The Government introduced a wide range of incentives to attract investments, and as a result, while the agricultural sector used to dominate, up-market tourism followed by textile production now accounts for the greater part of the Mauritian economy. The further consolidation of the legal and fiscal framework through the enactment of a series of modern and user-friendly legislation has contributed to the rise of Mauritius as a prominent offshore financial services centre and is adding a new dimension to the economic prosperity of the country.
In formulating new legislation, the Government adopted best practice' principles thereby making Mauritius a very attractive destination for holding and structuring global investments. The legal framework governing trusts and companies is probably the most modern of all jurisdictions. Mauritius has adhered to the new international requirements, with a view to tracking money laundering and combating terrorism financing and has enacted appropriate legislation in this respect. In 2003, Mauritius joined the Egmont Group, a membership which enhances the prestige and quality image of the jurisdiction.
The attractiveness of Mauritius is further consolidated by the fact that it enjoys a solid reputation as a well regulated centre and provides for guaranteed confidentiality for those engaged in legitimate business through express provisions and customary laws governing relationships between banks and customers and between professionals and clients.