The Ocean Economy A Roadmap for Mauritius

Republic of Mauritius

Ashvin Degnarain Mauritius SPC-EU Deep Sea Minerals Project Regional Training Workshop on Deep Sea Minerals: Financial Aspects 13 – 16 May 2014 The Rarotongan Hotel, Rarotonga, Cook Islands

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Pacific Islands and Mauritius

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Mauritius

SOURCE: FIFA (May 2014) out of 207 countries

180 Mauritius

World Rankings

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“Star and Key” of the Indian Ocean MAURITIUS

Key Facts Area 2,040 km2

Population 1.3 million Capital Port Louis Government Independence in 1968 Official Language English Currency Mauritian Rupee Legal System Hybrid system (UK & French)

Key Indicators GDP $11bn GDP Growth 3.2% Unemployment 8.3% Inflation 3.6% National Budget $3.4bn Budget Deficit 3.7% Public Sector Debt 55% of GDP Mauritius

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Current Ocean Clusters (2012) MAURITIUS

11% of GDP Rs 32.5bn (US$1.1bn)

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New Ocean Clusters MAURITIUS

Seabed Exploration for Hydrocarbon &

Minerals

Fishing, Seafood Processing & Aquaculture

Deep Ocean Water

Applications Marine Services

Seaport-Related Activities

Marine Renewable Energies

Ocean Knowledge

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Timescale MAURITIUS

April 2012 Ocean Economy announced

July 2013 National dialogue on Ocean Economy

November 2013 Budget speech

December 2013 Ocean Economy Road Map

End 2014 Legal & regulatory framework in place

2015 Short term objectives

2020 Medium term objectives

2025 Long term objectives

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Economic Growth MAURITIUS

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Video MAURITIUS

http://youtu.be/6SZh1puJ7dc www.oceaneconomy.mu

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MAURITIUS Exclusive Economic Zone (EEZ)

123,000 km2

180,000 km2 396,000 km2

1.9 Million km2 – Exclusive Economic Zone of Mauritius

2.3 Million km2 – Total Maritime Zone of Mauritius

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MAURITIUS Exploration in the Indian Ocean

Exploration Areas Republic of Korea

Exploration Areas COMRA (China)

Exploration Areas Government of India

Area Reserved for the Authority

Mascarene Plateau

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MAURITIUS Fiscal Regime

•  Belgium •  Cyprus •  Croatia •  France •  Germany •  Italy

•  Luxembourg •  Monaco* •  Russia* •  Sweden •  UK

Americas •  Barbados

•  Botswana •  Congo*

(Brazzaville) •  Egypt* •  Ghana* •  Kenya* •  Lesotho •  Nigeria* •  Madagascar •  Mozambique

•  Namibia •  Nigeria •  Rwanda •  Senegal •  Seychelles •  South Africa •  Swaziland •  Uganda •  Zambia* •  Zimbabwe

Europe

•  Kuwait •  Oman

•  Qatar •  UAE

•  Bangladesh* •  China •  India •  Malaysia •  Nepal

•  Pakistan •  Singapore •  Sri Lanka •  Thailand •  Vietnam*

Oceania ?

Africa

Asia

Middle East

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•  15% flat rate tax (domestic) •  0% capital gains, dividends & royalties •  0% - 3% Global Business Company •  No foreign exchange control

* Awaiting signature

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Ocean Fund

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Mauritius

Creating an Ocean Fund will substantially help increase investor confidence and boost the development of the Ocean Economy. Objective of the Fund: •  Provide seed capital for ocean-based

commercial activities

•  Invest in hydrocarbon and mineral exploration and exploitation

•  Invest in ocean-related sectors

•  Finance bankable ocean infrastructure developments

•  Fund commercially viable research in the Ocean Economy

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Want to be part of our journey?

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The next frontier for the global economy is the ocean. When it happens Mauritius must stand ready to seize the opportunities. We cannot wait passively for that rising tide to lift our boat. We must be proactive.

Dr The Honourable Navinchandra Ramgoolam Prime Minister of the Republic of Mauritius

Quote MAURITIUS

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THANK YOU

Ashvin Degnarain Mauritius

MAURITIUS