Mauritius slashes red tape to attract investment

ALAN PEAT THE INDIAN Ocean island of Mauritius has moved to open up its economy to attract foreign investment and to diversify, according to Jean-Marc Poche in Business in Africa Online. The economy was hammered by the end of textile quotas and the European Union (EU) decision to slash sugar prices by 36% beginning next month, said the report. “To attract investment,” Poche added, “the government has moved to slash red tape that has been a bane for foreign businessmen seeking to invest and work on the Indian Ocean island.” Under legislation adopted last month and due to go into force in October, foreigners would receive licences to invest in companies with more than US$100 000 within three days.