Mauritius: MIC asset base grew 2.7% to MUR49.4bn to May 2023

In a recent interview with CNBC Africa, Jitendra Bissessur, the CEO of Mauritius Investment Corporation (MIC), shed light on the investment landscape in Mauritius. Established as a private entity three years ago, MIC has been at the forefront of driving Mauritius' economic agenda by strategically investing in key economic sectors. Bissessur highlighted the pivotal role MIC has played in supporting large operators in the tourism sector, as well as companies in the export and textile industries. During the challenging times brought about by the pandemic, MIC's investments helped uphold nearly 40,000 families, ensuring job stability and economic resilience. By providing timely support and aligning with the government's economic measures, MIC successfully shielded the economy from the adverse impacts of the pandemic, ultimately contributing to the stabilization and growth of the Mauritian economy. One of MIC's major investments has been in the accommodation and food services sector, comprising 56.5% of its portfolio. Bissessur emphasized that these investments were deliberate and aimed at fostering economic development, growth, and value addition to the Mauritian economy. Additionally, MIC participated in a 49% equity stake in Airport Holdings Limited, demonstrating its commitment to vital sectors like aviation. As a gateway for tourism, the airport's operations were crucial for the return of tourists to Mauritius, and MIC's investment has played a significant role in the sector's recovery. Over the years, MIC's asset base has seen substantial growth, with a 2.7% increase to MUR 49.4 billion by May 2023. Bissessur expressed optimism about further growth in assets under management, with expectations to continue on an upward trajectory. Looking ahead, MIC is exploring diverse financial instruments like equity instruments, LPGP, and VCs within Mauritius and Africa to expand its investment footprint. Joining the Africa Sovereign Investors Forum has provided MIC with a platform to collaborate, share expertise, and co-invest in projects of national interest. Despite the ongoing global challenges such as rising inflation and supply chain disruptions, Bissessur emphasized the importance of revisiting investment strategies to address food security, infrastructure development, and economic diversification. By fostering cooperation among sovereign wealth funds in Africa, MIC aims to support local entrepreneurs, promote employment, and enhance the Mauritian economy through strategic partnerships with the public sector. Ultimately, Bissessur emphasized the need for a sustainable framework and governance structure to ensure a prosperous future for Mauritius.