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Mauritius Island Hotels |
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Mauritius Island Hotels |
Economy In Mauritius
The economy in Mauritius has grown considerably since its independence. From being a low income agriculturally based economy it has urbanized into Africa’s second highest gross domestic product per capita. Now, it is a middle income economy by means of growing financial, industrial, manufacturing and tourism regions. The islands economy is still mainly reliant on its major crop sugarcane, where in one fourth of the export earnings come from sugarcane. But recently, the island has even seen the development of the finance, textile and tourism sectors. The Deputy Prime Minister of Mauritius recently announced that over the next few years Mauritius is likely to develop into a duty free island. This step has been taken in order to attract more tourists which in return will provide Mauritius an entrée to quality products at a very reasonable price.
In the last few decades Mauritius has witnessed a considerable development. As it is fully equipped with a perfect infrastructure and a highly skilled labor force, it thereby attracts foreign investments directly. Over the last three years the average economic growth of the country was about 5.6 percent and the per capita income has reached up to US dollars 4000. And due to this result the countries living standards have gone higher. The countries adult literacy rate is 83 percent while the life expectancy rate is up to 71.4 years.
Recently, the Mauritius government has taken few steps in order to face a new economic environment and globalization. The capital intensive, knowledge based activities and high value added are few of the main concerns for the island. In order to collaborate with the next millennium, the sector of Information Technology is going through several quick changes. Their main intention is to make Mauritius a centre for software and high tech services that can be exported to other countries. Textile, agriculture, financial services and tourism sectors are also going through several changes as to provide a positive approach towards globalisation.
Mauritius also offers a background for insurance companies, reinsurance companies, banks, trading companies, fund managers, professionals, captive insurance managers and ship owners in order to accomplish their international business. The financial accomplishment achieved in 1980 created a hasty growth of several financial service sectors in the island of Mauritius. Offshore banking, offshore insurance, international financial services, international trading, operational headquarters, shipping and ship management, international licensing and franchising and aircraft financing and leasing are few of the financial service sectors that perform offshore activities in Mauritius.
Mauritius has a unit of currency in Mauritian Rupees. For any trade or traveling, obtaining travelers cheques in any of the major currencies can be exchanged without difficulty, as they can even bring a healthier rate of exchange than cash. As the Mauritius government sets the rate of exchange there is no need to step into the bank. Bringing in foreign currency is not an offense in Mauritius. The Bank of Mauritius is one of the foremost banks in Mauritius, besides this there are other international banks such as HSBC and Barclays.
