This chapter examines the investment promotion and facilitation policies implemented in Mauritius, assessing the institutional framework with a focus on the Economic Development Board (EDB), the apex investment promotion agency (IPA). Drawing insights from global IPA experiences, it examines the EDB's role and activities, highlighting the government's overall initiatives to attract foreign investment and enhancing the business environment for incoming investors. The chapter offers recommendations to enhance the effectiveness of the government’s strategy to promote and facilitate investment.
OECD Investment Policy Reviews: Mauritius 2024
OECD Investment Policy Reviews
Abstract
Mauritius stands out as one of the most business-friendly nations in sub-Saharan Africa due to a combination of political stability, relatively effective governance, and a commitment to fostering a conducive business environment. It has strategically positioned itself as a hub for channelling investment into Asia and Africa, earning a reputation as a reliable international services and global business platform. The transformation of the business environment is evident in the continuous implementation of successful reforms over time, significantly reducing the time and cost associated with starting a business.
At the forefront of these efforts is the Economic Development Board (EDB), Mauritius’ apex investment promotion agency (IPA). The result of a merger of three public institutions in 2017, the EDB plays a pivotal role in promoting Mauritius as an investment and business hub, an export platform, and an international financial centre. Despite the involvement of various entities under the Ministry of Finance, Economic Planning and Development (MOFEPD) in investment-related activities, the EDB stands out as the primary investment agency in charge of co-ordinating efforts. The EDB manages a comprehensive set of 13 diverse mandates, a much stronger integration of responsibilities than in other IPAs globally.
Where most OECD IPAs tend either to be part of policymaking ministries or solely implementation agencies, the EDB assumes a dual role. The EDB carries out an extensive array of image building, investment generation, investment facilitation and policy advocacy activities, albeit often on an ad hoc basis. It responds to investors on a case-by-case basis, offering information on long-term collaboration with local suppliers and partners when requested, but the absence of systematic implementation, especially in the realm of matchmaking and linkage programmes, can be a concern. Aftercare services such as dispute resolution and business linkage programmes are available but not formalised, which can create perceived challenges for investors regarding the reliability and availability of these services. Unlike other IPAs that typically employ systematic tools to match foreign investors with domestic suppliers, the EDB engages in these activities informally, often geared towards export promotion services. More structured efforts by the agency to institutionalise services, improve co-ordination with relevant ministries, and leverage existing databases for effective matchmaking can not only address concerns about service reliability for investors but also contribute to the overall growth and development of domestic value chains.
Mauritius actively engages in formal public-private dialogue mechanisms, considering it a fundamental element of its conducive business environment. Initiatives such as the Public-Private Joint Committee established under the Finance Act of 2021 highlights this commitment, serving as a platform for quarterly discussions between public and private stakeholders, facilitating the exchange of views and collaborative efforts to tackle challenges faced by investors. Expanding on the success of integrating stakeholder feedback through the Joint Committee, Maurice Stratégie, a research-based think tank incorporated under the EDB, was established to play a pivotal role in collecting data and feedback from the business community. To reinforce these initiatives and enable investors to voice their challenges effectively, the government is in the process of introducing the Business Obstacle Alert Mechanism (BOAM), allowing the private sector to report obstacles encountered in investment activities and seeking resolution from competent authorities. This will not only help informed decision-making but also establish an up-to-date database of challenges faced by economic operators.
Although the EDB developed a strategic plan for 2021-24, aiming to “contribute towards shaping the future of Mauritius by designing and delivering better, stronger, and more sustained economic growth through higher levels of investment and exports,” there is room for improvement in harmonising the overall initiatives of the EDB. An investment strategy should result from broad consultations across government to ensure consistency and coherence with broader government objectives. It should include a technical, comprehensive and operational action plan that not only outlines the objectives, but also puts forward a reform plan to foster those investment goals. Such a strategy should have an adequate system for monitoring and a subsequent design for implementation.
The existing gap in setting clear strategic objectives and orientation of the EDB’s investment promotion activities poses challenges to the effectiveness of its initiatives, making it difficult to prioritise activities, allocate resources efficiently, and measure the impact of its efforts. Implementing a promotional strategy with clear objectives would provide a roadmap for aligning these activities with overarching goals, enhancing the agency’s focus and impact. The EDB is currently in the process of preparing a new strategic plan for implementation in 2025, presenting an important opportunity to address the shortcomings in objective setting and monitoring of the prior strategy. For example, the absence of a robust system for tracking key performance indicators (KPIs) further compounds these challenges. The role of prioritisation and monitoring and evaluation (M&E) are fundamental in guiding and ensuring effective outcomes, providing agencies with essential tools to set objectives, define KPIs, and systematically assess performance for strategic decision-making. The EDB, in its M&E efforts, revises targets quarterly and publishes annual activity and financial reports for transparency, but it does not systematically collect data on various indicators to enhance meaningful reporting and evaluation, aligning with comprehensive practices observed in other IPAs. By introducing a comprehensive KPI tracking mechanism, it can systematically monitor and evaluate the outcomes of its investment promotion activities, helping to identify successful strategies while also facilitating informed decision-making and adaptive management.
Clear and well-defined output and outcome indicators are essential for IPAs to ensure they fulfil their strategic goals and support economic and sustainable development objectives. While output indicators focus on internal agency metrics like project numbers and client satisfaction, the EDB tracks only two, highlighting a potential gap in evaluating client interactions. In terms of outcome indicators, the EDB's tracking differs from common IPA practices. Crucial outcome indicators related to jobs, innovation, exports, wages, and sustainability are not formally tracked, affecting the agency's ability to effectively assess a) its impact and progress as an agency and b) the impact of the attracted investment on fulfilling national objectives. Moreover, the EDB's customer relationship management (CRM) system, though established for efficient communication and reporting, tracks only about 30% of the agency’s activities, below the average indicators followed by other agencies, revealing a gap in data collection and harmonisation. Streamlining CRM systems and mandating reporting on ongoing activities can enhance the EDB's evaluation capabilities. The establishment of an ESG Framework in Mauritius and collaborative initiatives with institutions like the African Development Bank reflect a commitment to sustainability and offer the opportunity to incorporate sustainability KPIs into the evaluation framework.
Mauritius has made substantial efforts to improve the investment climate over time, and these efforts described in this chapter have paid off in international rankings such as Doing Business. Mauritius deserves praise for being able to address challenges in this area, but as other top performers such as Georgia and Rwanda have found, high rankings on the ease of doing business are not sufficient by themselves to draw in investment, as evidenced by the mixed record of Mauritius in attracting FDI described in Chapter 2. Nor will improvements to the regulation of the business environment be enough to address the productivity and competitiveness challenges facing Mauritius and the need to diversify and upscale the economy.
Instead of a clearly articulated investment strategy embedded within a broader national sustainable development plan, Mauritius offers ad hoc approaches, responding to issues as they arise but lacking an overall vision beyond that elaborated in the EDB’s internal investment strategy document. In other countries, this vision is sometimes embodied in an Investment Law, outlining the country’s expectations from investment, where foreign investment is not welcome or subject to conditions, and a list of which sectors are targeted for promotion, with reference to a national development plan. An Investment Law is not a necessary component of a good investment climate, but it can promote coherence within government and send a strong message to investors.
An alternative is a comprehensive Investment Strategy. The EDB does engage is some prioritisation but tends to support both new investors in new sectors as well as many domestic firms requesting assistance. (The issue of investment incentives is discussed in Chapter 6.) This scattershot approach is not only expensive in terms of forgone revenue but also not likely to be sufficiently effective in attracting the types of investment likely to help overcome the challenges faced by Mauritius. An investment strategy for Mauritius should focus on prioritising and supporting high-impact sectors and investors, focusing resources on attracting and supporting investments that offer the greatest potential for economic growth and development, thereby enhancing effectiveness and reducing unnecessary expenditure.
The development success of Mauritius can partly be explained by the reactivity of the government and the EDB (and previously the BOI) in addressing problems as they arose, but sometimes in an ad hoc and uncoordinated way, resulting in a plethora of initiatives by different ministries and agencies. Support for existing industries and the use of migrant labour, for example, designed to perpetuate the successes of earlier decades may serve more to maintain the status quo than to chart a new development path.
In the area of public-private dialogue where Mauritius has some institutionalised mechanisms, the government receives feedback from the principal employers’ organisations such as Business Mauritius which helps to ensure that obstacles to doing business are addressed. At the same time, a close relationship with the existing private sector should not come at the expense of leadership from the government based on a broad agenda which creates opportunities for new businesses, including foreign-owned ones, and which considers broader issues of inclusiveness and sustainability.
Consider thoroughly examining and potentially restructuring the digital infrastructure for business registration, introducing clear and predetermined criteria to ensure greater predictability and efficiency in business procedures. While Mauritius has commendably simplified and digitalised its business environment, the EDB and other relevant agencies such as the Corporate Business Registration Department and the Financial Services Commission could further streamline the complex network of existing online platforms. Despite numerous reforms, clarity is needed on which platform serves specific investor types for which business procedures. A review of the digital infrastructure could introduce clear and predetermined criteria to ensure greater predictability and efficiency in business procedures, including defining customer categories and specifying which entities fall under the purview of different platforms to eliminate confusion and enhance user experience.
Continue to participate actively in the discussions that follow the conclusion of the text Agreement on Investment Facilitation for Development negotiated at the WTO, including on implementation of the agreement.
Strengthen the EDB’s business matchmaking programme to foster linkages between foreign affiliates and domestic firms in the context of its aftercare services. While the EDB has seen success with its virtual expo, an online platform showcasing Mauritian suppliers and products, it is at an early stage of development and will need to expand the number of suppliers and sectors included. Greater co-ordination with similar initiatives across other ministries and private institutions would avoid overlaps and reinforce the implementation and monitoring of linkage programmes.
Adopt a strategic approach to investment promotion within the EDB, including by systematically expanding the monitoring scope to include a broader set of output and outcome indicators than are currently being monitored to better ensure consistency between the set targets and the desired outcomes. Typical output indicators, such as the number of assisted firms, query responses, and costs, are crucial for conducting meaningful impact evaluations. Beyond the two output indicators currently tracked, EDB should consider incorporating measures such as the number of investment projects, participating firms, and client satisfaction. By incorporating these fundamental data points, the EDB can gain insights into its role, assess service effectiveness, and make informed resource allocation decisions.
Proactively integrate sustainability KPIs into EDB’s M&E system, encompassing metrics aligned with various SDGs and other outcome indicators. This will allow a better evaluation of the economic impact of investment projects and also of their environmental, social, and governance aspects, allowing the EDB to comprehensively gauge the impact of its investment promotion strategies on sustainability outcomes. Recognising that such indicators often require project and firm-specific data, the EDB should establish a collaborative framework with investors that actively involves them in the data collection process to ensure accuracy and relevance in sustainability metrics.
Continue enhancing data tracking and reporting to optimise EDB’s current CRM system, particularly in ongoing policy advocacy activities where extensive investor and business data are collected. The CRM system should continue to be expanded to encompass a broader range of indicators, including socio-economic factors, for a more comprehensive assessment. CRM systems should be streamlined across EDB offices to promote information-sharing and harmonised monitoring, improving the accuracy of evaluation data and overall efficiency, enhancing ongoing efforts to link it with the Enterprise Resource Planning and National Electronic Licensing System platforms. Recognising the pivotal role M&E plays in shaping EDB strategies, developing a dedicated evaluation strategy should be prioritised to effectively assess the agency's impact and identify bottlenecks through relevant indicators mentioned above. The EDB may also consider establishing a dedicated evaluation team focusing on impact evaluations within the existing Strategic Planning Unit, to help guide prioritisation, resource allocation, and overall strategy.
Institutional frameworks for investment promotion and facilitation vary globally, shaped by overall policy objectives and the emphasis placed on attracting investment. While nearly all countries have an investment promotion agency, the authority, responsibilities, structure, and objectives of these agencies differ significantly, influenced by institutional contexts and political environments (OECD, 2018[1]).
Mauritius’ organisational strategy for investment aligns with its broader institutional evolution. The Ministry of Finance, Economic Planning and Development (MOFEPD)1 consolidated economic planning and financial structures to pursue a cohesive effort in achieving the overall policy agenda. It plays a crucial role in formulating policies, managing government economic affairs, and ensuring financial soundness. The expanded ministry led to several parastatal agencies inheriting various responsibilities. For investment and export matters, these responsibilities were divided among three agencies: the Board of Investment for investment promotion, Enterprise Mauritius for export promotion and enterprise development, and the Financial Services Promotion Agency for developing Mauritius as an international finance centre.
In a strategic move to continue enhancing coherence and aligning policy objectives, these three entities were merged into a single agency in 2017, the Economic Development Board. Its overarching objective is to ensure effective policy implementation and chart a path for economic development towards achieving high-income status through sustainable and inclusive growth. As a central institution for investment promotion and facilitation, the EDB is involved in country branding, facilitates both inward and outward investment, and helps to create a conducive business environment. Serving as an apex statutory body, the EDB collaborates across ministries and with private stakeholders to carry out economic research and implement initiatives. In addition to its main tasks, it also addresses challenges such as educational and labour mismatches, the impact of an ageing population on the economy, technology adoption, infrastructural development, and economic openness, all with the aim of strengthening economic resilience and becoming a high-income economy.
The establishment of the EDB went beyond a mere merger of existing institutions. Instead of focusing on short-term individual political strategies, as was done by the preceding institutions, the EDB was charged with producing comprehensive economic planning and forward-thinking initiatives. It plays a distinctive role in formulating strategies and overseeing the execution of decisions and measures that resonate with the vision of transforming Mauritius into a modern and innovation-driven economy.
According to the EDB, it has sufficient staff and resources to carry out its mandates. The budget has experienced a consistent rise in allocations from the MOFEPD every year, except for 2020 due to the impact of the COVID-19 pandemic. From 2019 to 2023, EDB's budget increased by approximately EUR 4.2 million, reaching a total of around EUR 25.7 million in 2023. This upward trend suggests a growing recognition of the EDB's pivotal role in investment promotion and facilitation, accompanied by an acknowledgment that additional financial resources are essential to carry out the agency's extensive mandate effectively. Highlighting this commitment, the Minister of Finance's Budget Speech for 2023-2024, a crucial instrument for developing regulations and amending primary legislation with financial implications, increased the EDB's promotion and marketing budget by MUR 100 million (EUR 2.1 million). Despite the strategic investment in bolstering EDB’s capabilities to fulfil its objectives and increase its financial capacities, external reports note that the agency does not possess adequate staff to deliver on its heavy and broad mandate (World Bank, 2021[2]). To address these shortcomings, EDB recruited 68 officers to reinforce its capacity and is in the process of recruiting additional staff.
As is often the case, several other institutions, primarily those working under the MOFEPD, assist the EDB in carrying out investment and export related responsibilities:
Corporate Business Registration Department (CBRD): responsible for incorporation, registration and closure of companies, compliance with legal requirements and the provision of company information to the public. It aims to facilitate business growth, ensure that procedures are in place for compliance related to money laundering, terrorism financing and proliferation financing, ensures adherence to regulatory requirements and assists businesses to improve compliance.
Financial Services Commission (FSC): responsible for the regulation, supervision and inspection of all financial services other than banking institutions and general businesses that fall under the purview of the Ministry of Financial Services and Good Governance. It plays a predominant role in promoting the development, fairness, efficiency and transparency of financial institutions and capital markets, specifically for investors interested in financial services.
Mauritius Revenue Authority (MRA): beyond tax administration, it plays a large role in creating and disseminating schemes and incentives for investors and businesses, as well as their monitoring and implementation.
Maurice Stratégie: a private limited company incorporated under the EDB to contribute to public action through research and analysis, stakeholder engagement and business intelligence, as well as forecasting and modelling. It serves as a platform for public-private consultations and carries out technical research to facilitate discussions and enable informed decisions from policymakers.
A handful of additional public authorities and private entities are involved in investment and business-related matters outside of MOFEPD’s purview:
The Ministry of Foreign Affairs, Regional Integration and International Trade, in addition to its role of carrying out foreign policy and diplomatic relations, plays a role in the investment strategy through its economic diplomacy agenda. It also leads negotiations of international trade, investment and other agreements, in co-operation with the MOFEPD.
The Ministry of Financial Services and Good Governance established in December 2014 to develop the financial services sector.
Local authorities are key to the investment climate, aiding in the promotion of local investment that contributes to regional development. Local authorities also often co-operate with the CBRD and the EDB on its operation of the One-Stop Shop, a unified licensing system for businesses, and the issuing of relevant business permits.
Private sector representatives such as the Mauritius Chamber of Commerce and Industry (MCCI) and the Mauritius Export Association (MEXA), relay feedback to policymakers on business environment challenges.
The EDB plays a pivotal co-ordinating role among these various institutions and stakeholders. Therefore, examining the EDB’s strategy in investment promotion and facilitation, especially when compared with its international counterparts, offers insights into organisational dynamics and its approach to fulfilling its mandate. To facilitate this understanding, Mauritius recently participated in a survey for IPAs conducted by the OECD (Box 5.1). The findings support the comparative analysis undertaken in this chapter, benchmarking the EDB against its peers from the OECD and other regions. This comparative exercise provides valuable insights into the EDB's performance and sheds light on potential areas for enhancement in line with international best practices.
The EDB’s mission encompasses diverse goals to drive overall economic development. It focuses on providing institutional support for strategic economic planning and enhancing policy formulation effectiveness. The EDB strives to position Mauritius as an appealing investment and business centre, a competitive export platform and an international financial hub. It serves as the primary institution for country branding, facilitates both inward and outward investment, and promotes a business-friendly environment. In doing so, the EDB reports carrying out 13 of 18 mandates listed in the OECD-IDB survey, including:
Inward foreign investment promotion
Outward investment promotion
Domestic investment promotion
Screening/prior approval of investment projects with foreign participation or investor registration
Negotiating international trade, investment or other agreements
Export promotion
Trade facilitation
Innovation Promotion
Managing free trade or special economic zones or industrial parks
Granting fiscal incentives
Granting financial incentives
Granting other incentives
Promoting regional development
The OECD and the Inter-American Development Bank (IDB) have partnered to design a comprehensive survey of IPAs. The questionnaire provides detailed data that reflect rich and comparable information on the work of national agencies in different countries. The survey was displayed in the form of an online questionnaire and divided into the following parts:
Basic profile
Budget and personnel
Offices (home and abroad)
Activities
Prioritisation
Monitoring and evaluation
Institutional interactions
IPA perceptions on FDI.
In 2017-2018, the survey was shared with IPA representatives from 32 OECD and 19 Latin America and Caribbean countries. In 2018, 10 national agencies from the Middle East and North Africa participated in the same survey and 10 additional countries from Eastern Europe, Southern Caucasus and Central Asia joined the same exercise the following year.
The results of the survey are presented in comprehensive IPA mapping reports, which provide a full and comparative picture of IPAs in selected regions. The reports benchmark agencies against each other as well as the average IPA in a region against other regions.
The EDB took part in the Survey in 2023 as part of the Investment Policy Review and the answers have been verified with the agency. The results have been used to analyse and benchmark the EDB’s institutional characteristics and the work it carries out against other agencies around the world.
Source: OECD’s Investment Promotion and Facilitation initiative, https://www.oecd.org/investment/investment-promotion-and-facilitation.htm
The EDB’s mix of mandates reflects a comprehensive approach to economic development, catering to diverse needs and opportunities in its institutional environment. It has many more mandates than in OECD, LAC, and Eurasia regions, highlighting the agency's high level of integration of diverse responsibilities (Figure 5.1). While IPAs that undertake several disciplines sometimes do so because they are operational arms of ministries and in charge of implementing policies instead of designing them, the EDB acts as policymaker, leading the design of investment strategies and taking part in decision-making activities that are relatively uncommon mandates for IPAs in OECD countries, but more common elsewhere. These include participating in negotiations of international trade, investment or other agreements, screening and prior approval of investment projects with foreign participation or investor registration and granting of financial, fiscal and other incentives, all of which are typically carried out by ministries. Most OECD IPAs have a clearer separation between the policymaking ministry and the implementing agency.
Investment promotion and export promotion are distinct facets of economic development focusing on fundamentally different clients. They require unique skillsets and different approaches in the services they deliver to firms. Investment promotion activities primarily focus on attracting FDI to stimulate economic growth, create jobs, and foster innovation within the country. IPAs often tailor their strategies to showcase an investment-friendly climate and present strong value propositions, emphasising factors such as infrastructure, regulatory frameworks, and financial incentives. It requires solid market intelligence capacities and a deep knowledge of MNEs’ internationalisation strategies. Meanwhile, export promotion activities aim to enhance the competitiveness of local industries, navigate international trade regulations, and identify market opportunities abroad. When IPAs handle both activities, strategies need to be tailored to each discipline while keeping common objectives in mind (Box 5.2).
Source: OECD-IDB Survey of Investment Promotion Agencies (most recent years available)
Some IPAs, like the Swiss, Japanese, and Korean agencies, were initially established as trade promotion agencies and later incorporated investment promotion into their functions. In contrast, certain countries, such as Ireland, the Netherlands, and Austria, have been at the forefront of establishing dedicated IPAs focused solely on investment promotion right from their inception. A significant proportion of IPAs (81%) have undergone recent organisational restructuring at least once, with a quarter of them undergoing three or more reforms. The latest IPA reforms often involve incorporating new mandates, such as trade promotion, innovation promotion, and tourism promotion, into the agencies’ functions. This is the case of the EDB, where promotional activities in all three areas fall within the agency’s mandate. Promotional functions, when harmonised, present an opportunity for resource optimisation and strategic deployment, ensuring a more prudent use of public funds and efficient utilisation of valuable resources. A unified approach, as in Mauritius, can enhance credibility with foreign investors. The EDB staff, if well-versed in both investment and export potential, can convincingly illustrate the advantages of manufacturing projects for export. Additionally, EDB trade missions serve a dual purpose by not only promoting exports but also elevating Mauritius as an attractive destination for inward investments.
Success in promoting investment and exports necessitates careful consideration of resource efficiency and organisational alignment within the government. A staff well-versed in both activities encourages the development of strong sectoral knowledge within the agency. The EDB’s unique organisational structure whereby staff are divided by sector rather than function has allowed personnel to develop sectoral expertise, which can be showcased when approaching investors. While merging trade and investment promotion functions allows staff to master the entire value chain of a sector, equipping them to facilitate both investors and trade initiatives, investment and export promotion techniques still requires specific capacities regardless of sector. The EDB's inclination towards synergising these two crucial aspects may inadvertently hinder its ability to fully capitalise on the economic potential offered by targeted sectors and thus may warrant a reconsideration of the integrated approach.
An integrated strategy for trade and investment promotion requires the synchronised efforts of diverse stakeholders and strategies. It involves tactically harmonising the targeted sectors, coordinating mechanisms, cross-sectoral and institutional strategies, as well as implementing robust monitoring and evaluation mechanisms to assess policy effectiveness. Synergies between these aspects are crucial for any integrated trade and investment promotion strategies, yet their manifestations can vary based on the institutional framework of the relevant agencies:
Malaysia's comprehensive trade and investment promotion approach is guided by the National Investment Aspiration Targets, emphasising increased economic complexity, high-value job creation, extended domestic linkages, economic cluster development, improved inclusivity, and enhanced ESG practices. The Malaysian Ministry of International Trade and Industry (MITI) spearheads this initiative by formulating, evaluating, and coordinating policies and incentives for the manufacturing and service sectors, with a specific emphasis on trade facilitation. The Malaysian Investment Development Authority (MIDA), a sub-agency of the MITI actively executes integrated policies, promoting and coordinating foreign and local investments in selected sectors, positioning Malaysia as a prime destination for quality investment and fostering the expansion of domestic value chains. Monitoring and evaluating their efforts, both MITI and MIDA employ a robust system using both output and outcome indicators for each program within their initiatives.
The United Kingdom has a longstanding tradition of integrated trade and investment policies since the release of the United Kingdom Trade and Investment's (UKTI) growth strategy in 2003, outlining a comprehensive, intergovernmental effort to boost exports and allure inward investment. The Minister of State for Trade and Investment, under which UKTI operated as a department, supervised the execution of detailed action plans addressing policy barriers to trade and investment, as well as the removal of obstacles to specific investment projects. Collaborating closely with the Department for Business, Innovation and Skills (BIS), UKTI capitalised on the UK’s strengths in sectors like advanced manufacturing, professional and business services, and life sciences. A delivery partnership was established with BIS and the Export Credits Guarantee Department to support small and medium-sized enterprises while cross-government partnerships were fostered to assist UK businesses in seizing global opportunities and attracting inward investment. These missions were relayed to the superseding institutions and since UKTI, including the newly organised Department for Business and Trade established in 2023, which has placed strong emphasis on monitoring and evaluation through comprehensive key performance indicators of both investment and trade activities.
In contrast, the responsibilities for trade and investment in Ireland are managed by separate agencies: Enterprise Ireland and the Investment Development Agency of Ireland. The nation has adopted an integrated approach to policy and strategy, recognising the interconnected nature of these functions. Ireland's "Trade and Investment Strategy 2022-2026: Value for Ireland, Values for the World" established a robust framework for trade and investment, fostering sustainable growth, diversifying export markets, improving living standards, and boosting the economy. The strategy outlines seven key objectives that intertwine trade and investment priorities, including enhancing Ireland's economic ecosystems, optimising global value and supply chain positioning, and leveraging EU Free Trade Agreements. The Department of Enterprise, Trade and Employment coordinates these efforts, collaborating with IDA Ireland and Enterprise Ireland. The Trade and Investment Council, established in 2020, further ensures cohesive coordination across various ministries, trade and investment promotion agencies, and private organisations to implement the strategy effectively.
Similarly, embracing innovation promotion alongside investment attraction can be pragmatic, especially if it aligns with the broader strategy of attracting high-tech and research-driven MNEs capable of investing in high value-added activities. The EDB also shares this role, in line with the majority of OECD IPAs (56%) that take on both investment and innovation promotion activities. Crucial determinants for locating high-technology industries involve the presence of an innovation network encompassing top-tier scientific infrastructure, skilled labour, technology clusters, and public knowledge centres. By amalgamating FDI and innovation promotion, synergies can be harnessed to attract innovation-oriented MNEs, contingent on the IPA’s strategy effectively distinguishing between the necessary approaches (OECD, 2018[1]).
The structure and governance of an IPA, often shaped by its institutional context and broader political decisions, play a crucial role in defining how it is directed, supervised, and managed. This governance framework, encompassing legal status, reporting channels and managerial arrangements, significantly influences the level of autonomy the IPA enjoys within the government, particularly in managing financial and human resources. IPAs typically adopt various legal forms: a governmental body within a ministry, an autonomous public agency, a joint public-private entity, or a fully privately-owned organisation.
The EDB functions as an autonomous public agency with a governance structure overseen by a Board of Directors. Legally, the agency reports to its Board of Directors, which, in turn, reports to the MOFEPD. The Board operates in a supervisory capacity, consisting of 13 members, similar to the number of board members in OECD countries. The Board includes a chairman appointed by the President, who, based on the Prime Minister's advice after consulting with the Leader of the Opposition, oversees the appointment of the EDB’s Director General. This structure ensures a clear delineation of roles within the EDB's governance, emphasising a balance between public and private sector representation.
The composition of board members maintains a balanced, with 5-7 members from the private sector (appointed by the Prime Minister) and five from the public sector (appointed by the MOFEPD). This balance is crucial for aligning the interests and needs of the private sector with the overall economic and development goals of the government, especially concerning challenges in the business environment. Some IPAs include other representatives from research and academic backgrounds and civil society, albeit rarely (Figure 5.2). The EDB might consider doing so as broader representation can ensure diverse expertise on industry trends and innovation, which can help the agency understand the latest developments in research and technology that can shape strategies to align with emerging opportunities. Moreover, civil society representatives can advocate for social and environmental considerations in the decision-making process and ensure that the agency considers the broader impact of investment activities on local communities and the environment.
IPA boards and the government, typically represented by the line ministry, oversee IPA planning and reporting tools. Governments commonly approve IPA strategy and targets, while boards are more frequently involved in approving financial reports, activity reports, and business plans. IPA boards, especially in agencies like the EDB, are actively engaged in overseeing resources allocation and guiding strategic orientations. The EDB engages in consistent annual reviews of its strategy, activity and financial reports, with quarterly assessments of IPA targets, but the current gap in systematic data collection within the EDB (discussed below) hampers an informed and evidence-based reorientation of strategies and targets. Addressing this gap will be imperative to enhance the efficacy of monitoring and evaluation processes and ensure that the strategic orientation of the EDB reflects the outcome of past performance.
Source: OECD-IDB Survey of Investment Promotion Agencies (most recent years available)
Mauritius is considered one of the most business-friendly locations in sub-Saharan Africa because of its political stability, successive reform-minded governments, effective governance and a fully independent judiciary (Bertelsmann Transformation Index, 2022[8]). Despite its challenging geographical location far from major markets, Mauritius has a well-deserved reputation as a reliable international services and global business hub. It has proven successful in positioning itself as a centre to channel investment flows into the burgeoning markets of Asia and Africa. A major driving force behind this success is Mauritius’ consistent commitment to fostering a business-friendly environment, designing and implementing new reforms to make it easier for investors to establish, operate and expand. Consequently, it has secured high rankings in global business environment indices, often claiming the top position in Africa (Table 5.1).
Mauritius has methodically transformed its business environment through a series of reforms. The amendments to the Business Facilitation (Miscellaneous Provisions) Act in 2017 and 2019 marked significant turning points in making the investment process more accessible and efficient, representing 26 amended laws in 2017 and a further 28 amended laws, 25 amended regulations and three new regulations in 2019. These amendments, involving numerous legislative changes, encompassed pivotal reforms such as streamlining trade fee payments, reviewing construction permit procedures, ensuring safety compliance, simplifying business licensing processes, and introducing various trade facilitation measures. The unification of business registration under the CBRD further streamlined procedures.
Through these reforms, nearly all aspects evaluated by the World Bank’s former Doing Business assessment have been addressed within the past decade. For instance, in the domain of property registration, where Doing Business tracked seven separate reforms from 2005 to 2020, the time required to complete property registration has seen a remarkable reduction, decreasing more than twelvefold (World Bank, 2020[9]). Mauritius has also made significant strides in the process of starting a business. Since 2005, it has undertaken five reforms related to commencing business operations, with four of these reforms specifically aimed at speeding up the incorporation of a business.
Owing to these four reforms, the time required for company incorporation was reduced almost tenfold. Starting a business now takes a mere 4.5 days, a striking contrast both to the protracted 21.5 days in Sub-Saharan Africa and to the 9.2 days in OECD high-income economies. Equally notable is the reduced cost associated with setting up a new business, dropping from 0.9% to 0.8% of GNI per capita in 2020 (World Bank, 2020[9]). These improvements are a direct result of new policies and systems put in place to streamline business registration and licensing procedures, specifically digital solutions discussed later.
National reform efforts in this area are complemented by participation in international initiatives. The WTO has been a driving force behind an international consensus on investment facilitation measures through the Joint Initiative on Investment Facilitation for Development (IFD) (Box 5.3). Mauritius joined the initiative in June 2020 and participated in negotiations to conclude the official text Agreement in July 2023. Through several governing bodies including the International Trade Division of the Ministry of Foreign Affairs, Regional Integration and International Trade, the Ministry of Industrial Development, SMEs and Cooperatives, MOFEPD, the EDB and its Mission in Geneva, Mauritius played an active role in negotiations, tabling proposals on Risk Management Techniques, Silence is Consent and a Business Obstacles Alert Mechanism. The initiative is a development-oriented effort to encourage national investment climate reforms and to build confidence in the international trade and investment system. Mauritius is encouraged to continue its active participation in the preparation of the Agreement’s implementation, demonstrating its willingness to continue placing FDI at the centre of its foreign economic policy, continuously driving reforms in its investment climate, and encouraging reforms in countries where Mauritius operates as a foreign investor.
Initiated in 2017 by a consortium of developing and least-developed members of the World Trade Organization (WTO), the Joint Initiative on Investment Facilitation for Development (IFD) seeks to establish a global agreement that enhances the investment and business climate, simplifying processes for investors across all sectors. After years of discussions, formal negotiations began in September 2020. In July 2023, participating members announced the successful conclusion of the Agreement's text. The focus is on increasing the involvement of developing and least-developed countries in global investment flows. With 112 members, the IFD is member-driven, transparent, and inclusive.
The Agreement includes the following topics:
improving the transparency and predictability of investment measures
simplifying and speeding up investment-related administrative procedures
strengthening the dialogue between governments and investors, and promoting the uptake of responsible business conduct practices by firms, including to prevent and fight corruption; and
ensuring special and differential treatment, technical assistance and capacity building for developing and least-developed countries.
The IFD Agreement aims to establish consistent global standards, reduce regulatory uncertainties, and create a favourable environment for investment. It will support domestic reforms based on shared commitments, sending a positive signal to potential investors. Developing and least-developed countries will receive the necessary support to implement and benefit from the agreement, promoting inclusive participation and sustainable development. The initiative does not cover market access, investment protection, or dispute settlement.
Source: www.wto.org
The government has undertaken continued efforts to position and reinforce Mauritius as a business-friendly destination, gearing initiatives around four key projects based on regulatory reviews and assessments as well as the digitalisation and automation of business processes, discussed in the next section:
Guaranteeing the implementation of the National Electronic Licensing System (NELS) which provides a single point of entry for all business licences.
Carrying out a Business Process Re-engineering exercise to examine all licences and permits prior to being automated.
Ensuring implementation of a Regulatory Impact Assessment Framework to track the effectiveness of regulatory reforms (see Chapter 1 for more information on RIA reforms).
A Regulatory Review exercise of four sectors to examine opportunities for liberalisation: International trade and logistics, financial services/healthcare, tourism, as well as planning, development and construction services (see Chapter 4 for more information on market access).
Institutional reforms played a crucial role in supporting the overarching reform agenda. The establishment of an Inter-Ministerial Committee chaired by the Prime Minister provided strategic guidance and political support for the programme of work. The EDB Act of 2017 which created the EDB in 2018, initially under the Prime Minister's Office and later moved under the MOFEPD in 2019, aimed to enhance institutional support for economic planning, ensuring coherence and effectiveness in economic policy formulation. Amendments to the Economic Development Board Act in 2020 focused on increasing transparency and empowering the EDB to act as a policy advocate. These changes allowed companies to report challenges in obtaining licences, permits, authorisations, or clearances, with the reported obstacles and subsequent actions taken published for transparency, reflecting a commitment to addressing issues proactively and ensuring a transparent and responsive regulatory environment. The establishment of a Business Support Facility at the EDB in 2021 similarly underscores a continuous commitment to extending services to both domestic and foreign investors, with a specific emphasis on enhancing investment facilitation.
Mauritius takes a proactive approach in identifying and addressing regulatory deficiencies within its business environment. The government has undertaken impact assessments across diverse agencies and sectors, involving institutions such as the International Finance Centre, the Pay Bureau Research Centre, and the EDB. Over several years, these agencies have conducted evaluations to scrutinise the existing business environment and identify shortcomings. The assessments prompted the recognition of the urgent need for reforms and modernisation in the public sector to enhance efficiency and citizen-centric services. In response, the government launched a comprehensive multifaceted effort to replace outdated, manual, and paper-intensive processes with digitally-enabled alternatives.
The restructuring and digitalisation of licensing and registration processes in Mauritius follow a comprehensive and strategic approach. The introduction of the Smart Process Framework marked a pivotal moment, focusing on efficiency, innovation, waste reduction, and increased productivity. Aligned with the Digital Government Transformation Strategy 2018-2022, it emphasised integrating e-business strategies across ministries and departments, crucial for uninterrupted business operations, especially during crises like the COVID-19 pandemic. This transformation can be seen through the Business Process Re-Engineering project by the EDB, simplifying the complex system of 165 business-related licences managed by 14 ministries and public sector agencies. The restructuring efforts were formalised through the amended Business Facilitation (Misc. Provisions) Act of 2019. Strong inter-institutional co-operation facilitated a smooth transition to online services. Consequently, both the CBRD and the Financial Services Commission (FSC), under the MOFEPD, now host multiple investor service platforms (Table 5.2).
Further reforms have centralised business-related information. The 2020 amendment of the Business Registration Act positioned the CBRD as the central repository for business licences and information. The e-Registry System provides public access to a national register of real estate properties, providing transparency and streamlined information sharing between government agencies. Moreover, the NELS, initiated under the Economic Development Board Act, serves as a centralised hub for processing various permits and licences required for business operations. Its role in expediting processes, such as obtaining a building permit within just 14 days, showcases tangible benefits of digitalisation. The consolidation of digitalised licensing systems under CBRD oversight further exemplifies a co-ordinated approach.
The financial sector was individually targeted for transformation to continue promoting the industry as part of its prioritisation strategy. Recommendations from a 2016 report by the Mauritius IFC led to the creation of user-friendly processes for financial institutions, resulting in the establishment of the FSC Single Window and FSC One Platform. These platforms offer investors in the financial services sector streamlined processes, eliminating the need for multiple appointments, enhancing connectivity, and reducing processing times. The FSC Single Window eliminates the need for multiple appointments, enhances connectivity and reduces document processing time by allowing investors to meet with experts from the FSC, CBRD, and EDB all at once. The FSC One Platform uses digital tools as an advanced online licensing portal that sets the stage for a seamless and optimised approach to filing and oversight of FSC licensees. The platform has the added benefit of collecting data that is consolidated and disseminated back to insurance companies, directly affecting the premiums companies pay.
Source: Compilation based on respective websites
The Business Facilitation One-Stop Shop, focused on enterprises undertaking projects exceeding MUR 20 million, represents a targeted and threshold-based facilitation approach. Administered by the EDB’s CEO, it plays a crucial role in expediting the processing of applications for registrations, permits, licences, authorisations, or clearances essential for referred enterprises. It serves as an intermediary between the enterprise and relevant public sector agencies, receiving applications from promoters and transmitting them to the appropriate authorities, thereby contributing to a responsive and efficient facilitation process.
Despite the many reforms in this area, a complex network of online platforms and systems has emerged, inadvertently complicating the process. Some aspects of these systems lack clarity, including guidelines specifying which type of investor should use which system for which business procedures. For example, the FSC’s Single Window extends its services to high-net-worth individuals, but the classification of this customer category lacks a clear definition, creating confusion as to whether or not specific investors would be categorised under this group and go through the FSC or instead through the EDB for licensing and registration procedures. This calls for a thorough examination and potential streamlining of the digital infrastructure as well as clear and predetermined criteria to ensure greater predictability and efficiency in business procedures.
Mauritius is actively addressing information barriers and information asymmetries through the implementation of the Info-highway initiative. Spearheaded by the government, this initiative establishes a robust infrastructure that facilitates the seamless sharing of data among different government departments, following a publisher-subscriber model. Currently, the Info-highway boasts an extensive network with over 169 connections linking various ministries, departments, and parastatal institutions. Moreover, it supports a wide array of 585 e-Services, emphasising the comprehensive nature of the information exchange platform. By fostering connectivity and data-sharing capabilities across the government spectrum, it contributes to breaking down silos, improving transparency, and promoting efficient communication within the public sector. The establishment of a High-Level Management Team, chaired by the Ministry of Technology, Communication, and Innovation and comprising representatives from key entities also underscores the commitment to effective data sharing and strong governance. This team plays a crucial role in evaluating and approving new requests for data sharing, ensuring a structured and secure approach to information exchange. The overall strategic system aligns with Mauritius' commitment to overcoming information disparities, ensuring that relevant data are accessible and shared seamlessly among government entities, thereby enhancing overall governance and service delivery.
Mauritius has a longstanding tradition of fostering inclusive dialogue on economic matters through the National Productivity and Competitiveness Council (NPPC), which since 2000 has brought together representatives from the government, employers, and trade unions. Dedicated to promoting productivity and instilling a culture of quality consciousness, the NPPC aims to raise national output and promote both sustained growth, and international competitiveness. These are particularly crucial objectives, as capital productivity remains weak and export competitiveness continues to decline in Mauritius (see Chapter 3). At its core, the council serves as a dynamic forum for constructive dialogue and consensus-building, particularly addressing issues related to productivity, quality, and competitiveness. Beyond facilitating dialogue, the NPPC acts in an advisory role for the government, in formulating national policies and strategies. It also actively monitors and co-ordinates a spectrum of programmes and activities.
Several agencies co-ordinate the management of formalised consultation platforms, digital and in-person, to collect feedback from the private sector. One such initiative is the Public-Private Joint Committee established in 2021 and operated by the EDB in co-operation with the MOFEPD until 2023 when it was moved under the auspices of Maurice Strategie. The Committee allows public and private stakeholders to exchange views, enabling the government and private sector to work together to find suitable policy responses to business environment challenges of investors. The forum is held on a quarterly basis, to ensure rolling input on up-to-date issues businesses are facing and employs private sector entities to lead its four Economic Commissions: export development (goods); export development (services); competitiveness, productivity and capacity building; and sectoral development (Government of Mauritius, 2021[15]). For instance, the CEO of the Mauritius Bankers Association co-chairs the Economic Commission on Export of Services, which includes financial services, tourism, healthcare, real estate and education sub-sectors, highlighting the value placed on private sector expertise in policymaking. Through these working sessions, the government has been able to focus on pressing concerns of the business community, notably increasing production costs, high inflation, volatile exchange rates and labour shortages and has shown promising results. More than 30 proposals from the Economic Commissions and Working Groups were retained in the budget for 2022-2023 and led to outcomes such as launching the Carbon Neutral Industrial Sector Renewable Energy Scheme to enable eligible industrial customers to produce their own electricity requirements while benefitting from the reliability of the CEB grid.
Recognising the importance of building on the successful integration of stakeholder feedback into policies and bringing business challenges to the attention of policymakers through the Joint Committee, the government commissioned Maurice Stratégie, an economic research-based think-tank on Mauritius’ business environment, to collect data from the private sector and investors. Among its wide-ranging activities, Maurice Stratégie provides data-driven publications to support evidence-based policymaking. It plays a large role in collecting information, feedback and data from the business community, primarily through two mechanisms: 1) dialogues with the private sector, public sector and civil society to identify opportunities and address challenges through economic commissions to gather public opinion on the digital and green transition, Africa and regionalisation, as well as re-industrialisation and export development and 2) to promote a more inclusive and participatory approach to shaping policies that affect the investment climate, Mauritius is actively encouraging discussions on socio-economic matters involving all interested counterparts digitally. To facilitate this engagement, Mauritius established VoX Mauritius in 2023, an online platform designed to foster a participative approach to policy advocacy.
To enhance feedback from the business sector, a Business Obstacle Alert Mechanism (BOAM) is currently under development. It will allow any investor or business to report obstacles encountered during investment activities for resolution by the competent authority, in line with the IFD’s focal point provision, which encourages interactions between investors and local administrations through the establishment of focal points and stakeholder consultations. Modelled after the Trade Obstacle Alert Mechanism (TOAM) established by the Ministry of Foreign Affairs, Regional Integration, and International Trade and the International Trade Centre in 2022, the BOAM offers a unified channel for companies to address business and investor-related issues beyond trade. It ensures confidentiality for reporting parties while maintaining transparency by anonymously publishing all complaints, statistics on reported challenges, and updates from relevant institutions online. The BOAM is poised to contribute significantly to policymaking activities, providing government agencies and trade support institutions with an updated database of obstacles faced by economic operators. This data-driven approach allows for informed decision-making to address emerging challenges in the business environment.
Within their main investment promotion and facilitation mandate, IPAs are usually major players in the implementation of four core functions:
image building consists of fostering the positive image of the host country and branding it as a profitable investment destination.
investment generation deals with direct marketing techniques targeting specific sectors, markets, projects, activities and investors, in line with national priorities.
investment facilitation and aftercare is about providing support to investors to facilitate their establishment phase as well as retaining existing ones and encouraging reinvestments by responding to their needs and challenges.
policy advocacy includes identifying bottlenecks in the investment climate and providing recommendations to government to address them.
While the first two functions primarily pertain to investment promotion, focusing on attracting new investments to support national development goals, the latter two are more aligned with investment facilitation, emphasising the ease of establishing, operating, and expanding investments. Investment promotion aims to draw potential investors who have yet to select a destination, while facilitation begins at the pre-establishment phase when an investor expresses interest in a particular location. Consequently, investment promotion and attraction constitute the core responsibilities of IPAs, while facilitation often necessitates a comprehensive, whole-of-government approach.
According to the OECD-IDB survey of IPAs, the EDB dedicates a significantly larger portion of its workforce to investment generation, accounting for almost 60% of the budget and 86% of staff, compared to other investment activities. This substantial distinction is evident in the allocation of financial resources, with image-building trailing behind by approximately 27 percentage points. The emphasis aligns with the EDB's mandate, which focuses on promotional activities related to investment, exports, and innovation. Conversely, investment facilitation and retention, the subsequent priority after investment generation in staff allocations, receive only 9% of the workforce (Table 5.3). While most IPAs, particularly those in OECD and Latin America and Caribbean (LAC) countries, also engage in investment generation, the contrast is less pronounced, averaging around 40% of financial and human resources in both regions. The emphasis of the EDB’s resource allocation on investment generation can be attributed to the overlap between investment and export promotion activities. Clarifying the distinction between these mandates within the EDB has the potential to enhance resource efficiency, enabling the EDB to allocate human and financial resources in a way that caters to the unique requirements and challenges associated with each objective. A clearer demarcation can also facilitate a more focused and cohesive strategy in engaging with investors and exporters.
Source: OECD-IDB Survey of Investment Promotion Agencies (most recent years available)
Certain activities are naturally more costly, such as investment generation, involving market intelligence, overseas missions, and participation in fairs. Notably, the significant distinctions in resource allocation within the EDB can be attributed to its unique institutional setup and the broader context. Policy advocacy, for example, receives limited resources in both budget and staff allocations, as it falls under the purview of various agencies, including other departments funded by the MOFEPD, the source of EDB's funding. Additionally, the EDB's Strategy Planning Team, consisting of 2-3 staff, handles policy advocacy activities and collaborates with relevant organisations on the topic.
Furthermore, numerous business environment and facilitation reforms have recently been implemented by various institutions, meaning that EDB is required to devote fewer resources. Significant asymmetries persist in the EDB's staff and budget allocations, particularly for investment promotion activities. In contrast to IPAs in the OECD, LAC, and Middle East and North Africa (MENA) regions, where budgets and staff are typically distributed more evenly, with a few percentage points of difference, the EDB's investment generation staff distribution exceeds its budget by over 25 percentage points. While perfect alignment is not always feasible or necessary, a relatively even distribution of staff and budget within an IPA contributes to operational efficiency, adaptability and collaborative effectiveness, ultimately enhancing the EDB’s ability to achieve its investment promotion goals. A balanced allocation optimises operational efficiency by preventing bottlenecks and ensuring essential tasks receive adequate attention. It can also allow the EDB to respond more flexibly to changing priorities and emerging opportunities while fostering a collaborative and integrated approach that enables different departments or units organised by sectors to work cohesively on promotion and facilitation activities.
To harness the benefits of FDI, an IPA needs to do more than simply implement measures facilitating incoming investments and retaining existing ones. A comprehensive approach involves formulating a clear and well-defined investment promotion strategy, providing strategic guidance to IPAs with specific targets and actionable means to achieve these objectives. An action plan that complements the investment strategy ensures its effectiveness and impact. It provides a detailed roadmap for achieving defined goals, ensures accountability, helps allocate resources efficiently, facilitates monitoring and evaluation, and helps coordinate efforts across different stakeholders. These comprehensive strategies serve as crucial tools to ensure that attraction efforts are precisely targeted and aligned with broader national development goals. Grounded in national economic development strategies, investment promotion strategies are focused on delineating the additional contribution that FDI can bring compared to domestic investment, emphasising how MNEs can actively support national development objectives. The strategies include the identification of sectors, countries, projects, and investors deemed pivotal for promotion. The prioritisation process should adhere to well-defined criteria aligned with economic, social, and environmental aspirations, ensuring a strategic approach to FDI promotion.
FDI prioritisation constitutes a prevalent strategy among IPAs globally, with the majority adopting a methodical selection process targeting specific sectors, investors, or projects, or a combination of these elements. In line with 84% of OECD IPAs, Mauritius, through the EDB, in collaboration with the MOFEPD, prioritises sectors for investment promotion. This approach ensures synchronisation with the government’s overarching political agenda, including achieving high-income status under the National 2030 Strategy. The formulation of this strategy involves extensive consultations with diverse external stakeholders, including domestic companies, international investors, experts, research institutions, and specialised entities. The collaborative effort aims to establish coherence with the needs and capacities of a broad spectrum of participants.
Mauritius prioritises well-established sectors with a history of economic success and a competitive advantage, including real estate (accounting for 54.6% of gross direct investment inflows), education (13.4%), and accommodation and food service activities (13.4%), which collectively account for over three-quarters of FDI inflows (Bank of Mauritius, 2023[16]). The prioritisation extends to sectors with proven success in attracting investments and those where Mauritius holds a competitive edge due to factors like infrastructure or location, such as financial services and ICT, reflecting the strategic focus of the EDB. The government has opened its prioritisation strategy to further develop infrastructure (by targeting renewable energy and freeports and logistics), industry and innovation (agro-industry, blue economy, life sciences and creative industries) as well as services and specialised sectors (healthcare, pharmaceuticals and the sports economy). While investment in Mauritius’ real estate sector has largely supported the economy and acted at a catalyst for sectoral investment in the past, the EDB has begun working to diversify investment directly through the promotion of smart cities. These cities offer substantial opportunities for local and international businesses to establish operations across various sectors, including ICT, seafood and logistics, knowledge services, light manufacturing, high-tech medical services, financial services and land-based oceanic industry.
Mauritius could more consistently align its criteria with sustainability goals. Despite the government’s commitment to sectors like the blue economy, education, and renewable energy, reflecting environmental responsibility and long-term well-being priorities, the criteria employed for determining priority sectors are predominantly rooted in economically focused market studies. Some IPAs enhance their promotion and prioritisation strategy by incorporating sustainability criteria that consider indicators like environmental impact, climate change, green investment, and an investor's track record on responsible business conduct (see Chapter 7 on Responsible Business Conduct). These sustainability criteria are not currently integrated into the selection methodology used by Mauritius in determining its priority sectors for investment promotion unlike other IPAs in peer countries (Table 5.3). The balance between economic productivity and environmental and inclusiveness goals highlights a nuanced challenge in the prioritisation process. Nevertheless, in an effort to systematically advertise such opportunities, the EDB, in partnership with the United Nations Development Programme (UNDP), has established the Mauritius SDGs Investor Map, a market intelligence platform aimed at channelling private investment towards emerging markets that align with government policies and SDGs. The SDG Investor Map currently targets 17 investment opportunities spanning 6 of Mauritius’ priority sectors: Renewable Resources and Alternative Energy, Infrastructure, Services, Education, Healthcare and Food and Beverage.
Source: OECD-IDB Survey of Investment Promotion Agencies (most recent years available)
IPAs often formulate their strategies beyond sectors, with a significant number of OECD IPAs prioritising countries (59%) and projects (78%). In contrast, Mauritius lacks a systematic prioritisation approach for countries or investors. The absence of a strategy that considers country-specific factors may impede the agency's ability to fully optimise its targeting impact. Certain partner countries may be more receptive to investment generation efforts by an IPA and hold the potential for higher levels of investment, capable of yielding more substantial economic benefits due to a combination of factors such as market size and growth, technological maturity, cultural affinities, or the aim of establishing value chains beyond their domestic borders. IPAs should continuously adapt priority markets in response to ever-evolving global trends and unforeseen disruptions, as exemplified by the recent impact of the pandemic.
In this context, specific forms of country partnerships emerge as invaluable opportunities for Mauritius to leverage its connections with investors from select nations. A prime example is Mauritius’ strategic trade partnership forged with the UK in April 2023 to bolster trade and investment across various sectors. This partnership encompasses a wide array of industries, including financial and professional services, waste management and the green economy, education, cyber technologies, pharmaceuticals and biotechnology, and agriculture. Such collaborations enable Mauritius to tap into the potential of these markets and foster mutually beneficial economic relationships. Regional partnerships also play an important role for Mauritius, which is positioned as a hub for cross-border investment into Africa. In this vein, the EDB executes its Africa Strategy to bolster engagement with the continent by enhancing ties with established markets in Africa such as South Africa, Kenya, and Madagascar, alongside strategic partners in Western and Northern Africa. To achieve this goal, the EDB orchestrates targeted investment promotion events, uniting the financial services ecosystem in key African nations. As part of its endeavor to showcase Mauritius as an important investment destination for Africa, the EDB hosted the Africa Partnership Conference in September 2023. This event attracted global players from the financial services industry and investment promotion agencies across Africa showcasing viable projects from their respective countries.
While the prioritisation of sectors and countries remains a critical framework for shaping the focus of IPAs, a significant majority of these agencies (90%) also rely on curated lists of priority investors. Interestingly, the EDB does not currently utilise such a list of priority investors, raising questions about the extent of formal data collection mechanisms in place to identify rational criteria for designating priority investors. In Mauritius, the approach to accommodating priority investors is multifaceted and somewhat ad hoc, offering a range of options with varying degrees of applicability. Unlike several OECD IPAs that centralise their processes and decision-making through a unified institution, Mauritius offers different levels of service, such as personalised guidance and fast-tracked licensing, based on which specific agency's scheme an investor qualifies for. This diversity hinges on various criteria, such as the size of the investment, sectoral interests, or the investor's net worth.
For instance, the Financial Services Commission Single Window extends expedited services and closer engagement with regulatory authorities to financial institutions and high net worth individuals, aiding them in navigating licensing, registration, and other business procedures. In contrast, investors committing a minimum of Rs 500 million in Mauritius and companies engaged in pharmaceutical and medical device manufacturing are eligible for a Premium Investor Certificate issued by a technical committee, based on the approval of the Minister of Finance and with guidance from the EDB. The absence of a systematic and streamlined method for designating priority investors could potentially impede the efficiency of targeted promotional activities and lead generation efforts, thus jeopardising the optimisation of available resources.
The identification of both key countries and investors holds the potential to significantly enhance the effectiveness and efficiency of promotional activities. A well-defined list of priority investors not only streamlines promotional efforts but also provides a means to tailor benefits and treatment, thereby enticing new investors to explore opportunities and encouraging existing investors to fortify their commitments and expand their operations. Mauritius' overall investment strategy would benefit from focusing resources on prioritising high-impact investors and sectors, leading to a higher likelihood of attracting investments that align with the country's strategic economic goals.
Aftercare plays a vital role in the investment landscape by strategically nurturing and expanding investor relationships within a host economy. Beyond the initial investment phase, companies derive significant benefits from aftercare services, which address emerging challenges, facilitate problem-solving, and provide continuous support. This proactive engagement fosters a deeper understanding of the local context, enabling foreign investors to navigate complexities more effectively. Additionally, aftercare initiatives contribute to a symbiotic relationship between investors and the local economy. By assisting foreign investors in overcoming operational hurdles and integrating more comprehensively into the community, aftercare enhances positive spill-over effects of FDI, including support for research and development, knowledge transfer, and the establishment of resilient local supply chains (OECD, 2022[17]). The strategic importance of aftercare is evident in its capacity not only to retain existing investors but also to amplify their contributions, ultimately fostering sustainable economic growth and strengthening the overall business ecosystem.
A systematic approach to matchmaking and linkage programmes by IPAs is crucial for providing consistent, accurate and well-coordinated support to investors as well as for fostering long-term collaborations with local suppliers and partners. It allows both investors and suppliers to be aware of opportunities on a regular basis and helps raise awareness about each of their needs to facilitate well-matched partnerships. Research indicates that foreign investors, especially those with a longstanding presence in a region, tend to favour local suppliers, highlighting the potential role of aftercare in cultivating strong local economic connections (Winkler and Farole, 2014[18]). By assisting foreign investors in gaining a deeper understanding of the local context, aftercare initiatives aim to anchor them more firmly in the community, fostering positive spill-over effects. The significance of aftercare becomes particularly apparent in the realm of FDI, as evidence underscores that many of the new jobs and investments by MNEs originate from affiliates already established within a community (Crescenzi and Harmon, 2022[19]).
The institutionalisation of certain services, particularly matchmaking and linkage programmes, not currently conducted systematically, would yield significant benefits for both investors and the local economy. Among the services provided to foreign investors, matchmaking with local suppliers and customers is the most prevalent, offered by 65% of surveyed OECD IPAs. While many IPAs utilise systematic tools for business linkages, providing matchmaking services and leveraging local supplier databases to connect MNE affiliates with relevant domestic suppliers, the EDB lacks a dedicated database for local suppliers explicitly designed for linkages (Table 5.4). Its involvement in capacity-building support and investor-domestic business matchmaking is less structured, mainly occurring informally with a focus on export promotion services for exporters and manufacturing industries.
Notes: The EDB’s export suppliers database is currently under establishment and is not yet fully operational.
Source: OECD-IDB Survey of Investment Promotion Agencies (most recent years available)
Cluster initiatives, capacity-building for local businesses, and recruitment and training programmes for local staff are less commonly conducted, with 48% or fewer OECD IPAs engaging in such activities. Collaboration among the IPA, the SME agency, private sector associations, MNEs, and other stakeholders can play a pivotal role in integrating SMEs into global value chains. IPAs typically employ targeted supplier development programmes, matchmaking services, and high-quality supplier databases, disseminating information on linkage opportunities, creating product databases, forming SME consortia, implementing supplier development initiatives, and supporting responsible business conduct by SMEs and MNEs. Additionally, assistance for SMEs in participating in special economic zones and optimising resources from diaspora investors contributes to fostering SME participation in global value chains.
Under the 2021-22 budget, the EDB embarked on the establishment of an online platform aimed at enhancing the visibility of Mauritian exporters on the global stage. Presently focusing on countries with established trade agreements, this platform facilitates direct engagement between importers and Mauritian suppliers. However, as of April 2024, the directory is still in the early stages of development and is equipped with a very limited number of suppliers in a handful of sectors. Upon full implementation, it will furnish comprehensive profiles of Mauritian exporters, comprising detailed company descriptions, contact information, product portfolios, and market access conditions.
While the EDB’s mostly ad hoc approach to linkage services diverges from the systematic tools and programmes commonly observed in other IPAs, other government entities have well-developed programmes that can be beneficial to the Board’s activities and complement the upcoming suppliers database. The Ministry of Industrial Development, SMEs and Cooperatives (SME Division) runs an SMEs e-Directory of over 8 500 local SMEs in 36 specific sectors, which are also searchable by district. Each entry provides contact details of the company, as well as product or service details of the business’ output (Government of Mauritius, 2023[20]). Ensuring co-operation between the EDB and the Ministry’s SME Division is necessary to guarantee the maximum impact of investor expansion and growth of domestic value chains on SME development. The EDB could further raise awareness of the database with investors and businesses that are looking for small-scale partners corresponding to their needs once it is operational and sufficiently stocked with suppliers. Staff may also familiarise themselves with the types of businesses available through the directory and offer tailored partner options to specific clients, simplifying the search process for investors (Box 5.4).
Furnishing its early-stage database of larger-capacity suppliers that surpass the capabilities of SMEs will help simplify and formalise the matchmaking process when working with exporters and manufacturing firms. The EDB is exploring additional avenues for connecting investors and domestic suppliers. In July 2023, it inaugurated the Virtual Exhibition Platform, a permanent virtual venue aimed at reshaping the landscape for exporting enterprises. Drawing participation from over 175 exhibitors spanning diverse manufacturing sectors, the platform swiftly gained traction, attracting over 2000 visitors from 56 countries and facilitating the initiation of two investment leads and 21 trade deals. The endeavour not only signifies a transformative shift in marketing strategies but also assures tangible benefits, including increased global visibility, seamless accessibility, cost-effectiveness, and real-time interactivity. Encouraged by this achievement, the EDB is actively strategising the platform’s subsequent phase, encompassing the integration of a wider array of products and services, intensified promotional campaigns, strategic partnerships, and organised online events.
In 2017, the government set up SME Mauritius, a private company to develop entrepreneurship at the national level and implement advisory and support programmes to improve the competitiveness and resilience of SMEs. It conducts training programmes to improve the skills and capabilities of entrepreneurs and small businesses and provides support such as market readiness, technology and innovation, and greening support schemes that prepare SMEs for wider opportunities. SME training schemes are also available through the Mauritius Chamber of Commerce and Industry, as well as through a handful of schemes via the Ministry of Industrial Development, SMEs and Cooperatives (SME Division). While these activities are conducted by other agencies, advertising the existence of these programmes publicly can ensure awareness in the SME community and showcase the increasing capacity levels of SMEs to interested investors. The EDB should also play an enhanced role in the co-ordination of investor needs and the training programmes offered by SME Mauritius and the MCCI, to ensure that SMEs are endowed with the skills and capacities sought by investors and businesses.
The Thailand Board of Investment established the Industrial Linkage Development (BUILD) unit, focusing on supporting business linkages and the utilisation of locally manufactured industrial parts. BUILD facilitates this through several initiatives.
Vendors Meet Customers: Acting as an intermediary, BUILD introduced the Vendors Meet Customers Program, bringing together vendors/parts manufacturers and customers/buyers. This initiative involves parts manufacturers visiting selected buyers' plants, providing them with insights into the overall processes. This interaction facilitates the initiation of business relationships, allowing parts manufacturers to supply components to buyers. Simultaneously, buyers gain valuable information about potential new suppliers, contributing to sourcing suitable parts locally and benefiting from reduced difficulties, cost savings, and time efficiency in the procurement process.
Marketplace: BUILD created a marketplace to serve as a comprehensive sourcing centre, connecting buyers and parts manufacturers. In this platform, buyers showcase sample parts, present their procurement policies, and outline parts requirements. The marketplace streamlines the sourcing process for buyers seeking localised parts and components, resulting in easier procurement, cost reduction, and time savings.
Sourcing Service: BUILD offers a sourcing service to aid both Thai and foreign buyers in locating parts and components in Thailand. Upon receiving inquiries, BUILD identifies potential suppliers based on buyers' requirements. The supplier information is then submitted to buyers for screening and approval. Additionally, one-on-one meetings can be arranged for buyers to individually discuss their needs with potential suppliers, enhancing the efficiency of the sourcing process.
Source: https://build.boi.go.th.
Governments rely on monitoring and evaluation (M&E) to ensure the efficiency of public action and that activities achieve their objectives in terms of quality and time. Investment promotion is no exception. Given that most IPAs mostly fund their activities with public resources, ensuring value-for-money is paramount. Particularly during economic downturns or following government changes, public resource use and the need for an IPA may be questioned, underscoring the importance of reliable evidence its impact.
Managers in IPAs thus need to establish objectives, define key performance indicators (KPIs), and monitor employee and activity performance to enhance effectiveness systematically. M&E systems facilitate strategic decision-making, allowing an assessment of the most effective activities based on gathered evidence. Subsequently, they can reallocate staff and resources or adjust products and services.
M&E of investment promotion involves various organisational dimensions and reporting processes as these systems contribute to increased transparency and accountability. Most IPAs in OECD countries produce annual or quarterly financial and activity reports, submitting them to the board or the government (Figure 5.4). Just under half of IPAs publicly share activity reports, and 53% share financial reports, often accessible on their websites. The EDB conducts quarterly revisions of agency targets and submits them to the board of directors, and annual activity and financial reports are published on the EDB website, ensuring transparency and accessibility. Yet, there is a lack of systematic data collection of many indicators that remain crucial for meaningful reporting and evaluating, affecting the direction of targeting and prioritisation activities.
A crucial aspect of a complete M&E system involves generating and utilising feedback, informing management about identified issues and proposing corrective actions, such as adjusting strategic objectives or reallocating resources. This feedback process contributes to institutional knowledge by formalising information about performance, enabling learning curves and fostering corrective actions. The OECD-IDB survey indicates that most IPAs in the OECD (71%) not only act when their own targets are unmet but also when they suspect irresponsible or problematic behaviour by investors. The corrective measures taken by IPAs in response to unmet objectives vary, including revising strategies, reviewing internal operations, establishing improvement plans, and, in some cases, facing financial consequences or government intervention. These IPAs rely on much greater data collection than the EDB, making it possible to effectively identify and address challenges.
Source: OECD-IDB Survey of Investment Promotion Agencies (most recent years available)
IPAs can also decide to create a dedicated internal evaluation unit, as in the case of 63% of OECD agencies, typically consisting of one or two staff members. In the surveyed IPAs, 58% of evaluation units report directly to the IPA's head or board, while 37% report more broadly to the IPA's management. The EDB does not have an evaluation unit and lacks a dedicated methodology for assessing collected data. As with most OECD IPAs with dedicated evaluation units, the EDB could enhance its evaluation capabilities by establishing a similar unit reporting to the CEO, board, or management. These units employ diverse approaches, including client satisfaction surveys, stakeholder consultations, benchmark exercises, case studies, and, to a lesser extent, econometric analysis for assessing intervention effectiveness.
IPA performance indicators can be divided into two sets following their two broad monitoring and evaluation objectives, namely output and outcome indicators. Output indicators predominantly revolve around internal agency metrics, encompassing aspects like the number of investment projects, participating firms, client satisfaction, and the number of assisted firms. These indicators function as measures of effectiveness and efficiency, assessing the agency's performance at various levels, from inputs and processes to tangible results. On average, OECD IPAs employ approximately 4.9 surveyed output indicators, most notably data on investment projects, investing firms and client satisfaction. The EDB tracks only two output indicators, focusing primarily on response times and time taken to organise visits, a comparatively low number of markers (Figure 5.5). Without enough data on the functions and activities carried out by an IPA, it can be difficult to properly evaluate the efficacy of client interactions and identify bottlenecks in IPA services.
Indicators used by the EDB highlighted
Source: OECD-IDB Survey of Investment Promotion Agencies (most recent years available)
Conversely, outcome indicators shift the focus towards the broader policy objectives of investment promotion, concentrating on the economic benefits generated by IPA actions. Among OECD IPAs, outcome indicators are largely concentrated on job-related metrics (preferred by 88% of IPAs) and FDI inflows (used by 81% of IPAs), using on average 4.8 surveyed outcome indicators. When it comes to these indicators, the EDB only monitors the total value of FDI, but does not employ the tracking of other common outcome data collected by surveyed IPAs, including job-related metrics, as well as indicators on innovation and R&D (used by 53% of agencies) and regional development (41%). IPAs rely primarily on data provided by firms for many socio-economic related outcome indicators, making strong co-operation between the IPA and businesses essential for data collection. The EDB does not formally request data from companies on any output indicators, presenting a notable challenge in evaluating impact due to lack of information.
The use of outcome indicators varies, especially those related to innovation, exports, wages, regional development, sustainability, and responsible business conduct, compared to their reported significance in prioritisation. While standard FDI metrics like jobs and total FDI indicators are widely adopted, more intricate indicators, such as innovation and R&D, are applied in only 53% of IPAs, despite being commonly emphasised in agency mandates and prioritisation considerations. This is also the case in Mauritius, where innovation and R&D are prioritised within developmental strategies, but the relevant metrics are not tracked, making it difficult to assess progress in these areas and how the EDB could bolster efforts to attract and retain these types of investment (Box 5.5). Moreover, the EDB systematically monitors and evaluates materialisation of projects, through the Economy Policy and Business Policy sub-committees of the Board of the EDB, whose mandate is to monitor the impact of schemes, incentives and business strategies and to regularly evaluate their effectiveness.
IDA Ireland employs a comprehensive data collection strategy for monitoring and evaluation, with a specific focus on innovation, export, and regional development indicators. It relies significantly on project data to address challenges related to data availability, calculating metrics such as R&D expenditures in the investment projects it facilitates. Furthermore, the agency keeps track of the number and scale of investment projects in various regions. These indicators undergo monitoring through surveys conducted by IDA Ireland’s parent ministry, enabling a holistic assessment that considers both short-term direct effects and long-term indirect effects of FDI. While ensuring a thorough evaluation, there exists a potential risk of emphasising short-term, direct effects at the expense of fully capturing long-term and indirect impacts.
IDA Ireland has explicitly identified increased productivity and innovation support as a strategic priority. The agency utilises R&D expenditure as a key metric in determining the prioritisation of specific investment projects. By amalgamating industry-level FDI and R&D expenditures per unit of value added into a single indicator, IDA Ireland assesses whether sectors receiving larger FDI shares exhibit higher or lower R&D intensity. This metric serves a dual purpose by not only informing prioritisation decisions but also functioning as a tool to retrospectively evaluate the effectiveness of the prioritisation strategy and overall work of the agency. The systematic recording of these applications in the CRM system over time provides a comprehensive view of the IPA's impact on Ireland's overall investment promotion and facilitation strategy, aligning with broader economic development goals.
Source: Sztajerowska and Volpe Martincus (2021[21])
Addressing this bottleneck requires a comprehensive look at EDB’s KPIs to assess whether and how investment promotion strategies attract and facilitate sustainable investments. IPAs must also rely on specific and consistent indicators to ensure the attraction of appropriate investments yielding sustainability outcomes. In this context, IPAs can enhance their KPIs by incorporating metrics associated with various SDG categories. This is the case for several agencies such as the Philippines, which employs indicators that prioritise investment projects contributing to nature conservation and coastal protection, and Indonesia, which uses an indicator focusing on the geographical distribution of FDI, assessing the value of investments realised outside Java (OECD, 2023[22]) (Figure 5.6). A collaborative initiative with the African Development Bank is underway to establish a legal framework for ESG investment in Mauritius that includes a comprehensive set of guidelines and principles to evaluate an organisation’s sustainability practices. The project intends to incorporate sustainability KPIs, fostering a comprehensive monitoring and evaluation system to track trends and impacts effectively (see also Chapter 7).
Source: OECD survey on IPA Monitoring & Evaluation and Prioritisation
To enhance M&E efforts, the EDB established its CRM shortly after its creation to log and manage various activities, projects, missions, conferences, events, and follow-ups for efficient communication and reporting. However, the CRM currently only tracks about 30% of the EDB's extensive activities, significantly below the average number of indicators followed by OECD IPAs (Figure 5.7). This represents a notable gap in EDB's data collection, making comprehensive evaluation challenging. To address these data gaps and take into account an expanded mandate, internal restructuring, and a dynamic business landscape, the EDB is revamping its CRM system to enhance operational efficiency through standardised and streamlined business processes, which is expected to be fully operational by July 2024 A dedicated working group has been established to validate processes aligning with business rules and contribute to achieving ESG linked KPIs. To ensure the adoption of best practices and the right implementation methodology and frameworks, the EDB has signed a strategic partnership with Business France for the revamped CRM implementation. CRM systems are invaluable tools for systematically monitoring these KPIs but the tracking process is not universally standardised, evidenced by gaps in CRM tracking for certain sustainability- and inclusiveness-related KPIs in OECD countries. Notably, not all M&E of IPAs find their way into the CRM, with specific shortfalls observed in sustainability and inclusiveness metrics.
Moreover, EDB offices worldwide use different CRM systems. For example, EDB France uses Salesforce, while EDB headquarters does not. Although tailored to each institution’s specific requirements, the varying CRM systems can create challenges in information sharing and harmonised monitoring. Through the ongoing CRM revamp, the EDB aims to capture all interactions and touchpoints at the EDB level and seamlessly link APIs with other systems for a unified dashboard for management oversight worldwide. The EDB is also exploring the use of artificial intelligence to capture normal business operations and integrate data feeds, enhancing data collection capabilities and process standardisation. The CRM system will integrate with widely used reporting software, ensuring accurate information availability for relevant parties and facilitating ease of monitoring and evaluation. The EDB should continue building on its existing management system by mandating reporting on numerous ongoing activities, especially in policy advocacy, where extensive data on investor and business needs are already collected.
Source: OECD-IDB Survey of Investment Promotion Agencies (most recent years available)
Costa Rica’s CINDE boasts a highly developed system that contains comprehensive information on all the assistance it has provided since 2000, encompassing details on the types and costs of services rendered, among other features. CINDE‘s extensive database collects approximately 80 data points, enabling it to conduct detailed impact evaluations of its activities.
Firm-specific information: data on parent firm, home country, sector of activity, size of project, starting year for the foreign affiliates established in the country, labour costs, etc.
Initiator: the direction of the initial contact between the IPA and the firms.
Investor location: firms in free trade zones.
Resources: costs incurred by the organisation.
Policy assistance: services provided to investors post investment.
By leveraging the extensive dataset accumulated over time, CINDE identified that their website serves as the most potent source of leads and adapted the user experience and the type of information presented to potential investors based on these findings. This understanding has allowed CINDE to tailor their digital advertising strategies, automate workflows to target various scenarios and deliver advertising messages customised to specific companies.
Moreover, CINDE is developing a predictive analytics model using a wide range of data, including project types, sizes, company details, geographical information, and timelines, to compare and analyse different scenarios. The aim is to identify the most promising future leads, drawing insights from over a decade.
Source: Reichel, Whyte and Heilbron (2022[23]) and OCO Global and WAIPA (2023[24]).
References
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← 1. The merger of the Ministry of Planning and Economic Development (MOFED) with the Ministry of Finance was announced in December 2003, efforts at an effective merger of the two cadres started in 2006 to set up the Ministry of Finance and Economic Development, which was later renamed as Ministry of Finance, Economic Planning and Development to incorporate the economic planning function.