Mauritius as a platform for regional growth

1.      Absa is one of the largest pan-African banking groups. What role does Mauritius currently play in the Group’s regional strategy?

Mauritius matters to Absa not because of the size of its domestic market, but because of its ability to connect clients, capital and opportunities across Africa and beyond. The jurisdiction, as an International Financial Centre, serves as a regional coordination hub where clients can structure investments, manage treasury operations, optimise liquidity and support cross-border expansion. For Absa, Mauritius is a natural gateway through which international investors access African opportunities and African businesses connect to global markets.

By combining the financial expertise available in Mauritius with local knowledge across our pan-African footprint and connectivity through our international offices in London, Beijing and New York, Absa is uniquely positioned to facilitate trade, investment and capital flows across some of the world's most important growth corridors.

2. What are the main synergies between Absa's operations in Mauritius and its vast network in Africa?

The principal synergy lies in the combination of Mauritius' sophisticated financial services ecosystem with Absa's extensive local market knowledge and deep sector expertise across the African markets in which we operate. This allows us to connect regional decision-making, capital and treasury activities with on-the-ground insight, execution capability and sector expertise across the continent.

A corporate client may manage its treasury, trade, procurement, investments or regional structure from Mauritius while operating in several African countries each with its own currencies, regulations, payment systems, commercial practices, and risks, leveraging Absa’s specialist knowledge of the African markets in which it operates.

We address the full suite of a client’s needs with precision across jurisdictions. These may include trade finance, structured trade & commodity finance, fund financing, M&A and investment banking capabilities, working capital, payments and collections, cash management, foreign exchange, project finance, capital raising or custody and advisory services. Our strength rests in harnessing the power & depth of the broader Group’s capabilities & solutioning in a more sophisticated & coordinated way for each and every client. 

Beyond facilitating transactions, the broader value we offer lies in enabling greater economic connectivity across the region. Enhanced banking infrastructure can reduce barriers to cross-border business, improve visibility over regional liquidity and capital flows, and strengthen risk management across multiple jurisdictions. 

3. To what extent does Absa’s presence across several African markets enable it to support Mauritian businesses seeking to expand across the continent?

Absa’s presence across twelve African markets is a significant advantage for Mauritian businesses because expansion into Africa is rarely only a financing question. It is also about understanding the unique macro and micro economic idiosyncrasies of each market. Market entry, regulation, currency exposure, payment systems, local banking practices and the commercial nuances of African markets are best understood & navigated by strong local franchises, which we have.

Through Absa’s network, a Mauritian client can combine regional decision-making from Mauritius with market-level insight and execution support in other African countries This could include anything from include transactional banking, trade finance, working capital solutions, guarantees, FX, liquidity management, project finance to corporate finance advisory.

The value is particularly important for companies expanding beyond one market. A business may start with a single export opportunity, then require collections, local accounts, supplier payments, currency hedging or funding as its activity grows. Absa can help ensure that the banking solution evolves with the client’s expansion strategy.

The significance of our pan African presence extends beyond the financial sector, generating broader economic value. When Mauritian businesses expand successfully into Africa, they can increase exports, develop regional partnerships, create skilled employment, strengthen supply chains and enhance Mauritius’ role as a platform for Africa-facing growth. 

4. Are you seeing an increase in investment and trade flows between Mauritius and African countries? Which sectors are the most dynamic?

We are seeing continued interest in Africa-facing business through Mauritius. However, capital is becoming more selective. Investors are paying closer attention to project quality, governance, cash-flow strength, currency risk and the ability to generate sustainable returns.

The opportunity is also changing. It is no longer limited to establishing an investment structure. More businesses are considering Mauritius for regional treasury, procurement, financial management, fund activity and the coordination of operations across African markets.

Several sectors stand out.

Energy and sustainable infrastructure remain important because reliable power is essential for industrial growth and economic resilience. Digital infrastructure and technology are supported by demand for connectivity, payments, data and technology-enabled services. Healthcare and pharmaceuticals offer opportunities in medical infrastructure, diagnostics, equipment and access to treatment.

We also see potential in logistics, agriculture and agro-processing, financial services, manufacturing, hospitality, mining and trade-related infrastructure. These sectors respond to long-term needs, including food security, urbanisation, regional trade and the development of local production.

The broader context is continued growth in Asia-African trade and investment flows. India-Africa trade is approaching USD100 billion per annum,  whilst China Africa trade reached approximately USD348 million in 2025, reflecting 17.7% year on year (source: UNCTAD FDI statistics). Absa is uniquely positioned to capitalise on this with a growing presence in Beijing.

5. Mauritius is often presented as a gateway between Africa and Asia. What concrete role does it play in economic relations between Africa and India?

The term “gateway” is useful only if it reflects a practical role. Mauritius contributes by providing the financial, legal and professional capabilities needed to structure and manage cross-border business between India and Africa.

The India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement was India’s first trade agreement with an African country. The agreement came into force on 1st April 2021 and covers goods, services, financial services, customs procedures and the movement of professionals. This cooperation framework also identifies areas such as manufacturing, pharmaceuticals, information technology, financial services, the blue economy, SME development and joint strategies for investment in Africa.

Mauritius also participates in African regional frameworks, including SADC, COMESA and the African Continental Free Trade Area (‘AfCFTA’). These relationships give businesses a platform from which to consider wider market access and regional value chains. AfCFTA is designed to support a single continental market for goods and services and to increase intra-African trade. Mauritius therefore helps ‘reduce the distance’ between Indian capabilities and African opportunities. An Indian company can use the country’s banking, treasury, fund, custody and professional services to organise its regional activities. The value comes from making investment easier to assess, structure, finance and manage.

6. India is a major economic partner for Mauritius and is also strengthening its presence in Africa. How does Absa view the development of this triangular relationship between India, Mauritius and Africa?

We see this relationship as a strategic growth corridor built on complementary strengths.

India brings entrepreneurial capacity, technology, manufacturing expertise, pharmaceuticals, digital solutions and experience in delivering cost-effective services at scale. Africa offers expanding markets, a growing population, natural resources, infrastructure needs and significant potential for industrial development. Mauritius contributes the financial and professional capabilities that can help connect the two.

The next phase should extend beyond traditional trade or investment structures. There is scope for more joint ventures, regional manufacturing, technology transfer, healthcare development, renewable energy, digital infrastructure and supply-chain investment.

The existing Mauritius-India relationship provides a strong base. India accounted for 11% of Mauritius’ total imports in 2024 and ranked as the country’s third-largest import partner. The same source reports that Indian companies are active in Mauritius across sectors including healthcare, education, information technology, Freeport activities and financial services

Absa’s role is to connect the various facets of the corridor. We can support the investor in raising or deploying capital, facilitating its Mauritius-based financial arrangements as well as its African operating business. By leveraging the depth and range of the organisation’s specialist product expertise and geographical foortprint, we are able to respond to the client’s full strategy, rather than financing one transaction leg in isolation.

7. What are the main advantages of Mauritius for African and Indian companies looking to structure their investments or regional activities?

Mauritius offers four main advantages.

The first is institutional credibility. Investors value jurisdictions with established laws, recognised regulators and clear governance expectations. Mauritius’ International Financial Centre (‘IFC’) has developed these capabilities over several decades.

The country ranked among the top five financial centres in the Africa and Middle East region, moving up eight places in 2025. Additionally, Mauritius’ investment grade sovereign credit rating is one of the strongest in Africa and is an important contributor to its credibility as an International Financial Centre. 

The second is financial and professional expertise. Companies can access sophisticated international banking services, fund and investment services, custody, legal advice, accounting, treasury and wealth management within one ecosystem.

The third is market connectivity. Mauritius has an extensive treaty network comprising approximately 45 double taxation avoidance agreements currently in force, covering key investment and trading partners across Africa, Asia, Europe and the Middle East. It also has 29 Investment Promotion & Protection Agreements and a wide Bilateral Investment Framework architecture.

The fourth is regional coordination. Companies can centralise treasury management, investment oversight, governance, procurement and shared services in a single jurisdiction while maintaining operations across diverse geographies. This capability is strengthened by Mauritius' liberal exchange control regime, which allows the free movement and repatriation of capital, profits and dividends without exchange control restrictions. 

These advantages allow Mauritius to compete with major IFCs. Competitiveness increasingly depends on service quality, regulatory clarity, digital capability, speed of execution and the availability of skilled professionals. Mauritius must continue strengthening these areas if it is to remain relevant to the next generation of African and Indian investors.

8. How can Mauritius's position, its financial sector and its relations with African markets help attract more Indian investment to Africa? 

Mauritius can help by addressing three challenges faced by Indian investors: access to reliable information, the complexity of execution and the management of risk. 

First, investors need more than a general view of Africa’s potential. They need sector-specific information, credible local partners and a clear pipeline of investable opportunities. Mauritius can bring together government agencies, banks, professional firms and business networks to provide more focused market guidance. 

Second, the country can offer the financial infrastructure required to execute an investment. This includes regional treasury arrangements, multi-currency banking, investment and fund structures, custody, payments, foreign exchange and trade finance. 

Third, Mauritius can help improve the financing of projects. Banks, investors, development finance institutions and public agencies can work together on guarantees, risk-sharing facilities and blended-finance structures. These measures can make projects more attractive to private capital, particularly in infrastructure, energy, healthcare and climate-related sectors. 

The objective should be to position Mauritius as a regional investment and treasury platform, not only as a jurisdiction where entities are established. Indian investors should be able to use Mauritius to deploy capital, manage liquidity, oversee investments and support African operations with greater control. 

The value for Mauritius would be a deeper financial services sector, more skilled employment, stronger demand for professional services and greater participation in regional investment flows.   

9. Is Absa set to play a bigger role in financing trade and investment between India, Mauritius and Africa?

The growth of the corridor creates a broader role for Absa, but our participation must be guided by client needs, project quality and real economic value.

Trade and investment require more than lending. A company may need import or export finance, guarantees, working capital, payments, liquidity management, foreign exchange, project finance, capital raising or custody. Our ability to bring these services together helps the client manage the full financial cycle of the investment.

Sustainable finance will also have a larger role. In 2025, Absa Mauritius secured a USD 75 million climate finance facility from Proparco. The facility supports climate-related projects, including large-scale solar energy, certified green buildings and waste-to-resource initiatives. It demonstrates how funding mobilised through Mauritius can support productive and sustainable investment.

We therefore see Absa’s contribution in three areas. We can provide or mobilise finance, connect clients with relevant markets and expertise, and help them manage the risks that come with cross-border growth.

The outcome matters as much as the financing. A successful transaction should help a business increase trade, build productive capacity, improve infrastructure, create employment or make an important sector more resilient.

10. Which new sectors or African markets currently show the strongest potential for Indian and Mauritian investors?

The strongest opportunities are found where clear demand, scalable business models and development priorities intersect.

Renewable energy and transition infrastructure are essential to powering industries and supporting economic resilience. Healthcare and pharmaceuticals offer strong potential because India has recognised capabilities in medicines, diagnostics, hospital services and affordable healthcare solutions.

Technology, financial technology and digital infrastructure will continue to grow as businesses and consumers demand better access to payments, connectivity and data services. Agriculture and agro-processing can support food security, reduce import dependence and create more value within African economies.

There are also opportunities in logistics, ports, manufacturing, tourism infrastructure and regional trade services. These sectors can benefit from greater African integration and the development of more connected supply chains.

South Africa remains an important anchor because of its market size, industrial base and financial depth. East African markets such as Kenya, Tanzania and Uganda offer opportunities in infrastructure, consumer services, technology and trade. In West Africa, Nigeria, Ghana and Côte d’Ivoire provide scale and sector-specific opportunities. Mozambique and other markets in Southern Africa and the Indian Ocean region should also be assessed according to their individual strengths.

Market selection must remain disciplined. Population growth or high demand does not automatically make an investment viable. Investors must consider currency risk, governance, infrastructure, local partnerships and the ability of a project or business to generate sustainable cash flows.

11. In ten years, how do you see economic relations between India, Mauritius and Africa evolving?

Over the next decade, I expect these relationships to become more integrated, investment-led and focused on productive capacity rather than simply facilitating trade. 

Several sectors stand out. Renewable energy and transition infrastructure will be essential as African economies seek to address power deficits and support industrial growth. Healthcare and pharmaceuticals are likely to become increasingly important given India's established strengths in medical, manufacturing, diagnostics and affordable healthcare solutions.

Digital infrastructure, fintech and technology-enabled services should continue to expand as demand for connectivity, payments, data services and digital commerce grows across the continent. We should also expect increased investment in logistics, transport corridors, food security, agriculture and agro-processing as businesses position themselves to benefit from AfCFTA and more integrated regional supply chains.

The next generation of clients will expect a new class of cross border connectivity, digital and data capabilities such as API-enabled banking, AI enabled ‘ecosystem banking; & digital asset infrastructure. Absa is focussed on being ‘future fit’ and evolving with the needs of its clients in these areas

We should also expect greater use of digital payments, more advanced treasury solutions and stronger risk-sharing mechanisms. Sustainable finance will become more prominent as investors look for commercially viable projects that also deliver environmental and social benefits.

AfCFTA can support this development by creating a larger, better-connected African market. However, trade agreements alone will not produce economic integration. Progress will also require reliable infrastructure, efficient payments, regulatory alignment, access to finance and businesses that are ready to operate across borders.

Mauritius will remain relevant if it continues to strengthen its competitiveness and uses its financial expertise to support investment with genuine economic substance.

For Absa, the long-term opportunity is to help clients build lasting businesses across the corridor. Success should not be measured only by the value of capital that flows through Mauritius, but by the trade enabled, infrastructure developed, businesses expanded, value chains strengthened and jobs created across the region.