Financial sector: Hong Kong companies are interested in Mauritius

A promotional mission recently took place in Hong Kong. The Mauritian jurisdiction was presented as an alternative option to Singapore.

The Mauritian financial sector intends to explore new markets in order to develop further. The United States, China and Hong Kong are included. The Economic Development Board (EDB) of Mauritius also led a promotional mission, led by the Minister of Financial Services, Mahen Seeruttun, on January 24 and 25, 2024 in Hong Kong.

According to our information, a few Hong Kong companies have expressed interest in the Mauritian jurisdiction. These are companies that invest in mining in Africa. The idea would be to set up a structure in Mauritius to facilitate these investments on the African continent. At the same time, other firms engaged in the manufacturing sector would also consider setting up a structure in the Mauritian jurisdiction in order to coordinate their investments in Africa. The mission was an opportunity to present Mauritius as a complementary jurisdiction for outsourcing to China and Hong Kong. The island's attractions as an alternative option to Singapore as an international financial center were also highlighted. “The cost-effectiveness ratio is better in Mauritius than in Singapore, as is the cost of labor. Mauritius also has the advantage of being compliant with all of the 40 recommendations of the Financial Action Task Force (FATF),” says the EDB.

Centered on the Asian Financial Forum, the promotional campaign was organized by the Hong Kong Financial Services Development Board, a member of the Global Alliance of International Financial Centers, of which the EDB is also a member. Companies from the Mauritian private sector, including banks and management companies interested in the Asian market, also participated in the event.

It is around the theme “Multilateral Cooperation for a Shared Future” that more than 3,000 financiers and investors, international policy makers and business leaders, technological innovators and entrepreneurs, central bank representatives and other professionals from more than 40 countries, came together for the Asian Financial Forum 2024.

Minister Mahen Seeruttun notably mentioned the contribution of Hong Kong investors to the creation of the textile industry in Mauritius. According to him, the financial center is preparing to seize new opportunities in fintech, new fund structures, capital markets and the ESG (Environment, Social and Governance; Editor's note) framework.

Promotional campaigns, led by the EDB through webinars, conferences and business forums, are planned this year. The goal is not only to diversify into new markets, such as the United States, China and Hong Kong, but also to defend traditional markets including the United Kingdom, South Africa, India as well as the France, with a nod to the emerging markets of Kenya and Ivory Coast.