The island of Mauritius is one that has created a strong economy since it received its independence from Great Britain over fifty years ago. It has been able to do this through many different and successful avenues. The government in 2008, was pleased to issue a licence to operate a foreign exchange programme, which was granted to the Global Board of Trade Ltd. The intention was to allow for trade to be made in special metals, base metals, energy, and green contracts. Also included in this, would be agri-commodities.
The intention is to promote Mauritius as a strategic location for trade between the time zones for Tokyo, London and New York.
What is a Commodity?
A commodity is classed as some form of raw material, or a type of agricultural product, that is available to be purchased and sold on the open market.
Mauritius has a lot of trade partners, with those in the European Union being at the top of the list, including France and the United Kingdom. Other countries include the United States. The exports that Mauritius is known for are as follows:
- Cut flowers
- Radio transmission equipment
While these are all essential commodities, sugar cane amounts to about 15% of the island’s exports.
The Growth in Commodities Exchange
There are several different platforms available for commodities exchange in Mauritius. Some of these operate through the various banks that are located on the island. Over the years, the island has increased its list of commodities and is now focusing heavily on the trading of gold.
Although the island is importing more than it is exporting, it is working diligently on its commodities; the government has the intention of encouraging growth in this financial sector, which will serve to strengthen an already healthy economy.