Mauritius is an African island nation located in the Indian Ocean, east of Madagascar. It is known for its stunning beaches, vibrant culture and as a financial hub in Africa. The economy of Mauritius has developed rapidly in recent years and today it is one of the most prosperous countries in Africa. The main sectors of the economy are tourism, manufacturing, financial services and agriculture.
According to cheeroutdoor, tourism plays a vital role in the economy of Mauritius as it contributes to about 10% of its GDP. The island is known for its beautiful beaches and resorts which attract visitors from all over the world to explore its unique culture and beauty. Tourism has also led to job opportunities for locals as well as foreign investors looking to invest in the industry.
Manufacturing also plays an important role in the economy with products such as textiles, apparel, food processing and chemicals being produced for both local consumption and export. These industries have created employment opportunities for locals while providing much needed foreign exchange earnings which helps develop other sectors such as infrastructure development projects or renewable energy initiatives that could potentially create jobs while boosting economic growth within certain industries that have not yet been explored by investors due lack awareness about potential opportunities available within this small African nation situated at strategically important location within Sahel region along Atlantic coast line bordering Algeria Mali Senegal countries respectively.
The agricultural sector also contributes significantly to the economy with sugarcane being one of its main exports followed by tea, tobacco, vegetables and fruits. Fishing provides employment to around 5% of the population while its exports provide much needed foreign currency revenues to help develop other sectors in the country’s economy. Mining is another key sector which contributes significantly to Mauritanian economy; this includes exploration activities for iron ore which accounts for more than half (60%) of its exports earnings followed by gold (15%), copper (10%) and oil (5%). Other minerals like gypsum, phosphates and uranium are also mined but their contribution towards overall exports earnings are relatively low compared to iron ore or gold mining activities.
Traditionally, Mauritius’ economy has depended on sugar production. However, sugar’s role in the economy has gradually lost significance, and its share of GDP has decreased. In addition to sugar, tea and tobacco are also grown as barley crops. Food production is mainly in the form of small-scale self-sustaining cultivation, and the country is not self-sufficient with food.
- COUNTRYAAH: Find major trading partners of Mauritius, including major exports and major imports with latest trade value and market share as well as growth rate.
Until the 1970s, the industrial sector was small and mainly focused on import substitution. Industrial policy in the 1980s resulted in an investment in a free zone, EPZ (Export Processing Zone), where imported industrial goods are further processed for export. Since the mid-1990s, the financial sector has also grown significantly. The country has also invested heavily in raising the education level of the population, mainly in IT and telecommunications.
Note: the capital city of Mauritius, abbreviated as MUS by abbreviationfinder.org, is Port Louis with a population of 147,500 (2018 estimate). Other major cities include Vacoas-Phoenix, Beau Bassin-Rose Hill.
The tourism sector, which employs about 10,000 people, is the third most important source of foreign currency.
History. – In 1961, continuing with the orderly constitutional evolution, Mauritius acquired internal autonomy; in the elections of 1963 for the Legislative Assembly, the Labor Party still prevailed, to which the Hindu population (led by S. Ramgoolam, a doctor of Indian origin for twenty years on the political scene), but the Parti Mauricien (PM) – headed by ‘lawyer G. Duval -, opposed to independence and in favor of a form of association with Great Britain out of fear of Hindu prevalence (it found a following in the Creole population and among Europeans). The London Constitutional Conference of September 1965 postponed the decision on the future of M to the popular will: the victory in the August 1967 elections of the coalition led by Labor Party – allied with the Muslim Action Committee and with others (43 seats against 27 for the PM) – paved the way for independence, proclaimed after a period of unrest, on March 12, 1968. The Constitution of 1969 confirmed the monarchical structure parliamentary.
From independence to today, the authoritative Ramgoolam has remained at the helm of the government, in which the PM also participated between 1970 and 1973. The most lively opposition came from the Mouvement Militant Mauricien (MMM) headed by Fr. Bérenger; after a moment of success, in 1970, thanks to the following of young people, the WMM – which in the search for consensus among the workers fomented a strike by the dockers in 1971 but then lost control – has retained a reduced weight. The positive developsThe economic development, favored first by the closure of the Suez Canal and then by the increase in the price of sugar (in February 1975, however, a cyclone seriously damaged agricultural crops such as tourist facilities), consolidated the prestige of Ramgoolam, under whose leadership Mauritius has established good relations with Western and Arab countries, receiving aid, as well as with African countries (Madagascar in particular); relations with Great Britain, with which a defense agreement has been in force since 1968, have broken down due to the intention of re-discussing the sale, carried out in 1965, of the Chagos archipelago.
Even after the elections of December 1976 – which gave the majority relative to the WMM (34 seats out of 70) – Ramgoolam constituted the new government in a renewed coalition with the PMauritius In 1976 Mauritius hosted the OAU summit, of which Ramgoolam held the office of current president.