Annual Report 2006-2007 - Board of Investment

1 BOARDOFINVESTMENTMAURITIUSA nnualReport2006-2007 About tHEboARD oF INVEStMENtSet up in December 2000 through the enactment of the Investment Promotion Act 2000, the Board of Investment is the Investment Promotion Agency of the Government of Mauritius. The Objects of the Board of Investment are:To stimulate the development, expansion and growth of the economy by promoting Mauritius as an international Investment , business and service centre;To promote and facilitate the development of all forms of Investment and business activities; To formulate Investment promotion policies and plans, marketing strategies and undertake promotion to attract foreign and local investments.

2 AndTo advise Government on strategies for Investment policies, national Investment marketing and Investment aftercare, economic and industrial planning and country image building23 45tAbLE oF CoNtENtS1. From the Chairperson .. 62. From the managing DireCtor .. 83. operational review .. 10 Investment highlights .. 11 a. an overview .. 11 b. the trenD .. 12 Doing business .. 14 a. business FaCilitation .. 14 b. setting up oF the oCCupation permit unit.

3 16 Investment promotion .. 18 inFormation system .. 204. seCtor status .. 21 hospitality anD property Development .. 22 FinanCial serviCes .. 26 inFormation anD CommuniCation teChnology .. 28 seaFooD anD marine inDustry .. 32 KnowleDge inDustry .. 36 biomeDiCal & health serviCes inDustry .. 38 logistiCs anD Distribution .. 42 manuFaCturing .. 46 a. Fashion, aCCessories anD textile .. 46 b. manuFaCturing anD light proCessing.

4 50 5. emerging seCtors .. 526. boi overseas representation .. 537. Investment promotion missions .. 548. boi team .. 56 organisation Design .. 56 valuing people, builDing a team .. 57 our values .. 58 strategiC team .. 60 our leaDership team .. 62 9. FinanCial statement .. 68 Report oF the DireCtor oF auDit to the Chairman oF the boi .. 70 balanCe sheet as at 30 June 2007 .. 71 inCome statement For the year enDeD 30 June 2007 .. 72 Cash Flow statement For the year enDeD 30 June 2007.

5 73 notes to the FinanCial statements For the year enDeD 30 June 2007 .. 74 Board members anD DireCtors remuneration .. 79 The Management and staff have truly given the best of themselves and I want to thank them for their dedication, diligence and hard work in continuously raising their levels of professional delivery to all the stakeholders. The country can count on you in making Mauritius the business and Investment capital in our part of the world. This exciting journey has but just started and you can look forward to more hard work and greater , my greatest appreciation to my fellow directors for their understanding and unfailing support in trying a few unconventional management models to make BOI an effective national development agency, benchmarked against the best worldwide.

6 Together we have worked to enhancing the attractiveness of the country as a platform for global business. I am confident that we will develop Mauritius as the choice destination for doing business both for the local and the international investor community. As Chairperson of BOI, I have enjoyed a truly enriching and rewarding experience during the past 18 months in service to my motherland, working with the public sector administrators, the business community and the staff, management and fellow Board members of BOI.

7 I am grateful to both the Prime Minister and the Minster of Finance and Economic Development for giving me the opportunity to serve the country. Coming from the private sector, I found that the experience of public service allows the better understanding of the challenges faced by policy makers and the difficult choices that they have to make. Although being a non-permanent resident of Mauritius, the staff of BOI and public sector officers greeted me with an open mindedness that made me feel welcome.

8 I strongly encourage more individuals, particularly nationals of Mauritius living overseas, to come forward to serve the country in public service. We cannot afford to stand by the sideline at this crucial moment of our motherland s history. We do not want to see our country embarked on the road leading to nowhere during our is reaching the tipping point in embracing a new economic growth path. I am confident that with the support of one and all and with the hard work of our Management and staff, BOI will continue to make its contribution to move the country along a more sustainable economic development curve where every citizen will have the opportunity to develop to its full potential and the population at large will enjoy a higher standard of living within a society that values and respects the humanity of each individual citizen.

9 Maurice LamCHAIRMANDEAR FRIENDS,2006 was a very encouraging year for BOI as FDI into Mauritius posted a record growth of MUR billion, exceeding the cumulative inflows for period 2002-2005. BOI thanks all the investors, domestic and foreign, who have shown their confidence in Mauritius as a place to do business. Indeed, during 2006-2007 BOI was transformed into a high-performance client centered Investment promotion agency of the Government. My unwavering focus, since my appointment as Chairman of BOI, has been to create a first-mover advantage for Mauritius as The Investment Destination par excellence - based on the business model that emphasizes on.

10 Developing Mauritius as an excellent product, Implementing an innovative and focused marketing strategy, Embedding efficient and effective processes within an adaptive culture, and Attracting and grooming human talents to achieve sustainable competitive is gratifying to note that considerable progress has been achieved on all fronts. Firstly, BOI collaborated with its parent Ministry and other related Ministries in the implementation of the Economic Reform Programme, embodied in the Budget Speech of 2006.