Mauritius is repositioning its economy to tackle global uncertainty, diversify beyond traditional industries, and future-proof its growth. Historically dependent on sugar and tourism, the country is now betting on finance, tourism diversification, renewable energy, and healthcare. Below, we outline each sector and highlight a leading Mauritius-listed company in paragraph form to illustrate the transformation.
Financial Services: Expanding the Gateway
Mauritius has long marketed itself as a financial hub between Africa and Asia, with favorable tax laws, investor-friendly policies, and strong regulatory frameworks. The government aims to raise the sector’s contribution from USD 1.7 billion in 2024 to USD 2.5 billion by 2030, while embracing fintech innovation through blockchain and digital banking initiatives. This effort ensures Mauritius stays relevant as global capital shifts toward emerging markets.
Tourism: Recovery and Diversification
Tourism remains a vital pillar, contributing around a quarter of Mauritius’s GDP. In 2024, arrivals rebounded strongly to 1.3 million visitors, nearly back to pre-pandemic levels. The government is now diversifying tourism to include eco-tourism, luxury travel, and medical tourism to reduce overdependence on traditional sun-and-sea holidays. Improved air connectivity with Europe, Asia, and Africa further supports this sector.
Renewable Energy: Powering a Green Transition
Mauritius is heavily reliant on energy imports, making the green transition both an environmental and economic priority. The government has set ambitious targets to achieve 60% renewable energy by 2030, up from 35% today, while phasing out coal. Investments in solar, wind, biomass, and storage solutions are accelerating the shift, with sugar producers converting byproducts like bagasse into clean power.
Healthcare: Building Human Capital and Medical Tourism
The pandemic underscored the need for robust healthcare systems. Mauritius is investing in hospitals, clinics, and biotech to strengthen domestic capacity and attract international medical tourism. With an aging population and demand from expatriates, healthcare has become a strategic sector for both resilience and new revenue.
Stocks to Watchout For
MCB Group: MCB stands out as the island’s leading financial institution. In FY2024, it reported a record net profit of Rs 16 billion, up 13.5% year-on-year, and expanded its total assets to Rs 937 billion. The group also maintains a strong return on equity of 16.6% and a capital adequacy ratio of 20.5%, underscoring financial strength. MCB has also invested heavily in digital platforms, with over 626,000 mobile subscribers, positioning itself to capture growth in fintech and regional financing. As Mauritius strengthens its role as a financial hub, MCB offers both resilience and growth potential.
New Mauritius Hotels: NMH, owner of the iconic Beachcomber resorts, has capitalized on this revival. The company posted record revenues of Rs 15.4 billion in FY2024, alongside a net profit of Rs 2.1 billion. Even with 27% of room capacity offline due to renovations, hotel revenue rose 11% to Rs 11.1 billion. With higher-spending visitors, favorable exchange rates, and investment in luxury golf resorts, NMH is well-placed to benefit from Mauritius’s evolving tourism strategy. For investors, NMH represents the sector’s resilience and its premium repositioning.
Alteo Limited: Traditionally a sugar group, Alteo has diversified into power generation and real estate. In Q3 2024, its energy segment revenue grew 14% year-on-year, while profit after tax surged 63% thanks to increased electricity output and favorable contracts with the Central Electricity Board. With a low-debt structure and government support for renewable projects, Alteo is uniquely positioned to gain from Mauritius’s green policies. It provides investors exposure to both agriculture and clean energy – a rare dual advantage in the Mauritian market.