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Mauritius farmers to benefit from national wholesale market soon

Farmers in Mauritius will now have greater control over sale of agricultural produce as the construction of a National Wholesale Market for fruits and vegetables finally appears to be evolving in the right direction. The process of selection of the right consultancy firm for implementing the project has advanced another step as three consultants with the best evaluated bid have been retained. It may be noted that the Ministry of

Restructuring approved: Mauritius Meat Authority to stop bleeding state exchequer

The Cabinet has approved the proposal to restructure the struggling Mauritius Meat Authority (MMA) which, once implemented, is expected to generate a net cash surplus as from this year and an annual average of Rs 4 million over the next four years. The MMA’s financial difficulties have continued despite various measures taken to recover its operational efficiency and for this reason the Office of Public Sector Governance (OPSG) had made

EU grants Mauritius Rs 1.1 billion for economic and social reforms

Keeping up its support to the island economy, the European Union (EU) has granted Mauritius €27.2 million (Rs 1.12 billion) to support its economic and social reform programme. An official statement issued by the EU Delegation in Port Louis noted that this grant of Rs 1.1 billion is the disbursement of the first tranche of its general budget support programme titled ‘Promoting Sustainable and Equitable Development Phase II’ (PSED II).

Mauritius trade deficit for November down 23% as exports rise

Mauritius trade deficit for November stood at Rs 7.99 billion ($264 million), down 23.2% compared to the year-ago period, on the back of higher exports, according to Statistics Mauritius data released yesterday. However, the trade deficit, representing the gap between export and import of goods, was higher by 18.3% on a month-on-month basis for November 2013, compared to October 2013. Revenues from sales of machinery and transport equipment drove up

Bank of Mauritius steps up efforts to tackle excess liquidity

Excess liquidity in the banking system continues to plague the island economy as cash balances exceeded cash reserve requirements of banks by a little over Rs 8 billion, against Rs 3.4 billion in January 2013. To indicate the gravity of the situation, a statement issued by the Bank of Mauritius (BOM) late Thursday afternoon confirms that it has had to resort to an emergency and short-term reverse repo transaction of

Zimbabwe’s Innscor moves headquarters to Mauritius to access cheaper funding

Zimbabwe-based conglomerate Innscor Africa Limited has relocated its headquarters to Mauritius as part of a calculated move to enhance access to cheaper finance to support its domestic and foreign expansion programme. The company’s move to Mauritius is part of a larger exodus as Zimbabwean firms have been finding it increasingly difficult to raise offshore capital due to the perceived risk profile attached to the country because of its high debt

Ramgoolam au World Economic Forum en Suisse

Le Premier ministre participe cette année à la grand-messe annuelle des décideurs économiques du monde à Davos en Suisse. L’édition 2014 du World Economic Forum (WEF) se tient du 22 au 25 janvier et a pour thème « Transformation du monde : conséquences pour la société, la politique et l’économie. » Essentiellement conçu comme un lieu de networking et d’échanges d’idées, le WEF est organisé autour de séances de discussion. Cette année 23

Cargo Hub Capital sera cotée en euros

L’indice Development and Enterprise Market de la Bourse de Maurice enregistrera une première ce jeudi 23 janvier. Cargo Hub Capital sera en effet la première société à y être cotée en euro. L’entreprise spécialisée dans l’immobilier, la logistique et le transport en camion offrira 15% de son capital à la vente, à un prix par action de 30 euros. L’introduction de Cargo Hub Capital sur la Stock Exchange of Mauritius

Mauritius’ business minister: Singapore never fails as it anticipates challenges

Singapore never fails as the Asia Pacific island nation usually foresees challenges that can happen up to a decade, according to Jim Seetaram, Mauritius’ minister of Business, Enterprise and Cooperatives. The Asian economy devises meticulous strategies and sets strategies with a very dynamic mindset, added the minister. At his opening speech during a roundtable on entrepreneurship, the minister said that, given the context of globalization and aggressive competition, entrepreneurs who

Mauritius poised for 4.1% GDP growth in 2014

According to the World Bank, Mauritius is poised to achieve higher GDP growth over the next 3 years, moving up to 4.1% in 2014, 4.3% in 2015 and finally 4.2% in 2016. Also, Sub-Saharan Africa’s real Gross Domestic Product (GDP) growth picked up to 4.7% in 2013, supported by robust domestic demand, notably investment growth, making it the second-fastest growing region in the world. The Global Economic Prospects report for

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