Operating under the aegis of the Ministry of Finance, the Board of Investment (BOI) was established in March 2001 under the Investment Promotion Act to give a new impetus to foreign direct investment (FDI). The BOI is the apex organisation for the promotion and facilitation of investment in Mauritius. The primary role of the BOI is to stimulate the development, expansion and growth of the economy by promoting Mauritius as a competitive business and service centre.

Core Functions and Responsibilities

Promotion of Investment

The BOI is tasked with promoting Mauritius as a prime destination for investment. It actively markets the country’s advantages, such as its strategic location, favorable tax regime, and robust legal framework, to potential investors worldwide. By highlighting these benefits, the BOI aims to attract significant foreign direct investment that can drive economic growth and development.

Investment Facilitation

One of the key functions of the BOI is to receive, process, and approve all applications for investing in Mauritius. This involves a thorough assessment of investment proposals to ensure they align with the country’s economic objectives and regulatory requirements. The BOI plays a crucial role in facilitating the investment process, providing a streamlined and efficient system for investors.

Secondary Permits and Clearances

The BOI assists investors in obtaining the necessary secondary permits and clearances from relevant authorities. This support is vital in ensuring the speedy implementation of investment projects. By coordinating with various governmental agencies, the BOI helps to navigate the regulatory landscape, reducing administrative burdens and expediting project approvals.

Advisory Role

The BOI acts as an adviser to the government on investment policies. It provides insights and recommendations based on its interactions with investors and its understanding of global investment trends. This advisory role is crucial in shaping policies that create a conducive environment for investment and economic growth.

Approval Authority

The BOI is the sole authority for the approval of major investment projects in Mauritius. This centralization of approval powers ensures consistency and transparency in decision-making. By maintaining rigorous standards for project approval, the BOI ensures that investments contribute positively to the country’s economic development.

Strategic Initiatives

Economic Diversification

The BOI is instrumental in promoting economic diversification in Mauritius. It encourages investment in various sectors such as manufacturing, tourism, information and communication technology, and financial services. By attracting investments in these diverse sectors, the BOI aims to reduce the country’s reliance on traditional industries and create a more resilient economy.

Support for SMEs

Recognizing the importance of small and medium-sized enterprises (SMEs) in economic development, the BOI provides targeted support to this sector. It offers various incentives and assistance programs to help SMEs grow and compete in the global market. By fostering a vibrant SME sector, the BOI contributes to job creation and economic inclusivity.

Sustainable Development

The BOI is committed to promoting sustainable development through investment. It encourages projects that align with environmental and social sustainability goals. This includes investments in renewable energy, green technologies, and socially responsible enterprises. By prioritizing sustainable investments, the BOI ensures that economic growth is balanced with environmental stewardship and social well-being.

Conclusion

In summary, the Board of Investment (BOI) plays a pivotal role in driving the economic growth of Mauritius by promoting and facilitating investment. Through its comprehensive support system, advisory functions, and strategic initiatives, the BOI ensures that Mauritius remains an attractive and competitive destination for investors. Its efforts in promoting economic diversification, supporting SMEs, and encouraging sustainable development are crucial for the long-term prosperity of the country.