2023 was a pivotal year for the EDB, marked by record levels of Foreign Direct Investment (FDI) and private sector investment. We are proud to report that both metrics surpassed expectations, with FDI and private sector investment reaching in excess of Rs 35 billion and Rs 109 billion respectively, demonstrating the confidence of international and local investors in the potential of Mauritius as a thriving business destination.
In 2024, our strategic goal is to build upon this momentum and exceed the achievements of the previous year. EDB is committed to surpassing private sector investment by more than 8% and FDI by 6.5% compared to 2023. These ambitious targets underscore our determination to propel Mauritius towards sustained economic growth and prosperity.
One of the cornerstones of our strategy for 2024 is diversification. EDB is dedicated to exploring innovation in economic sectors such as agro-industry, biotechnology, renewable energy, financial services, professional services and information technology. By expanding our focus beyond traditional industries, we aim to attract a broader spectrum of FDI, reducing our dependence on any single sector and ensuring a resilient and dynamic economy.
The rapid evolution of technology and the shifting global economic landscape present unprecedented opportunities and we have to position Mauritius, with all stakeholders working together, as a prime destination for investments in the fields of Artificial Intelligence, Robotics and Fintech.
In the financial services sector, innovation has been instrumental in propelling Mauritius forward as a premier investment destination. Our jurisdiction has made significant strides, as evidenced by our climb of 13 places in the Global Financial Centre Index. With the sector expected to contribute approximately 14.1% to our GDP, it serves as a cornerstone of our economy, driving growth and prosperity.
The introduction of pioneering initiatives such as the VAITOS (Virtual Asset and Initial Token Offering Services) Act and the VCC (Variable Capital Company) structure demonstrates our commitment to staying ahead of the curve. These regulatory advancements not only align with global standards but also position Mauritius in fintech and fund structuring, offering investors unparalleled opportunities.
Furthermore, our support for key industry events like the recent Alternative Dispute Resolution Symposium, Sustainable Financing and the Pension Funds & Alternative Investment Africa Conference in February, underscores our dedication to fostering collaboration and knowledge exchange within the financial services sector.
In March, EDB will host the World Alliance of International Financial Centre's Board Meeting (WAIFC) in Mauritius. This prestigious event not only showcases our commitment to sustainable development but also signifies our role as a hub for financial excellence in Africa.
The EDB extends its heartfelt gratitude to everyone involved, including our sponsors, the Blood Donors Association and the Ministry of Health and Quality of Life for the Mega Blood Donation organised by the EDB from 27 to 29 February for their invaluable contribution to a noble cause.
As we celebrate our 56th Independence Day, let us seize the opportunities that await us and strive to reach new milestones on our journey ahead. Together let us build a brighter future filled with promise and success.
