these goals and further strengthen Mauritius’ contribution to Africa’s economic growth story?
My ministry focuses on two major areas: financial services and economic planning. For financial services, we have just completed a five-year strategy report aimed at significantly increasing the sector’s GDP contribution. We are working on five pillars.
First, we are enhancing ease of doing business and reducing operational costs by striking the right balance between compliance and business development. Too much compliance can stifle business, while insufficient compliance creates problems. Finding this equilibrium is essential.
Second, we are modernizing and diversifying our financial products through Fintech, sustainable finance, and ESG instruments. We are actively developing legislation for new financial products.
Third, we are diversifying our target markets. Historically, we were very India-focused. Over the past five to ten years, we have increasingly engaged with Africa, deepening our relationships with the continent.
Fourth, we are enhancing the Mauritius brand identity. This is a highly competitive space, with established centers like Dubai and Singapore alongside emerging hubs. We must ensure visibility and clear positioning.
Fifth, we are addressing human capital needs. Product diversification requires workforce training in new instruments and technologies. As artificial intelligence transforms business operations, we must ensure our workforce maintains current skills.
Regarding economic planning, we are developing Vision 2050, a 25-year strategic framework for national development. This vision addresses where we want to be as a country and how we will achieve those objectives: which sectors to develop, how to sustain growth, how to ensure social justice and care for our people, how to manage our health system with an aging population, and how to secure the workforce needed for development. We are also creating a ten-year National Development Framework to bridge the period between now and 2050.
- As you join the fireside chat on Mauritius as a model for sustainable growth and innovation at the upcoming FT Africa Summit, what central message would you like to leave with global investors and policymakers about the role of Mauritius and Africa as a whole in shaping and redefining economic and sustainable growth over the next five to ten years?
At the FT Africa Summit I would say Africa’s time has come. Mauritius, as part of Africa and a member of the African Union, SADC, and COMESA, is actively contributing to this growth story. Africa’s young population represents a major advantage the demographic dividend will serve as a key driver of economic development.
Simultaneously, the continent is ensuring sustainability in addressing climate change, recognizing our vulnerability and taking necessary actions. These imperatives create substantial investment opportunities for development finance institutions, private equity firms, and large global investors.
Mauritius stands positioned to facilitate these investments. We offer the regulatory framework, financial infrastructure, and strategic positioning to enable effective participation in Africa’s economic transformation. The convergence of Africa’s growth potential, demographic advantages, and commitment to sustainable development presents compelling opportunities for investors seeking both financial returns and meaningful developmental impact.
