Initiatives to propel Mauritius as a preferred jurisdiction of enviable reputation have intensified following the exit of the country in 2022 from the FATF grey List, the EU black list and the UK's list of high risk countries. Building on a solid AML-CFT system which now adds to the country's long repertoire of benefits currently being offered to foreign investors, the authorities are sparing no efforts to pursue further consolidation of the country's trade and investment base. To this end, a number of free trade partnership agreements are being ratified with several countries, including Africa in general, India and China.
Sino-Mauritian relationships are being reinforced with the imminent establishment of a Renminbi trading hub in Mauritius. Renminbi hubs are offshore hubs established by China with a view to encouraging more invoicing, trading, clearing and settlement of its currency in international trade and cross-border financial transactions. The main objective is to challenge the dollar's hegemony and bring more balance between China's growing importance in international trade and international usage of its currency.
The Renminbi hub catapults Mauritius into the legions of jurisdictions which have maintained a special economic relationship with China, namely Hong Kong, Singapore, the UK, Taiwan and Luxembourg. The hub will serve as a magnet to route investment and trade funds between China and Africa through Mauritius. The latter meets all the operational, technical, infrastructural and economic requirements for the establishment of such a hub.