The island of Mauritius was apparently uninhabited until 1638. It was then that the Dutch, under the Dutch East India Company, made their first attempt to colonize the land, named after the prince of Denmark, Maurice of Nassau. The people of Mauritius are descendants of European (mostly French) settlers, the Franco-Mauritians; African slaves and creoles, the Afro-Mauritians; Chinese traders, the Sino-Mauritians; and Indian laborers, the Indo-Mauritians. Such cultural diversity and geographic isolation have led to a nationalized sense of pride. There is unity in being a Mauritian despite not having a shared language and customs. For this reason, Mauritius is often considered a global example of successful cultural integration.
Mauritius is widely recognized as one of the strongest economies in the region featuring a business-friendly market place. The country ranked 19 globally on the 2013 World Bank Doing business report - making it the top-ranked African country. It has achieved remarkable economic and social success, based on good governance and a well-developed legal, financial and commercial infrastructure. Mauritius's strong economy is fueled by a vibrant financial services industry, tourism, and exports of sugar and textiles. Economy growth averaged 4.5 percent a year between 2007 and 2011. Real GDP growth rate remains strong although it is estimated to slow down to 3.4 percent in 2012 and 3.7 percent in 2013 as the euro area, the country's main export destination, keeps struggling. Mauritius has a well-developed
|Agriculture||Sugarcane, tea, tobacco, flowers, potatoes, bananas, peanuts|
|Manufacture||Sugar mills, clothing, textiles, chemicals, Metal products|
|Services (Including financial)||73.9% (2016 EST.)|
|Le Défi Media Group||Media|
|Essar Energy||Oil & Gas|
|State Bank of Mauritius||Bank|
The Stock Exchange of Mauritius (SEM) is an organization responsible for the operation of Mauritius's primary stock exchange located at Port Louis. The SEM operates two markets: The Official Market and the Development & Enterprise Market (DEM). There are 40 companies listed on the Official Market representing a Market Capitalization of nearly US$5.3 billion, the DEM presently has 48 companies listed with a market capitalization of nearly US$1.5 billion as at 31 July 2012. SEM is one of the leading Exchanges in Africa and a member of the World Federation of Exchanges.
The financial crisis has caused the "emerging" and "developing" economies to replace "advanced" economies to lead global economic growth. Previously "advanced" economies accounted for only 29% of incremental global nominal GDP while emerging and developing economies accounted for 71% of incremental global nominal GDP from 2007 to 2013 according to the International Monetary Fund. The Mauritian economy has demonstrated a considerable degree of resilience to external shocks. The Global Financial Crisis of 2007-2009 has dampened the world economy significantly. Mauritius was also hit by the Global Financial Crisis due. However, policy coordination by the government and the Bank of Mauritius in adopting expansionary fiscal and monetary policies has prevented the Global Financial Crisis from damaging the economy further. According to a recent report published in 2010 by Skandia Investment Group, changing investment preferences of retail and institutional clients will have an impact on the future shape of the Global Fund Management Industry. Be it locally or internationally, for the Fund Management Industry to flourish, it all depends on the appropriateness of decisions based on differing states prevailing. In a nutshell, it seems that the Fund management Industry is likely to grow both locally as well as internationally.
Arab and Swahili sailors knew of Mauritius before the 1500s. Portuguese explorers visited in the early sixteenth century. In 1638 the Dutch made attempts to colonize and inhabit the island. They brought small numbers of African slaves and introduced sugarcane to the island. Trouble maintaining the settlements led to their total abandonment in about 1710. Five years later, Dusfrene d'Arsel claimed the island for France. The French already had nearby Réunion Island, and with these geographic holds, the Mascarene Islands became an important base for attacks on British possessions in wartime. Under French rule, Mauritius developed colonial plantation patterns.
The British attacked and captured the strategic islands in 1810. Réunion was given back to the French four years later because of the lack of good harbors. The Mauritius culture saw little change with the English takeover. The Cape of Good Hope was a more prized British possession, and subsequently, little capital and effort were put into the Mauritian economy. In 1825 the preferential West Indian sugar tariff was repealed, and the island transformed itself into a sugar-based economy. Slavery was abolished in 1835. This led to large-scale demographic changes. The majority of the total population were plantation slaves. With the release of obligatory duty, upwards of half the slaves fled the plantations to live in shantytowns or unoccupied land. To make up for the loss in the workforce, plantation owners imported laborers from India. From 1835 to 1845 the Indian population went from nonexistent to a third of the total population.
|Ameenah Gurib (President)||Pravind Jugnauth (Prime Minister)|
Mauritius has its own unique currency, the Mauritian rupee. It consists of coins and notes. The coins consist of 5 cents, 20 cents, 50 cents, 1 Rupee, 5 Rupees, 10 Rupees, 20 Rupees, and bank notes which consist of the following notes: 25 Rupees, 50 Rupees, 100 Rupees, 200 Rupees, 500 Rupees, 1000 Rupees, and 2000 Rupees notes (the last is quite rare). All major Credit cards are accepted in Mauritius such as: American Express, Diners, MasterCard and Visa. It is possible to withdraw money at any ATM using an international credit card. It is to be noted that old ten Rupees note is no more in use in the country and it has been converted into a ten Rupees coin. Valid passport is required for almost any transaction made in any of the banks, including: money withdrawals, money transfers, money exchange.
The local rupee was established by law in 1876 as the local currency of Mauritius. Before the introduction of the Mauritian Rupees the currency of Mauritius was the Indian Rupees. The rupee was chosen due to the massive inflow of Indian rupees following the Indian immigration to Mauritius.The local (Mauritian) rupee was introduced in 1877, replacing the Indian rupee, sterling and the Mauritian dollar, with the Mauritian rupee equal to one Indian rupee or half a Mauritian dollar.
|Currency||Mauritian rupee (MUR)|
|GDP||25.893 Billion USD|
|GDP Growth Rate||3.4 Percent|
|GDP Per Capita||$20421.623 (PPP)|
UTC+04:00 (Mauritius Time)
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Acting President – Barlen Vyapoory
Prime Minister – Pravind Jugnauth
|Website||Go to the web|
|Public Debt||62.684 Percent|
|Unemployment Rate||7.783 Percent|
|Labor Force (Occupation)||-|