Blue Economy

The rich marine natural resources of the Mauritian waters provide great potential for fisheries. The country has ambitious plans to expand its fisheries sector to meet the growing exports demand. Continuous efforts are being implemented by the Government through strategic policy actions to support the sustainable growth of the sector. The fisheries sector provides enormous potential to support the fish and seafood processing enterprises.

• Fishing quota rights and licenses are regulated to protect the resource base, effectively to harvest the resource.
• Multitude efforts on monitoring, control, and surveillance made at the national level to combat illegal, unreported, and unregulated (IUU) fishing and ensure compliance of fishing vessels to provide reliable reports.
• Multiple free trade agreements with key countries are likely to ensure that those operating in the local market enjoy global access.
• Our proximity and access to the growing African, Asian and European markets, strategic policy actions and access to the natural resources provide a competitive advantage to prospective investors in new and existing projects.

Mauritius is strategically positioned on the South-South trade corridor which represents an annual USD 3.75 trillion in maritime trade. With some 30,000 vessels passing the country’s maritime zone annually, the bunker segment has experienced a sustained average growth of 13% per annum since 2004 with a with a record sale exceeding USD 500 million registered in 2022. However, current volume traded at Port-Louis represents 13% of the regional demand, estimated at 5,000,000 metric tonnes. Government target to increase bunker sales at Port-Louis to 1,000,000 MT by 2025 and 1,500,000 by 2027.

The rapid growth of the bunkering sector is attributed to the gradual liberalization of bunker trade in Mauritius. Moreover, in a bid to achieve the set target, a series of incentives have been established ranging from discounts of port charges to tax benefits. In its quest to positioning itself on the charter of international bunker traders and shipping lines, Mauritius has adopted best international practices in terms of environmental and operational standards as well as product quality assurance monitoring.

There are currently eight licensed operators engaged in bunker operations at Port-Louis, delivering different types of marine fuels both by pipeline at quay and by bunker barges.

Opportunities:

• Bunker trade by pipeline with onshore storage
• Bunker trade by exclusively by barge
• Bunker trade by barge supported with onshore storage
• Paper bunker trading servicing clients calling at Mauritius
• Paper bunker trading servicing international clients not calling to Mauritius

Incentives

Mauritius offers several competitive advantages to demarcate itself as a competitive bunkering destination, which includes the following:

• Exemption from excise duty and VAT on bunker fuel including for bunker barges operating within Ports-Limits
• Corporate tax exemption from bunker trade in Intermediate Fuel Oil (IFO) 380
• Exemption from environmental levy
• Discounted prices on port charges (port dues & anchorage fees) by the Mauritius Port Authority.

Mauritius is positioned as a respected and compliant ship register braced by the country’s stable social, economic and political environment. The conducive business environment supported by a pool of bilingual professionals, and a solid technological backbone are core attributes for high- end marine based service delivery in Mauritius.

The competitive advantages of the Mauritius ship registry benchmarks at par with leading international registries. The jurisdiction leverages on extensive offering of the Mauritius International Financial Centre to deliver safe, reliable and cost competitive ship registration services.

In addition to being strategically located for all vessels crossing the Indian Ocean, Mauritius is also a member of major international maritime conventions.

The following advantages supports Mauritius to emerge as a hub for ship registry and ancillary services:

• Political stability & neutral flag
• Law firms and licensed management companies to assist in ship registration and its corporate management
• No labour restriction on employment of foreign seafarers
• Seafarers are not taxed on their personal income
• Dry dock yards to provide ship maintenance
• Vessels are exempted from tax freight earnings
• No withholding tax on dividends paid from a Mauritius Shipping Company
• Customs and excise duties exemption on ship’s stores, consumables and spare parts
• No capital gains tax is payable upon the sale or transfer of a ship or of the shares in a shipping company
• No estate duty is payable on the inheritance of shares in a shipping company.

Mauritius is an enticing destination for resource exploration and exploration. The vast hydrocarbon reserves off the coast of East Africa and Madagascar proves significant prospects for hydrocarbons in the Exclusive Economic Zone of Mauritius. Additionally, the recent discovery of inactive hydrothermal fields reported by the joint Mauritian and Japanese expedition within our EEZ provide important insights into the biodiversity and biogeography of vent-endemic ecosystems in the Indian Ocean and the like hood of mineral deposits. The previously discovered fields of polymetallic nodules and mineral ore in ocean basins close to our maritime zone presents potential targets for deep-sea mining to support the increase and welfare of the human population.

The introduction of the Offshore petroleum Act provides for the legal framework for exploration, exploitation hydrocarbon in the Exclusive Economic Zone (EEZ) of Mauritius, including provision of exploration blocks, gathering and sales of seismic data, engagement with Government on exploitation among others.

Mauritius has significant potential for Oil and Gas Support Services Sector. The hydrocarbon discoveries along the East Coast of Africa and off Madagascar position Mauritius as an ideal platform to service the oil and gas industry.

The country strategic positioning supported by a strong economy, increased regional connectivity, accommodating government policies, trade links with key markets, investment and export schemes as well as the offerings of the Mauritius IFC provides for unique attributes in the servicing of the booming regional oil and gas industry.

Deep Ocean Water Application distinguished by the use of cold, nutrient-rich and pathogen-free seawater found at depth of the ocean for high-end industrial application including Sea Water Air Conditioning, Green Data Centres, High-end Aquaculture, Pharmaceuticals, and Thalassotherapy amongst others.

Mauritius favors a private sector engagement for this nascent industry by providing for fiscal incentive, a resilient and low risk environment to invest and do business. Currently, one project is under way in the Port-Louis region and, upon completion of its first phase, it will provide green cooling to several public and private buildings in the city center. An Ocean Thermal Energy Conversion project is also under study in south of the island. The exploitation of deep sea water in Mauritius will foster the emergence of a new industry.