BIZweek n°264 1er nov 2019
BIZweek n°264 1er nov 2019
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  • Parution : n°264 de 1er nov 2019

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 6

  • Taille du fichier PDF : 1,5 Mo

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VENDREDI 01 NOVEMBRE 2019 BIZWEEK ÉDITION 264 Until a decision is reached on the Brexit, it is difficult to assess the Brexit impact on the UK economy, the EU and the rest of the world. Including Mauritius. Most analysts that the delegation, led by the Financial Secretary from 5th to 13th October in London, has met believethat the uncertainty of Brexit will last at least another 9 months. The delegation had meetings in London with prominent economic analysts, investment bankers, reputed law firms, government institutions and the Commonwealth Secretariat. The economic analysts think that the UK is unlikely to slide into a recession because of Brexit although economic growth would slow down. The resilience is due to the fact that the UK is predominantly a services economy and not a goods exporting economy. As regards the financial services centre, there is wide agreement among the stakeholders that while some part of the operations would be shifted to other cities in Europe, the bulk of international financial services will still be provided from London. It will remain a strong international financial centre and will openup further. Impact of Brexit on Mauritius  : Opportunities Mauritius has already secured preferential access to the UK for its goods through the Eastern Southern Africa (ESA)-UK agreement in case of Brexit. For Mauritius, there will be an average change in preferential margin in the case of a no deal Brexit of around 5 percent. Cane sugar and tuna are sub-sectors which represent the greatest potential gains. As regards financial services, it was highlighted that there should be more visibility on the Mauritius International financial Centre, emphasizing on key factors such as the ranking of Mauritius in terms of ease of doing business as wellas adherence to international norms. There must be a greater focus on developing financing of Energy, Telecommunications and Infrastructure projects in Africa, using Mauritius as a base. It was suggested that Mauritius could leverage its African Special Economic Zones strategy to establish a post-Brexit trade relation with the UK as the latter would become more Africa focused after Brexit. The Special Economic Zone (SEZ) development can be an interesting offer for more collaboration between Mauritius and UK as the latter is also looking for African leadership to partner for development in the continent. A number of meetings were held with international law firms. They highlighted that they still prefer to work with local partners and management companies’, and that the Global Legal Advisory Services Scheme should include litigation to be effective. In subsequent deliberations, Mauritius’strategy was praised as having a clear direction. Some changes were advised regarding specific aspects. For instance, the Mauritian Companies Act can be further improved, however, with certain amendments to give the jurisdiction an added advantage over competitors, for example by aligning of financing documents with international standards. Litigation processes LA TOUR IMPACT OF BREXIT Mauritius could leverage on different fronts A delegation led by the Financial Secretary was in London from 5th to 13th October. The objectives of the mission were to get a first-hand understanding of how the Brexit issue was evolving and the threats and opportunities it entailed for Mauritius. And second, to conduct one-to-one meetings and closed-door working sessions with potential investors and the insolvency laws can be reviewed as well. It was suggested that main court cases involving commercial disputes are studied to better understand issues that companies face in Mauritius. And a law A team of the Commonwealth Secretariat to visit Mauritius in November commissioner looking at constant reforms could be setup specifically for businesses legislations. Alongside the above meeting, another one was held at the Commonwealth Secretariat and focused on : Brexit and the role of the Commonwealth Secretariat It was suggested that Mauritius should seek an improvement of the conditions included in the continuity agreement under the ESA-UK partnership. Blue Charter A team of Commonwealth Secretariat will visit Mauritius this month to work with all relevant stakeholders on protection and rehabilitation of the environment, including climate change issues, protection of lagoons and coral reefs. Debt management system A debt management team will be in Mauritius this year to train officials at the Ministry of Finance and the Bank of Mauritius in the use of the latest Meridian debt management software that will significantly improve recording, analysing and reporting of public sector debt in the country. Small States Trade Finance Facility It has been decided that the DBM should make use of the Trade Finance Facility, which is currently underutilized, for the benefits of smalland mediumenterprises. Climate Finance Access Hub The Commonwealth Climate Finance Access Hub (the Hub) will share with Mauritius its plan to reduce carbon emission in Mauritius and help to accessinternational sources of climate finance. Gender Responsive Budgeting Study The Commonwealth Secretariat is financing a study on whether Gender Responsive Budgeting can be implemented in Mauritius and if so how to do it. An expert will visit Mauritius this year to carry out the study. 3

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