Mauritius has been on a rapid and resilient economic growth trajectory since gaining independence in 1968. Open economic policies have been a key driving factor. Over time, the country’s trade policy has transitioned from import substitution to export promotion, resulting in a vibrant service-based economy focused on tourism, finance and information and communications technology. Most recently, it successfully managed its recovery from the Covid-19 pandemic through well-targeted reforms and consensus politics, achieving robust GDP growth of 8.9% in 2022 and 7% in 2023 and record levels of foreign direct investment. Behind this success stands the governance of Mauritius – efficient institutions, representative government, and strong social protections. Mauritius continues to lead Africa in indicators such as economic freedom, institutional strength, and innovation.
The Investment Policy Review of Mauritius is part of the OECD’s effort to further support Mauritius’ growth journey and its ambition to achieve a high-income status, which they briefly attained in 2020. This Review has been conducted in support of Mauritius’ adherence to the OECD Declaration on International Investment and Multinational Enterprises, the first sub-Saharan African country to do so, which will allow the country to exchange experience and compare policies on responsible business practices alongside peers at the OECD Investment Committee and its Working Party on Responsible Business Conduct. The Review comprehensively examines export competitiveness, investments by domestic and foreign firms, productivity growth and a rising dependency ratio. It also explores how increased inflows of foreign direct investment, resulting from investment climate reforms, could help address these challenges.
Looking ahead, the government can further support responsible business practices by leveraging a well- developed legal, regulatory, and policy framework of Mauritius. Additionally, enhancing governance effectiveness through improved regulatory impact analysis, better inter-ministerial coordination, and broader stakeholder engagement will ensure that policies support long-term economic dynamism and competitiveness.
We look forward to further mutually beneficial work and to sharing the Mauritian experience with the international investment policymaking community.
Mathias Cormann,
OECD Secretary-General
Dr. the Hon. Renganaden Padayachy,
Minister of Finance, Economic Planning and Development, Republic of Mauritius