After recently signing a deal to develop a $113 million fishing port, Mauritius is working with investors on plans to become a maritime hub for Africa in line with its bid to accelerate growth, the island nation’s finance minister, Seetanah Lutchmeenaraidoo, said.
“Mauritius aims for 5.7 percent growth in fiscal 2016/2017 and rising to 8 percent within the next five years,” Lutchmeenaraidoo said.
He stated that private investment had to drive the expansion as there was no room for the government to borrow, given a commitment to cut public debt to 50 percent of gross domestic product by 2018.
To deliver that, Mauritius is attracting new investors in shipping and other maritime projects to make the country a hub for Africa, adding impetus to an economy that now relies on sugar cane farming, tourism and financial services.
“We are moving out from being a small port in the Indian Ocean to become the most important maritime hub in this region,” Lutchmeenaraidoo said.
Source: The Africa Report