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Mauritius PM calls for partnership, says EU must go beyond paternalistic view of Africa

The Mauritius Prime Minister called for an effective partnership to characterise maturity in the ties between Africa and Europe, saying that Europe should adopt an approach that goes beyond the paternalistic spirit which has so far prevailed while dealing with Africa. In Navin Ramgoolam’s address at the 4th EU-Africa summit meeting in Brussels, which took place on the 2nd and 3rd April, 2014, the Prime Minister stated that Africa is the continent of hope

Mauritius: France overtakes South Africa as largest FDI source market

In what may come as a surprise to those industry watchers who expect the share of a struggling EU to come down in the island economy and yield place to emerging economies in Asia and Africa, France has overtaken South Africa as the largest source market for Foreign Direct Investment into Mauritius. A report released by the Central Bank of Mauritius showed that South Africa has had a radical decline

MCB Group replaces MCB on the Stock Exchange of Mauritius

MCB has been replaced by the MCB Group Limited (MCBG) on the official market of the Stock Exchange yesterday at an indicative price of Rs 215, equivalent to the closing price of MCB shares at its last day of trading on 24 March, 2014. Further to the official notice dated February 19, 2014, another milestone was reached on April 3, 2014 with the listing of MCB Group Limited on the

Technology to the rescue for Mauritius sugarcane sector

With the abolition of the EU sugar quota by 2017 looming large, the Mauritius sugarcane industry is turning to technology to counter the challenges facing the sugar sector. Accordingly, Mauritius Minister for Agro-Industry, Satish Faugoo, launched the Near Infrared Cane Testing System in Mauritius yesterday, in collaboration with Omnicane Milling Operations Ltd. While launching the new infrared cane testing system, the Jeffco Infracana II, the minister said that this is

Mauritius in World’s Top 10 Most Ethical Places for 2014

The World’s Top 10 Most Ethical Places 2014 report described Mauritius as the best run country in sub-Saharan Africa and the island economy continues to be among the most competitive, stable and successful economies in Africa. The report by California nonprofit organization Ethical Traveler evaluates countries on four aspects: environmental protection, social welfare, human rights and animal welfare. The complete list for 2014 (in alphabetical order) includes the Bahamas, Barbados, Cape

Mauritius ropes in ILO to help with National Minimum Wage for private sector

Mauritius is undertaking a study for the introduction of a National Minimum Wage in the private sector with the assistance of the International Labour Organisation (ILO). At a working session themed ‘Income Inequality in Mauritius: The Role of Wages Policy’, Mauritius Labour minister Shakeel Mohamed noted that this study was being undertaken in view of the government’s concern over the issue of wage inequality in society. Further to the request

Mauritius offers new three-year Treasury Notes

The Bank of Mauritius (BOM) will sell new benchmark Three Year Government of Mauritius Treasury Notes (GMTN) through an auction on Wednesday, April 09, 2014, for a nominal amount of Rs 1.3 billion due for settlement by the next Friday. It may be noted that, earlier this year, to counter excess liquidity, BOM, together with the Finance Ministry, set a target to mop up the excess money floating in the

Moody’s maintains Mauritius’s Baa1 credit rating

Moody’s Investors Service maintained its credit rating of Baa1 for Mauritius in its latest country-wide evaluation, citing the “resilience and diversification of the local economy and robust institutional capacity” as reasons for maintaining its stable outlook on the island economy. However, the report, released on March 31, went on to note that any improvement in the country’s rating is restricted by “unfavourable debt metrics and the island economy’s vulnerability to

[Economy ExpertSpeak] Eric Charoux: Mauritius must not chase “oiseaux de passage” in tertiary education

Professor Eric Charoux, executive director at the Charles Telfair Institute (CTI), spoke to AfricaMoney of how countries with strong human capital experience invariably rapid economic growth and development. Our higher education expert also commented that the government must take note of those institutions that have shown long-term commitment to education in this country, instead of chasing after all sorts of “oiseaux de passage”. What have been the major achievements of

Mauritius taps Indian Oil Corporation for storage unit; refinery up next?

Indian Oil Corporation (IOC) is reportedly in talks to set up a crude storage facility in Mauritius with a planned capacity of 140 million tonnes. Since the storage facility involves huge investment and risk, the project will be a joint venture with IOC as the lead partner along with Mangalore Refinery and Petrochemicals Limited (MRPL) and the Mauritius government owned State Trading Corporation (STC). Furthermore, the storage unit will open up

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