Mauritius properties: Mauritius Economy Mauritius Economy ================================================================================ marat on 19 June, 2008 01:40:00 About Mauritius Economy Government and Politics Tourism Nature and Activities Mauritius gained independence in 1968, after centuries of colonization by the Dutch (1598), the French (1710), and the British (1810). It has a highly diverse population. Descendants of indentured workers from India , who were brought to work in the sugarcane fields after the abolition of slavery in 1835, make up about 70 percent of the population. The rest of the population includes Africans, Creoles, Chinese, and Europeans. Mauritius is a development success story. It achieved remarkable economic and social success, based on good governance and an exceptional use of trade preferences for sugar and clothing exports. At independence in 1968, the country was poor, with per capita income of about US$260. Today it is an upper middle income country, with a 2006 per capita income of US$6431 or $11,643 in purchasing power parity (PPP) terms, the second highest in Africa. The countrys ability to profit from the trade opportunities testifies to its institutional strengths  a stable democracy and rule of law; ethnic tolerance; macroeconomic stability; equitable social progress; and reliance on private incentives. Mauritius has successfully diversified its economic activities by carving out special niches in textile, tourism and financial services. Over the past five years the country registered an annual average real growth rate of 5.1%, balance of payments surpluses leading to a comfortable external reserves position, and a single digit inflation on average. With a per capita income of US $ 5078 (for Jan to Oct 2004), Mauritius is now classified as a middle income country and ranks, on the basis of the recent Human Development Index for 173 countries, 67th globally, 40th among developing countries and second in Africa. Sustaining the growth momentum well into the future is a major challenge because of international pressures such as globalization and liberalization. Diversification of the economy remains a priority. Mauritius has embarked on a comprehensive reform programme to move to its next phase of development capitalizing on human resources, Information Technology and higher value-adding activities. This is best achieved by the building on its existing strengths of openness, high standards and best practices in the financial sector, an advanced physical and telecommunication infrastructure, an active capital market, competitive communication costs, a relatively reasonable level of human and intellectual capital market, competitive communication costs, a relatively reasonable level of human and intellectual capital endowment, a well-developed social safety network and, above all, good governance. Mauritius has become: *a thriving, a competitive and modern society, where the population enjoys a high standard of living. *the regions leading centre for international financial services, including banking, insurance and other consultancy services. *a liberal and well-regulated Cyber Island with state-of-art Information Technology infrastructure and a supporting physical and social infrastructure. Future projects: a network of mass transit system, jobs nearer to residence. *an essential node in the variety of international and regional network flows allowing Mauritius to create its niche in international profit bearing flows. *a centre of excellence in education and health. *an ecologically well-balanced economy ensuring that higher growth is environmentally sustainable. An attractive blend of advantages is offered to international investors. These include: political stability, pleasant and peaceful living conditions, efficient telecommunications, pool of qualified professionals conversant in English and French, Investment Promotion and Protection Agreements, International Stock Exchange, Freeport activities and the absence of exchange control. Mauritius today is poised for the next wave of real estate and landmark property development. It aims to create an exciting development that sets new standards in design and quality of build. No wonder the island has earned international recognition as a choice tourism destination for its welcoming and genuine hospitality, scenic splendour and world class hotels. Investment opportunities are many and diverse.